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forex trading bots/products...

by Johnathan
11 replies
Ok...

I've been looking at a few 'forex trading' bots/clickbank products... could someone who has either used these, or knows about these, enlighten me please?

Most of these sales pages basically say its 100% automatic, and has a return of anywhere from 100-500% for doing no work except purchasing their product... obviously it seems too good to be true, so what's the catch. Is it a lie?

Like for example (and this is not an endorsement or anything, just a sample sales page for one of the bots I was visiting - ivybot.com). Go down the sales page, and it says:

"1. Download IvyBot."
"2. Install it on your computer."
"3. Collect Cash!"

Basically it says you have to do no work, and magically money will appear out of the sky and fall into your lap... and all this 'happiness' can be achieved for a low, one time fee of "$149.95!". And this is not the only bot page that says it, so what am I missing here? (aside from the disclaimer that later says 'you may or may not make any money at all, etc, etc').

Thanks!
#bots or products #forex #trading
  • Profile picture of the author Martin Luxton
    Johnathan,

    What's your gut feeling on this?

    Martin
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  • Profile picture of the author alleycatnews
    The %'s don't work out like that. A few bots do work. (I am a forex reviewer) But bots are ALL about the broker you use.
    One broker vs another broker could mean profits or losses on the account even with the same settings.

    Don't expect more than 10-20% a month TOPS for the bots at least on a consistent basis.
    Fap turbo for example in the last 5 months with one of our brokers has made a total of 66% or so. Ivybot had a slow start but the last 2 weeks was on fire.

    hope that helps
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    • Profile picture of the author Johnathan
      Hi,

      Could you please elaborate what you mean by the 'broker' you use? (Perhaps I don't understand that fully). But... you are saying that you have seen consistent success with these bots, providing someone is willing to 'ride it out' long enough?

      Originally Posted by alleycatnews View Post

      The %'s don't work out like that. A few bots do work. (I am a forex reviewer) But bots are ALL about the broker you use.
      One broker vs another broker could mean profits or losses on the account even with the same settings.

      Don't expect more than 10-20% a month TOPS for the bots at least on a consistent basis.
      Fap turbo for example in the last 5 months with one of our brokers has made a total of 66% or so. Ivybot had a slow start but the last 2 weeks was on fire.

      hope that helps
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    • Profile picture of the author Preben Frenning
      Originally Posted by alleycatnews View Post

      The %'s don't work out like that. A few bots do work. (I am a forex reviewer) But bots are ALL about the broker you use.
      One broker vs another broker could mean profits or losses on the account even with the same settings.

      Don't expect more than 10-20% a month TOPS for the bots at least on a consistent basis.
      Fap turbo for example in the last 5 months with one of our brokers has made a total of 66% or so. Ivybot had a slow start but the last 2 weeks was on fire.

      hope that helps
      A 66% ROI in a month is pretty decent for just activating and clicking a software in my opinion!
      Is it really as little work as the salespage says? In that case, some would actually consider it a "magic bullet".
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  • Profile picture of the author WillDL
    10-20% a month is an amazing ROI. I don't know anything about forex, and I'm not willing to throw money into what I can only under stand as a voodoo money machine. But that kind of ROI is enough to get my interest. Compare that to CDs at 4% a year and... Well there is no comparison.
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  • Profile picture of the author Anonymous Affiliate
    Look, don't be fooled by the robots, nor by the brokes-are-out-to-hunt-you myths. Forex robots, as a product, are pure marketing genius but there's VERY little substance behind them.

    Think of **** Berry in the investment niche, and you got Forex robots.

    PS: if a software could consistently score anything above a 1% ROI per month (let alone the 100%+ ROI those robots claim), every single investment bank and fund management corp in the planet would pay 8 figures for the source code.
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  • Profile picture of the author alleycatnews
    by broker I mean. Broker. You need a forex broker to trade with.
    The bot is setup and runs and trades for you with the broker.

    An example of this about all being about the broker is this....
    When fap turbo came out we did a review etc.. We opened a couple of forex brokers. Well one of them got blown out. Meaning over time it lost its entire account ($500) while the other was up about 20% overall. Then we started a new broker later and in a couple months was over 60% profit.

    Point being with bots even if its a good bot. Its all about the broker! Of course if the bot is awful then no broker will help it, but if its a decent bot its all about the broker.

    So you will see a lot of people that have blown out accounts or aren't willing to deal with small winners and larger losses which most of these scalping bots do. So they bash the bots. Or they expected 100% in a month. (FYI $500 investment getting 100% each month you would be a millionaire in less then a year. SORRY NOT GOING TO HAPPEN!)

    We have been doing weekly results on fap turbo (the biggest bot) since they came out back last nov.
    And we do weekly updates on all the MAJOR bots that come out as well. Some work and some do not. I wouldn't be putting my retirement $$$ in ANY Of them even if they showed me a years worth of great results but that is just me.

    I look at it as a higher risk investment but a higher reward potential as well. I prefer to have my own trading system that I control the trades etc.. But that is just me. The marketing of the bot is the fact you can set it up and walk away and the dream is it will keep making money for you over and over. In theory it could happen but I would keep a close eye on it.

    hope that helps
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    • Profile picture of the author Johnathan
      Ok,

      Actually, I might be mistaken in my terminolgy then. Isn't a broker someone who simply "buys" and "sells" for you? Are you saying some brokers are "faster" than others?

      Or, are you saying some brokers are better at 'matching' certain amounts (i.e., if you say give 5 instructions, buy at $1.3201, then sell at $1.2301, then rebuy at 1.2533, etc, etc) is the 'logic' of the bot sound, or are you saying that you also need to decide what is a 'good' target to trade at (i.e., setting it to $1.3501, etc?)

      Thanks,

      Johnathan

      Originally Posted by alleycatnews View Post

      by broker I mean. Broker. You need a forex broker to trade with.
      The bot is setup and runs and trades for you with the broker.

      An example of this about all being about the broker is this....
      When fap turbo came out we did a review etc.. We opened a couple of forex brokers. Well one of them got blown out. Meaning over time it lost its entire account ($500) while the other was up about 20% overall. Then we started a new broker later and in a couple months was over 60% profit.

      Point being with bots even if its a good bot. Its all about the broker! Of course if the bot is awful then no broker will help it, but if its a decent bot its all about the broker.

      So you will see a lot of people that have blown out accounts or aren't willing to deal with small winners and larger losses which most of these scalping bots do. So they bash the bots. Or they expected 100% in a month. (FYI $500 investment getting 100% each month you would be a millionaire in less then a year. SORRY NOT GOING TO HAPPEN!)

      We have been doing weekly results on fap turbo (the biggest bot) since they came out back last nov.
      And we do weekly updates on all the MAJOR bots that come out as well. Some work and some do not. I wouldn't be putting my retirement $$$ in ANY Of them even if they showed me a years worth of great results but that is just me.

      I look at it as a higher risk investment but a higher reward potential as well. I prefer to have my own trading system that I control the trades etc.. But that is just me. The marketing of the bot is the fact you can set it up and walk away and the dream is it will keep making money for you over and over. In theory it could happen but I would keep a close eye on it.

      hope that helps
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  • Profile picture of the author bertuseng
    I can second on Fapturbo. I have run it on a demo account for a while and made a small but steady profit all the way.
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  • Profile picture of the author alleycatnews
    broker buys and sells it for you. But the bots work DIFFERENT on different brokers. Should they NO. But do they YES

    So you can have the exact same settings on a bot and trade it on 2 different brokers and get 2 different results.

    If trading on your own IE you place the trades yourself then the broker ISN'T as important. YES they matter in pip spread etc.. But isn't as big of deal especially if going for larger wins. With most of these bots they are small wins etc.. you could be out of a trade in a min.
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  • Profile picture of the author Anonymous Affiliate
    Alleycatnews, let me guess: does Fap Turbo exploit liquidity dry outs on off-peak hours with quick scalps, or perhaps just around news announcements? if so, the problem is not the broker, it's the actual market nature. You can also get different results if trading through different ECNs if following such tecniques. That's got nothing to do with the broker. It's got to do with market liquidity and the broker covering its back in case they can't offset your order request into the market fast enough.

    In fact, if you trade through an ECN it gets much worse since your trades aren't artificially kept in-house as it happens on most MT4 platforms. I've been gaped 30 pips whilst trading on an ECN because there was no counterpart in the market willing to match my price request. That's why you trade with limit orders instead of market orders.

    If a bot/trader shoots for 20 pips plus per position (meaning it's not a scalper), and it doesnt trade around news or dead markets, there should be little difference between different brokers other than spread gaps.
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