Forex trading robot, does it work?

by Tim45
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Hi Warriors, I'm not sure this is the right forum to ask this question but I had to sart some where.

Is this forex trading robot thing a scam?

I have has mixed reviews on the subject form people I know and from search results on google. Has anyone here made money with this on a consistent basis?

Thanks in advance,
Tim
#forex #robot #trading #work
  • Profile picture of the author tradermike2008
    I've been trading for ten years. I've never bought the forex trading robot so I can't tell you specifically about that product, but over the years I have seen hundreds of products appear with the same promises.

    Most of the time what happens is that people backtest stock market data to try to come up with a system that would have made money using that data. Then they sell it.

    What happens though is that what worked in the past always stops working at some point.

    If you made a robot based on the past 20 years of data you are now facing the worst bear market in history right now - would the robot adjust to that? Robots don't adjust, they just get locked into a system and eventually any system based on backtesting will stop working.

    If it worked everyone would be rich.

    It takes hard work and research to make money trading. More money is made selling such systems then using them.
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  • Profile picture of the author Tim45
    Thanks Mike, I knew it was to good to be true.
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  • Profile picture of the author Fritzjoerg
    Hi Tim

    I downloaded a free trial period of FOREX.

    At first it is a little bit too much info on the screen and you have no clue what to do with it.
    Eventually, you will understand, and in order to make it profitable, you need the latest info and subscribe to some additional service, such as newsletter etc etc at $200 a pop per month.
    Then there is a steep learning curve and you need to invest big bucks, in order to make some money.

    If you go in with six figures, they offer you a private account with a rep all for yourself, which is neat but really takes the fun out of the game! After all you want to do it yourself, otherwise you would open an account with a broker.

    I am better off trading stocks and spend my time with more interesting(profitable) ventures, such as internet marketing!!!
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    • Profile picture of the author cima
      Hello,

      i've been trading the forex for two years and i've just launched my forex blog where i'm reviewing all the forex services available on the internet... Anyway, concerning Forex Robot, this is such a difficult question... Of course if you have $20,000 to spend in an high ended expert advisor (that's not my case ), i guess you would make money... But as i'm not (yet) a millionaire i'm testing affordable expert advisor between $150 and $900... And then i can answer your question... What i do in order to review Expert Advisors is that i put them on a live account with conservative settings and then i watch them doing their work... And... i've had some good news those last times... Indeed, profitable expert advisors do exist, i'm having some great results :
      -FAP Turbo (which is not a scam ($150)) : after 4 months with a $750 starting capital i'm now at $1979
      -EA Shark ($270) after 8 months with a $1000 starting capital i'm around $2990

      I'm currently testing others EA but still not for a long time enough to post them...

      Just this little post to tell you that i's possible to make money with the EA... However, as said earlier, we don't know what the future reserves for those kind of products...

      Regards, Samuel.
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      • Profile picture of the author mbphoenix
        I have been trading for over 10 years. Over the past two years or so, I tested over 30 Forex trading robots (Expert Advisors). If you do a backtest things often look great but... in real live trading it is very different. I would put them in small live accounts using the providers settings and let them run. Nearly all of them ended up blowing the account.

        There are only two that I am still running: FapTurbo (only with 1pair) and EA_Shark.
        I also like MegaDroid but I currently have it paused since it was going thru a rough period.
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  • Profile picture of the author cima
    Then i guess you should spend $300 and then try the EA's i advised...
    Of course, some of the Clickbank forex products are complete scams but some are not and some works... Untill when ? Nobody knows.
    Once again, you're not going to become a millionaire, what you can expect from these products is a +/- 15% increase of your starting capital, which is respectable for a software which trade automatically.
    Regards, Samuel.
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  • Profile picture of the author Oling
    Fap Turbo works to a certain degree but I guess you are better off doing it yourself rather than a mechanical thingy to do it for you...
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    • Profile picture of the author reapr
      After doing well with MT4 and various indicator and EA it is best to learn how the various indicators work. Are you a fundamental trader or technical trader? Regardless most EA's are based on technical indicators.

      I suggest getting your hands on a copy of New Concepts in Technical Trading Systems by Welles Wilder. Yes its a little outdated but the info in it is golden. If you can get through the dry technical stuff you will be than much wiser than any cr@pturbine system.
      The best systems are those devised by the user when they have proper understanding of the material, indicators and tools available to them.
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  • Profile picture of the author sgsmorgan
    Hmnnnnn So TA is snake oil? In the current climate TA is the only rule/system that works. Forget about Fundamental Analysis (by and large for the moment) and just deal with whats in front of you informationwise. If the charts and Analysis tell you the stock price is going down (or up) they are telling you this for a reason. Don't try and second guess the market with your interpretation of how you think the market is going down / up.

    Anyone have any problems with this then pm me and we'll show live video proof of what we say works.
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  • Profile picture of the author sgsmorgan
    We also have three traders who in the last month manually whipped the butts of any of the so called Forex Robots - and we're not what we could call experts at Forex. CFD's and Spreads are more our area of expertise.
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    • Profile picture of the author ahefner33
      The reason that most of these robots do not work is that they cannot be configured to perform in the two type of market conditions. Without human discretion. Ranging or trending. Plus there are so many small factors in trading that CAN make a big difference in results. Especially in the currencies market.

      Google the 2008 EA Automated Trading Championship and watch how the different types of EA performed well and then crashed with changes in the markets.
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  • Profile picture of the author tradermike2008
    One thing you should do is read the disclaimers for these products. There is a stock trading product on the top of clickbank that says it uses a computer to pick its trades. When you read the disclaimer it says that there is no computer, the testimonials are paid actors, and that the person whose name is used as being the creator of the robot doesn't exist.
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    • Profile picture of the author Curtis007
      The robots do work, but not all of them are equal. Most are junk.
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    • Profile picture of the author TeamGlobal
      Originally Posted by tradermike2008 View Post

      One thing you should do is read the disclaimers for these products. There is a stock trading product on the top of clickbank that says it uses a computer to pick its trades. When you read the disclaimer it says that there is no computer, the testimonials are paid actors, and that the person whose name is used as being the creator of the robot doesn't exist.
      That's a very good point. Always read the disclaimer. In the example that Mike just gave I would would immediately ask myself the question, "What's wrong with this picture?".

      I recently ran across a product claiming to provide "100 accurate Forex signals". I was laughing so hard that I could hardly contain myself. After that I stopped laughing because I realized that there are many people looking for a way to make some extra money in today's economy. These people might actually believe that there is such a thing as a 100% accurate trading system.

      There are other Forex robots claiming accuracy above 90%. I feel as if these are created just to give unsuspecting newbie traders that warm and fuzzy feeling they think they will get with a high percentage of winning trades.

      Perhaps I should be willing to give some Forex robot vendors the benefit of the doubt. Some of them may actually believe they are selling their customers something which will work in the long run.

      All The Best,


      Tony
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      • Profile picture of the author Robert Mugabe
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        • Profile picture of the author TeamGlobal
          Originally Posted by Robert Mugabe View Post

          Note that being 95% correct is not that difficult especially in a ranging market and if you are trading without a stop loss. It is just that the 5% of time you are wrong will likely wipe out your account.

          Robert
          You bring up a good point, Robert. Some people who are new to trading may not realize that a trading system with 95% wiining trades can be a consistently losing trading system. Gross Profit must be greater than Gross Loss for a trading system to be profitable.

          All The Best,


          Tony
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  • Profile picture of the author immick
    No system works in every market. Look how often we have to tinker with our own systems in IM, and IM is nowhere as sophistcated or as volatile as the financial markets.

    If you are using trading robots you should use 2-3 that use different variables, look for the same or similar industry picks, then do more research.

    Now is not the time to use leverage while investing.
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  • Profile picture of the author gnoud
    Bots just don't work, period. They can't adapt or adjust to new market conditions. Basically, they can't think, they are programmed to react given a certain condition.
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    • Profile picture of the author Sprocket57
      Thank you everyone for these posts. I am one of these so-called newbies who seems to have got stung by everything going, because, stupid me, I believed a lot of the information and relied on the guarantees for the products to be sensible. I don't mind putting in some work, but would like to come across something that is actually ethical and can be a good performer without taking my house and shirt!
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  • Profile picture of the author msatrader
    The FREE report, "The Truth About Trading" at scalpersgold is a good place to start for new traders. Don't fall for the high win % claims of so many vendors and gurus. If you read Jack Schwager's book, "Market Wizards" you find most of these top traders win 35% - 60% of the time. The key is they keep the losses small relative to their winners.
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  • Profile picture of the author VinceLaw
    Most of these Forex robots are "scalping robots". A lot of Metatrader brokers ban these EAs. The stop loss is huge compared to the profit targets. Risk/Reward ratio is no balanced. You need a reliable broker with very tight spreads or it won't work as well.
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    • Profile picture of the author badthriller
      Robots can be programmed to trade in both ranging and trending markets with appropriate stop loss/take profit and good risk/reward ratios. The main problem is to identify when the trending/ranging markets begin or end. The development in neural networks have greatly improved the ability of robots to forecast not only the price movements but also the type of market (ranging/trending). There is a good discussion forum in mql4 on Probabilistic Neural Network (PNN) that shows the basics. Now they can be programmed to sense the market changes and launch the appropriate strategy, combined with the mathematics of probabilities and statistics, the accuracy can be more than 60-70%.

      My say, the heavily promoted robots are mostly rubbish (a cash cow selling cheap? Most are around USD100+/-) and are in fact 'snake oils'. Learn the programming (may take long but worth it) and construct your own robots.
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      • Profile picture of the author Intrepreneur
        My advice to you is to think hard before you start with Forex.

        All it takes is for you to find the horror stories of Forex, and no matter how little there are, you've got to know that you too can become those same statistics.

        I would point you in the direction of them, but I think that's best left to you to make your decisions.

        If it were me, I'd keep my money away from it all.

        For someone that has no experience, and even for those who do, it's just like playing a slot machine.
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        • Profile picture of the author enterprice
          Listen up - I'm pro-stock/bond trader with some exp in Forex too and I've used some of these "black boxes" myself - if you are not a pro-trader - IT IS USELESS FOR YOU! It just gives you range of bids - but the range never so accurate to allow you to make real money (my best shot with it 60$ in a week).
          Don't use - better sell it - you''l get much more!
          for more info - look in -
          Investment Strategies And Online Trading Tips
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  • Profile picture of the author thejackal
    yes it works...but if you give 100% automatically...it's not wise cause there's not ea works great..so t think you have to handle the 50% yourself and 50% your EA...you have to find you style...i have tested 15 most profitable EA...if you interesting just PM me
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  • Profile picture of the author Jenie0109
    So what tools do you need to start trading forex?
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  • Profile picture of the author ausmarketer
    Forex trading robots trade by a system of rules, a criteria for making buying and selling decisions. However, until they can develop a robot that can adapt to the 'ever changing' market conditions (especially Forex which is incredibly complex and dynamic), every one of these EAs will eventually hit the wall..and they do.

    I've been trading forex for 7 years and I've not met a single trader who has had long-term success with a 'robot'. But I can tell you countless stories of robots incurring massive drawdowns and blowing up accounts.

    Folks, there is no 'holy grail' when it comes to trading, except perhaps 'money management'. Buyer beware.
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  • Profile picture of the author disi
    Originally Posted by Tim45 View Post

    Hi Warriors, I'm not sure this is the right forum to ask this question but I had to sart some where.

    Is this forex trading robot thing a scam?

    I have has mixed reviews on the subject form people I know and from search results on google. Has anyone here made money with this on a consistent basis?

    Thanks in advance,
    Let me tell you someting. I and trader for 12 years now. 6 years on forex. I am well educated and I coach forex traders. I am also introducing broker for one of US biggest brokers.

    ROBOTS ARE SCAM!!!! Period

    Just ask yourselve - would you sell something that brings you money? I would just re-invest profits and soon be millionaire. That is about LOGIC.

    Here is about forex itself. The most profitable traders I know do 20-30% per year! If you see any ROBOT results these are probably made of a system that calculates either 'future data' or is 'curve fitted'(designed to work good in history). They NEVER work in reality.

    I can create for you any system that in testing brings a lot of money - but you will not earn single dollar in trading.

    As a forex guy and internet marketer I am really ashamed that people do that - this undermines trust for whole forex industry. My personal opinion is that guys who sell that robots are not ethical. I understand that marketing is about selling but this is just selling based on lies. Below the belt.
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    • Profile picture of the author badthriller
      I beg to differ. My experience of trading forex for past 4 years is actually the other way around from you guys. I kept on blowing off accounts on manual trading. When I got hold of 2 robots (most ARE scam, it took me about 30 robots to sieve from), my trading for past 2 years have been profitable. Nothing great to boast but I have been having 10-20 % returns per YEAR. I realized that if I program the robot for anything more than these returns, I can potentially blow this account too.

      The key point is, if you set realistic targets by setting conservative settings on a good robot, and most importantly STICK to the same robot for the long term, and long term profits are possible. Most people fail as the keep on switching robots in times of drawdown and overtrade. However I do agree that most of the robots out there are curve fitted and those are the ones that one should avoid. WORKING robots do exist, and few are willing to sell them
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  • Profile picture of the author jacksonlin
    To me Forex Robots are like internet marketing courses that promise to make you money - if you know what you're doing and set it up correctly.

    Some people still don't believe that there are people who will teach you how to make money online.

    Just like... some people don't believe that there are forex software available that will make you cash online.

    I had great results trading options and many people on the options forums always said that if someone had a winning strategy they would never share it.

    The funny thing was, I made money using the trading strategies that people supposedly would never share.

    I think it's all about the mindset, are you thinking in terms of scarcity or abundance?


    J
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    • Profile picture of the author DRC77
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        • Profile picture of the author califmike2003
          Hmm this is a very interesting thread, so all robots are scams ? that i dont believe, i have never used one myself, but im just getting into forex trading, always looking for tips and tricks. Would love to hire one of you pro traders to write on my website , and teach me a few things.
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  • Profile picture of the author askloz
    I'm looking for beta testers if anyone is interested?
    Ask-Me-About Forum • View topic - WE ARE READY FOR BETA TESTING!!!
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  • Profile picture of the author keenstyle1
    Forex? Why trade forex. If you are going to trade Forex Make sure your money is held in a U.S. only account. If not and the firm goes upside down, you don't have legal rights to your $$. I watched this happen with a huge player REFCOFX, they also owned and cleared tons of other firms. An any case, I trade, there are two signals that have constantly worked. Hedge funds and managed money move everything, end of story. The trick is seeing where they are and being on there side, anything else is useless fundamentals on the same level as CNBC.

    I will give you the sigs if you want to email me, they can be used for any market.
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    • Profile picture of the author askloz
      That's probably the worse advice I've ever heard!

      First off, by keeping your money in an US Bank account, leaves you open to investigation, you have no rights what so ever when you leave your money in a US Bank account, they can freely freeze it when ever they want.

      Secondly, the money you leave in your US Bank account just makes the Feds even stronger!

      And you do have rights if your money is kept offshore. You just need to know the right ppl to speak to get your money back. But before anyone trades with an offshore broker, do ones research first. Not all of them out there are scams.

      REFCOFX, was part of FXCM. FXCM is a scammy broker any way, they hunt your stops out! And FXCM started their company via a HYIP program called C-Currency, a forex program who ran off with over $5 million.



      Originally Posted by keenstyle1 View Post

      Forex? Why trade forex. If you are going to trade Forex Make sure your money is held in a U.S. only account. If not and the firm goes upside down, you don't have legal rights to your $$. I watched this happen with a huge player REFCOFX, they also owned and cleared tons of other firms. An any case, I trade, there are two signals that have constantly worked. Hedge funds and managed money move everything, end of story. The trick is seeing where they are and being on there side, anything else is useless fundamentals on the same level as CNBC.

      I will give you the sigs if you want to email me, they can be used for any market.
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      • Profile picture of the author DRC77
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        • Profile picture of the author askloz
          Yeah, another bright move by the land of the free... oopps, is it really the land of the free any more? UK was reknowned for "Great Britian", now they dont refer it to that any more. I wonder why. The entire world is going ass up.

          FTC forced those regulations for a reason. they knew dang well that it would cause a lot of problems with US Brokers. So what they gonna do? make them all move offshore, fxcm-uk for instance. where does all that money go? offshore.

          what does that do? gives the US Govt more snooping rights to see if they can force that bank to handle over clients details like they did when clinton was in power.

          roll 10 years forward, what happens? 911, inside job? I reckons so. but why? Was it Oil? Well, kinda related. Their main goal, since Bush's father was in power: "One World Government, One World Currency"...

          But how do they even get to that point of making it happen? By scaring the living daylights out of the worlds economy. That's only way they can enforce laws of such magnitude.

          Once they have snooping rights, give it another 10 years and watch a ton more banks go down hill and be nationalized.

          Before long, US will own majority of the banks, or have a say so in them, then force the one world currency / government plans.

          prolly wont happen in my life time, or my kids...

          oh hum... s**t happens i guess

          Originally Posted by DRC77 View Post


          On top of that, having your money with a US broker doesn't make sense at all, as you will be really limited as per federal law they don't allow hedging any more, among others.
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  • Profile picture of the author bobmcalister
    my 2 cents.
    havent found one yet . Have found that the TA works because most traders and institutions use it. simple moving averages for long term trades seems to work if you take every trade. Fibs are good for goals and exits. and the MACD is interesting for short term trades. All of these are using the emini for day trading.
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    • Profile picture of the author blueice
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      • Profile picture of the author askloz
        Originally Posted by blueice View Post

        Sorry this is totally cack. There is absolutely no mathematical reason for the rate and directon of currency. It`s all an illusion. There are no inverted shoulders and no teacups. it`s al in your minds, just like if you look at clouds enough you will see rabbits and dolphins.
        so I wonder why the "Fibonacci" and "Elliot wave trend analysis" was created. Oh, I know, to find the mathematical patterns that appear all the time.
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    • Profile picture of the author johnng
      I am not sure whether I am stupid here. Why money in US Bank? I used to spread bet FX using the same entry as given in the FXCM platform. I ended up in those trades, only small amount of £1000ish, trading using TA. I am quite interested in FAPTURBO, but not getting useful feedback here. All the Bot need to do is identifying good mechanical entry and exit points to get rid of subjective decision making. Then, of course, the winning ratio must show profit.
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  • Profile picture of the author DRC77
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    • Profile picture of the author askloz
      I'll be setting up service like that as soon as my automated fx price action is ready.

      Originally Posted by DRC77 View Post

      Hi guys,

      I think that we're deviating ourselves a little bit from the topic of this thread, which is the forex robots, does anybody know about a third party site that tests EA on Real Money Accounts other than forex-robots.com
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  • Profile picture of the author makingmoneyagain
    Remember that the problem with most forex bots are that they are first back tested. Back testing looks good but it is never the same as a real live account.

    Greg
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    • Profile picture of the author askloz
      innit, and loads of newbies get sucked in.

      i bet 99% of those bots out there aren't even used by the owners cos they know when it comes to cutting the real mustard with their bot, it'll be all over the face... Bib anyone?

      Originally Posted by makingmoneyagain View Post

      Remember that the problem with most forex bots are that they are first back tested. Back testing looks good but it is never the same as a real live account.

      Greg
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  • Profile picture of the author askloz
    I'm looking for some beta testers for my fx price action bot, if anyone is interested, let me know, i got about 65 spots left.
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    • Profile picture of the author DRC77
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    • Profile picture of the author MarinaBracken
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      • Profile picture of the author askloz
        Give me a break, IvyRobot don't work.

        I've tried it, and it lost 60% of the balance in the first 5 days.

        Originally Posted by MarinaBracken View Post

        Forex robots can double your money. Before using this I didn't believe it. But now I can say this software is just what I wanted to perk up my Forex profit. I am in this trading for 3 years. Earlier I used to spend all day at my computer and not making a single trade. After I bought Ivybot my life changed. Now I am tension free and I can leave it running and go away to for other works. I even left it for a week while I went on leave. I made over $2000 while on vacation! It is so easy to set up and configure with my existing MT4 trading policy.
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      • Profile picture of the author tradermike2008
        I do not believe you. I've looked at hte sales page and its unbelievable. Most of these bots are created by back testing historical data to get the most perfect results possible. Problem is market trends change and then when you try to use them in the future you lose your but. Can you provide proof of this claim?

        I do not know a single person who has made money buying a bot. So that is why I'm skeptical. Also this is only your third post here so you don't have a history yet in the community here.

        In my opinion these things are total scams.
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        I'm the ownder of WallStreetWindow.com where I do several big mega launches a year. I also moderate a mastermind group of financial stock trading/forex marketers and affiliate marketers who shares ideas and a launch calendar check it out: http://theprivatealliance.com

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      • Profile picture of the author DRC77
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        • Profile picture of the author SMS
          I just found this thread. Very interesting discussion here.

          I actually thought I would encounter hard evidence that these robots do work. Personally, I believe that 99% (I allow 1% because nothing is impossible) of these black box robots are scams.

          It is heartening to see askloz and tradermike agree. These guys know what they are talking about. Unfortunately, the FOREX market is full of scammers. I've wanted to write an ebook on the FOREX market for ages, and I have decided to start by exposing the scams.

          The scammers rely on the fact that a new sucker is born every minute. There is no way they could remain in business based on their appalling results.

          If you want to play with money in the markets... speak to TraderMike. He does the StockMakert not FOREX. I still haven't come across any FOREX vendor that inspires me with confidence. There is one that looks good, and if he checks out I'll be promoting his website as an affiliate (until I can figure out FOREX for myself and then create my own product ).

          The Stock Market is relatively easy compared to the FOREX Market. Unfortunately, high leverage, low starting stakes and promises of millions lure most newbies to the FOREX market... whereas they would be better off starting in the Stock Market.

          The bottom line is that blackbox robots will wipe out your capital. I don't like to close my mind to anything, so I am hoping that one day there will be a FOREX robot that actually works.

          Stay away from FOREX robots!

          Sorry for the rant guys, but I hate seeing people being ripped off!
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  • Profile picture of the author tradermike2008
    Most of these things are simply complete and total scams.
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    • Profile picture of the author sanjid112
      Robot might work, but still man-hands is needed to make it work-well enough. Don't depend 100% on it, since it just make you lose a lot of money. I mean it.

      If you trust Robot 100%, that means you don't trust your own potential.
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      • Profile picture of the author askloz
        LOL, dont trust ones own trading... oh please... that's the funniest thing I have heard to date.

        If you're losing, then you can blame that on Clickbank for not testing these robots first before approving the listing. from what I have been told, by one of the main leaders in the CB forex area, says that there's about 17 people that create these, and they're all part of the same group...

        And they NEVER use on their live accounts, they fool ppl with these stupid backtesting pictures, and say, this $X amount account went to this $X amount in 12 months... yada yada... yeah right...

        I even had FAP Turbo say that he never used his live account in so many words. I asked 'em, why do you insist on fooling ppl with these fictional figures, show your dang live account for crying out loud. Why do you imply you're using a live account.

        they said... "Did we say we used a live account? no."


        Originally Posted by sanjid112 View Post

        Robot might work, but still man-hands is needed to make it work-well enough. Don't depend 100% on it, since it just make you lose a lot of money. I mean it.

        If you trust Robot 100%, that means you don't trust your own potential.
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  • Profile picture of the author askloz
    We're just adding a few more tweaks to ours, now we know that peeps are starting to get the right signals, it's gonna go back to normal trading hours, and run a test then add some more filters. You're on the beta test list right? An update for fx price action should be ready by weekend, so my programmer tells me.
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  • Profile picture of the author tradermike2008
    Here is the truth. 50% of the people who enter the markets lose money. About 1/3 match the performance of the market. Another 1/3 beat the market.

    None of them do it buying bots.

    Bots are scams.

    I challenge anyone making a bot to prove that it is real. These products are scams.
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  • Profile picture of the author trader111
    i dont think i call it a scam , i call it ignorance on the subject
    If you dont understand a thing about the market , and how charts moves
    then its a scam , but if you do understand How the market work , then this software
    could be a great help in your forex venture , so the key is to understand the charts
    the macro,micro Not just jumping in to just what ever is moving or Hot in the market
    understand all these , then this software can help

    Ash Hamdan
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  • Profile picture of the author tradermike2008
    I'm sure there are programs that can help people trade certain about that. What I'm saying is a scam though are so called black box programs. Programs that don't tell you how they come up with their signals but just give you signals to tell you when to buy or sell forex. On the sales pages they show you how it was backtested and great "historical results" to make you think you can take a few thousand dollars and be a millionaire by paying $97 bucks or whatever to download the software and all you will have to do is sit and obey the signals it will give you and make you rich.

    Guess how these "bots" are made.

    They are made from usually Indian software programmers off of guru.com or elance.com paid a couple of grand. Then the forex marketer makes a sales page and does a launch and pockets a couple hundred thousand thanks to affiliate who promote it for the buck not caring about the product itself or anything.

    Again I assert no one is making rich by trading signals given to them by bots. Almost all of these things are complete scams. That says something about the people peddling them - but then again anyone who pays $100 buck for a bot and thinks that is all they need to do to get rich kinda deserves what they get for being so stupid.

    One of the biggest products now in clickbank is a penny stock product with a sales page about some guying making a fortune. If you click the link to the disclaimer it says that the individual on the sales page is totally made up.

    These are the type of scams I'm talking about.
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  • Profile picture of the author SmartFX
    All robots will get margin call soon or later. Only if creator will tweak it on consistent basis as market changes everyday. If you have no experience, you need to get not robot but signals from real people. Robot can't consider all market conditions but human can. Check this out smartforexsignal dot com
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    • Profile picture of the author DRC77
      Banned
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  • Profile picture of the author tradermike2008
    one thing about the forex robots and the stock market people used to sell these things in the stock market too, they probably still do I just don't pay attention. But ten years ago when I noticed they didn't call them "robots" but called them "black box programs" and computer programs that sort of thing.

    Funny thing as far as I can tell the first robot was the "stock trading robot" sold on doublingstocks. At one time it was the hottest thing on clickbank in the investment category and it was a complete scam.

    There was no robot. All the guy was doing was recommending a penny stock that he was being paid to tout.

    His sales page never said that of course, it talked about a "robot."

    But it was so successful that other Internet markets who focus on clickbank saw it rise up to the top so they copied the "robot" concept and applied it to forex where it really caught the imagination of the suckers - and like you said there are lots of them and has to be new ones every day.

    But I think the "stock trading robot" was the first "robot" and it was a scam so other scammers and people who don't care what they sell just copied the idea.
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    • Profile picture of the author TheRichLife
      I agree with tradermike and askloz. Blindly trading with the use of a "robot" will eventually empty your account.

      I've never traded Forex, but I have more than a decade of experience trading stocks and options. Even if you have the greatest robot program ever created, if you use it to trade, you're trading with one hand behind your back. Robots trade based on technical analysis, they don't consider fundamentals. How can a forex robot know if the Chairman of the Fed is speaking, or what he has said? How does the robot know the results of economic data , or even what's on the economic calendar? it doesn't consider employment data, interest rate changes, trade balances, budget changes, etc. I would never trade any security without doing fundamental analysis along with technical analysis.

      There are no easy, get-rich-quick opportunities in the securities markets. If you buy into one, you'll lose.
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    • Profile picture of the author SMS
      You are right about blackboxes in the Stock Market, Mike. I guess that 'Robots' and 'Artificial Intelligence' (AI) just sound sexier than blackboxes.

      To be honest, I was even partially fooled into thinking this new genre of software had something new (and of value) to add. I never bothered buying any of them of course, but I was hopeful that I would see or hear something that would prove these things worked.

      I have a software background, and on the surface, there is no reason why decision making can't be programmed into software. I've never been able to do it though.

      The one time I tried delegating 100% of decision making to software (in a FOREX simulated test account), I got slaughtered and this was after a very promising start. That maybe why (subconsciously) I think that FOREX is harder that the Stock Market.

      You are right about doublingstocks. The thing I don't get is how all these guys (and gals?) are able to get away with the obviously fake reviews on their sales pages and the incredibly fantastic genius.

      Wasn't the doublingstocks guy meant to be some computer programming genius or something?

      Originally Posted by tradermike2008 View Post

      one thing about the forex robots and the stock market people used to sell these things in the stock market too, they probably still do I just don't pay attention. But ten years ago when I noticed they didn't call them "robots" but called them "black box programs" and computer programs that sort of thing.

      Funny thing as far as I can tell the first robot was the "stock trading robot" sold on doublingstocks. At one time it was the hottest thing on clickbank in the investment category and it was a complete scam.

      There was no robot. All the guy was doing was recommending a penny stock that he was being paid to tout.

      His sales page never said that of course, it talked about a "robot."

      But it was so successful that other Internet markets who focus on clickbank saw it rise up to the top so they copied the "robot" concept and applied it to forex where it really caught the imagination of the suckers - and like you said there are lots of them and has to be new ones every day.

      But I think the "stock trading robot" was the first "robot" and it was a scam so other scammers and people who don't care what they sell just copied the idea.
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  • Profile picture of the author aslko
    I THink no it is real,
    Originally Posted by Tim45 View Post

    Hi Warriors, I'm not sure this is the right forum to ask this question but I had to sart some where.
    Originally Posted by Tim45 View Post


    Is this forex trading robot thing a scam?

    I have has mixed reviews on the subject form people I know and from search results on google. Has anyone here made money with this on a consistent basis?

    Thanks in advance,
    Tim
    _________________
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  • Profile picture of the author aslko
    it is not a scam
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  • Profile picture of the author wyomble
    There are very few full-time traders that use EAs. There are some things that just can't be programmed. There are however some auto forex trading systems that do make money. Forexpeacearmy.com has independent tests of EA's running on live accounts. Always pay attention to "weeks running" on their website to see how long those particular robots have been tested. They also have user comments and they do a pretty good job of filtering out fake comments. If you really want to make money you will have to learn everything you can for 2 years or so and trade on a demo account. After 2 - 5 years depending on how much you put into it you will dominate any robot in existence.
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    • Profile picture of the author DRC77
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  • Profile picture of the author cam9
    forex and all bots for trading = scam lol, IMHO
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  • Profile picture of the author Slin
    My co-worker used to trade a lot of forex stuff. He started at the age of 12 and got pretty good.

    He explained to me that forex is like gambling, you can set up your own system, but nothing is guaranteed.

    He tried out the forex megadroid just for fun, after he lost tons of money in the real estate crash.

    It doesn't make many trades a week, but I will say this, the megadroid was profitable.

    His suggestion to me was, don't trade in the market unless you have money that you can burn. As in if you could take it and light it on fire right now, and not worry about it.

    Because it disappears pretty easily in that market.

    But yes, we found the megadroid to be a profitable bot.
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  • Profile picture of the author jeffhard
    i am kinda new in this.. fourm.. and getting alot great information.. here.. thank you guys..
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  • Profile picture of the author NickA
    Ok let's get real people. If you are trading forex at home by yourself, in any capacity, without access to a reasonably large pool of money (anything below 10 million doesn't count) and further crippled by lack of access to hardcore trading algorithms...

    ...you are not in the game. Forex is a zero-sum game, and you have to have enough chips to survive the small blind, so to say. So yes, any such robot/whatever is a scam - please realize this when you're selling it.
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  • Profile picture of the author jacksonlin
    It's interesting that a lot of people here commenting are not actual traders.

    I traded options, not FX, but still trading and all my lecturers are university were telling me how impossible it was to make money.

    It's interesting to note that none of them traded before.

    I would love to see an options bot, because for the amount of money you put in an risk, options are the best!
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  • Profile picture of the author Underground SEO
    I would stay clear of forex robots, despite some positive reviews, no automated system can be better than doing it yourself.
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  • Profile picture of the author DrGUID
    I bet a few forex novice traders got a spanking in the last couple of weeks. GBP/YEN moved over 5% in one day last week. Ouch if you were on the wrong side of that!
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  • Profile picture of the author writestuph
    To be honest you are better off doing your own research and implementing your own investment strategies. Despite ease of use, programs lack the fundamental adaptability and creativity of a human being. They don't think outside the box, but you do. Educate yourself and invest for yourself, in the long run, it'll be far more worth it. Hope this helps.
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  • Profile picture of the author David Ogden
    I have been running a Forex demo account for a month or more with a few hundred dollars and using FapTurbo. It does seem to make money on the default setting. I have however picked up some new setting from a Forex trader which provide a better return with a bigger risk.

    I am going to be going live soon and think it should produce similar results if it only provides half the gains as demo account I will be happy.

    Now I do know there are a lot of scams out there and have seen quite a few so you need to do background research.
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    • Profile picture of the author darkonetoo
      Originally Posted by David Ogden View Post

      I have been running a Forex demo account for a month or more with a few hundred dollars and using FapTurbo. It does seem to make money on the default setting. I have however picked up some new setting from a Forex trader which provide a better return with a bigger risk.

      I am going to be going live soon and think it should produce similar results if it only provides half the gains as demo account I will be happy.

      Now I do know there are a lot of scams out there and have seen quite a few so you need to do background research.
      Hi David-

      I'm glad you've been researching my favorite occupation.

      My recommendation: Don't risk very much!

      I've been trading forex (living off it) for over 20 years;the late 80's to 2003 using futures contracts, and forex since then because of higher leverage and flexible position sizes.

      There are no real short-cuts to trading successfully. There are market probabilities that can be utilized to get a strong edge. Like - trading high probability breakouts.

      They aren't sexy, but they do work, if you use precise money management.

      Fap Turbo does not work reliably, and the other posters above are correct about NO PROFESSIONALS using ea's.

      There must be good reasons. (I trade for a Chicago hedge fund and absolutely no autotrading is allowed)

      Best of success to you.

      DarkOneToo

      PS: It really does take money to make money in this business. If you get really good, which can take 4 - 5 years; expect to make 40 - 60% annual returns on your money, with sizeable drawdowns in between profit peaks. The real payoff is when you have a 5+ year track record and you get offers to trade millions!
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  • Profile picture of the author JMartin
    It's pretty simple.

    If you're a gambler, use a robot or whatever gimmick you want.

    When you're ready to be a professional, do what professionals do. And none of them involve using $99.99 poorly designed "bots" created by unsuccessful traders.

    Treat investing like a casino and a trip to the casino is the outcome you can expect. Unfortunately, you won't even get a free cocktail.
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  • Profile picture of the author spiny
    no, it does not work at all.
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  • Profile picture of the author forexsignals
    I would tell that if these robots are handled in correct manner then you can surely earn huge..

    Still before buying any robot you need to make sure that it really has some good reviews..
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  • Profile picture of the author highbrid
    A bot is actually not a bad thing... having managed other people's money professionally for more than 5 years, I can say with confidence that the #1 cause of losing money in markets is human emotion coming in the way of a trader's ability to follow simple and proven trading rules - bots remove this.

    With this in mind, the bot needs to be programmed with the right rules - which are not that hard to find. That said, any trader will tell you that the entry and exit signals are only 10% of the game... the remaining 90% is money management/risk management.

    If a bot is risking more that 5% of your capital on any given trade, its most likely going to run your capital to $0 eventually. Bear in mind, this is the way bots can generate huge % returns, i.e. simply by upping the risk... but backtest this money management strategy over a long period of prior data and you will inevitably see your capital run to $0.

    If a bot is claiming ~10% - 20% returns whilst risking around 1-3% of your capital on any given trade, then i'd be comfortable trusting it.

    A lot of proprietary system traders that earn the banks millions every year use electronically generated signals (even if its to sms them on their blackberry so they can call the desk and place a trade). But they know exactly how much of their capital they are risking on every trade, they know the win/loss ratio of the strategy, the sharpe ratio, the maximum drawdown, etc etc.

    Unless you know this, then do NOT buy a bot and trust it for a second unless your comfortable spinning the roulette wheel and betting on black.

    If the bot provides (at the very least) information about its:

    - backtested results over 10 years of prior data (over multiple asset classes, to avoid over optimisation)

    - the precise money management rules, including the % of total capital risked on any given trade

    - the maximum drawdown over the prior 10 years

    Then i am prepared to trust it - i dont even need to know the entry and exit strategy as it is near irrelevant if you have the above factors sorted.

    If it talks about 30+% returns then be skeptical but do your research and ask for the above data.

    If it talks about 50+% returns, then it is almost certainly breaking the money management rules required of a sustainable trading strategy and thus you are rollin the dice... you may make money, you may lose it all.

    my 2 cents.
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  • Profile picture of the author asiaforexmentor
    Trading Psychology - Conquering Your Emotions

    A lot of traders can actually feel their emotions in place when they place their trades. And seeing their trades taking place.

    Emotions include:
    - Heart Thumping (Beating faster)
    - Sense of Anxiety
    - Nervousness
    - Excitement
    - Irrational Behavior
    - Frustration
    - Desperation
    - Hatred & Revenge mindset
    - Devastated
    - Always feel that the market is going against you
    - Etc,

    If you feel any of the above in trading, it is normal. The market is set for you to feel this way.

    Which is why to be a successful trader, 80% is about conquering and mastering trading psychology.

    And some of the reasons that you could be feeling any of the emotions above include:
    - You are trading way beyond your risk level (Trading too high an amount of your capital)
    - You have not calculated your proper risk size before entering
    - You entered based on Gut feel
    - You fully expect and anticipate that the market will go your way according to your previous experience or something which you had learnt - but it Didn't..
    - You are trading on a money that you desperately need. (Eg. borrowed money, food money, life saving money etc..)
    - Etc.

    If you have experienced the above, stop trading for the moment.

    Remedy:
    - Go get a shower and analyze what had gone wrong
    - Go for a stroll in the park, beach etc..
    - Self Reflection
    - Meditation, calming exercise

    Ask yourself, are you trading the right way?
    Are you actually trading or gambling?
    Do you have a proper trading system?
    Did you entered on proper setups (eg. price action) or you entered based on your gut feel?

    Trading is about self analyzing, discipline, self control, and sticking to your trading system.

    It may sound tough at first, but once you start practicing the stuffs here for 20 days. It will then become part of you and you are no longer putting any conscious effort in applying the above.

    Start with learning and trading with a proper system today.
    Learn the full system at Asia Forex Mentor Price Action Forex Trading System

    To an awesome trading as always,
    Ezekiel Chew
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  • Profile picture of the author oludimu1
    I still can not comprehend the intelligence behind robot software for trading. Since it has got to do with the behavior of man which is unpredictable.
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  • Profile picture of the author dagaul101
    From what I have heard the chances of making a profit with it is marginal to say the least
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