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.

Thanks Mike, I knew it was to good to be true.

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!!!

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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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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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.

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.

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.

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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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.

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.

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.

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

So what tools do you need to start trading forex?

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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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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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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I'm looking for beta testers if anyone is interested?
Ask-Me-About Forum • View topic - WE ARE READY FOR BETA TESTING!!!

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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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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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

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.

Most of these things are simply complete and total scams.

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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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.

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

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.

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

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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it is not a scam

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.

forex and all bots for trading = scam lol, IMHO

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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.

i am kinda new in this.. fourm.. and getting alot great information.. here.. thank you guys..

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.

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!

I would stay clear of forex robots, despite some positive reviews, no automated system can be better than doing it yourself.

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!

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.

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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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.

no, it does not work at all.

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..

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.

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

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.

From what I have heard the chances of making a profit with it is marginal to say the least

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