Forex Robots - legit or scam?

beachlife · 9 January 2009

Hi
There is a website featuring products that claim to have "robots" that automatically trade the forex market for you. (See screenshot)

Has anyone used these type of things?

Do they work?

Seems logical to auto trade a back tested system but sounds too good to be true.

Thanks
Steve

white_goodman · 9 January 2009

i think you'll find the ones heavily advertised and sold for a price tend to be scams or not work as effectively as advertised... alot of forums have ppl testing and brainstorming EA's. Best to get involved testing these ones out because they are free. Also you can combine bits and pieces of different EA's that you like to make your own EA.

tom_rhodes · 9 January 2009

i use that Fab Turbo and it works pretty well.... i would like to get into the forums but i really don't understand how to program.

tom_rhodes · 9 January 2009

forgot to ask - which forums would you recommend for the robots?

Stormin_Norman · 9 January 2009

www.forexfactory.com + www.forex-tsd.com/

i and a computer programming friend have 4, and are working on a new one.

you can make them appear a lot better then they actually are - which is what most of the advertised ones do.

for eg, one of our EAs in backtesting can turn 10,000 into 1.6 million in 4 years. live though, its another story...

so no, not a scam, although scam artists love them.

be cynical of back tests, and look to forward test any you plan to use first for a good 3 months.

Aussiejeff · 9 January 2009

tom_rhodes said:
forgot to ask - which forums would you recommend for the robots?

ASF has robots.

Sorry.

Couldn't help it....

aj

white_goodman · 9 January 2009

yeh backtesting results arent reliable at all due to repainting indicators etc

fapturbo · 9 January 2009

Some EA's work better then other.

If you are going to choose one then choose one that has forward testing results and not just backtested data as evidence.

There is little doubt that they work. If you have a spare couple of thousand dollars sitting around doing absolutely nothing in a bank account then it is worthwhile.

Go Markets MT4 is a good platform and I'm using Go Markets for my EA Live Trading.

For Forex you can Trade 0.01 Lot Size which equates to 0.10c per Pip.

You can even get started with as little as $500 or even less if you wanted.

There is no minimum account balance required by Go Markets when first starting out.

white_goodman · 9 January 2009

fapturbo said:
Some EA's work better then other.

If you are going to choose one then choose one that has forward testing results and not just backtested data as evidence.

There is little doubt that they work. If you have a spare couple of thousand dollars sitting around doing absolutely nothing in a bank account then it is worthwhile.

Go Markets MT4 is a good platform and I'm using Go Markets for my EA Live Trading.

For Forex you can Trade 0.01 Lot Size which equates to 0.10c per Pip.

You can even get started with as little as $500 or even less if you wanted.

There is no minimum account balance required by Go Markets when first starting out.

you can go even lower for live testing with real money with ibfx... they have nano lots which is 100 units as opposed to micro lot which is 1000units. Demo forward testing is good, live real testing which tiny amounts is better cos you get real spreads, execution etc....

Wysiwyg · 9 January 2009

Faps matey, you went live with the Turbo so how is it going?Any screen shots of the pending orders or even a hint of triggers?

Stormin_Norman · 9 January 2009

if it works its a steal at $200.

fapturbo · 9 January 2009

It works have no doubt about it. I am using very low risk settings and have achieved a 2% increase in two trading days.

It works by trading the Range during the Asian Maket times and it is very good at it.

Currently the Spread for eurgbp and eurchf is 6 pips each and still making profitable trades which is reasonably difficult for a scalping EA.

http://img293.imageshack.us/img293/5899/70009431dn4.jpg

That is an example of how it trades. Only when the market is flat and not volatile.

white_goodman · 9 January 2009

once you get to your intial depoist in profit id withdraw so your playing with "free money" so to speak... sorta run the EA care free

Stormin_Norman · 9 January 2009

fapturbo said:
It works have no doubt about it. I am using very low risk settings and have achieved a 2% increase in two trading days.

would u mind starting a thread and keeping us informed of your results?

fapturbo · 9 January 2009

I am forward testing the your_lucky EA (which is available for free and has been extesively tested by many and forward tested by many) on a demo platform at the moment which is available for free.

It also trades the asian session when the market is flat.

http://www.forex-tsd.com/expert-advisors-metatrader-4/17341-_rdb_the-best-free-ea.html

http://img293.imageshack.us/img293/6264/11848130rh0.jpg

There are plenty of people forward testing this EA.

It is optimised to be run when the spread is four or less.

Would you run a scam if it is available for free??

Wysiwyg · 9 January 2009

Thanks fap, the 4 hour chart is hard to define and was wondering if a 1 or 5minute chart can show the trades up better.

Stormin_Norman said:
would u mind starting a thread and keeping us informed of your results?

That is what this thread is for.

Stormin_Norman · 9 January 2009

i was meaning a specific one for that EA, but im cool with wherever it comes up!

pilbara · 10 January 2009

fapturbo said:
It works have no doubt about it. I am using very low risk settings and have achieved a 2% increase in two trading days.

It works by trading the Range during the Asian Maket times and it is very good at it.

Currently the Spread for eurgbp and eurchf is 6 pips each and still making profitable trades which is reasonably difficult for a scalping EA.

http://img293.imageshack.us/img293/5899/70009431dn4.jpg

That is an example of how it trades. Only when the market is flat and not volatile.

This EA will lose big money when the market is trending. It has a fixed stop loss of 110 pips.

I guess the main assumption for the trading time policy is that there are no serious trends between European currencies (EUR,CHF,GBP) during Asian trading hours.

Page · 10 January 2009

If we talk about forex trading software’s we can find many. However, cannot say which one is a fraud and which one is ok to trade. All look alike, which confuses an individual trader.

Wysiwyg · 11 January 2009

Fap if you`re still around do you have any forward results or for/against comments on your system since going live.

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Forex Robots - legit or scam?

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