Australian (ASX) Stock Market Forum

Forex Robots - legit or scam?

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Stormin_Norman said:
we're looking at preferably going to java when we need to upgrade our broker.

the programmer likes that most out of all languages.
Click to expand...
i agree, java will allow your programmer to make reliable server software of the highest quality. First I'd like to try Oanda's java API, it looks pretty good, but my long term aim is to use the FIX protocol, for example http://www.mbtrading.com/developersMbtFixGateway.aspx

At the moment I'm using C# which is Microsoft's version of java, through the "mother of all bucketshops" FXCM. I'm using this as a learning exercise. Also I'm convinced that the FXCM pricing engine, with all its spikes and stop hunting, gives good opportunity to fade false breakouts.
 
Forex robots

Hello. I don`t know if there is a thread on this subject but does anyone know of a good robot that does actually work?

Also does anyone know of a Jim Phillips of froexcritic.com? He`s based in QLD

Thanks
 
Re: Forex robots

An automatic trading system? If I did, I would certainly not reveal it to anyone without significant compensation.
 
Hi people,

just wondering what your thoughts are, I have been using a demo account for about a month now and realising very early that i was missing out on some good trade opportunities because i was either sleeping or at work (go figure) i decided to give an ea a go when i came across fapturbo. you could say i got sucked in by the hype but the $150 odd wasnt anything i couldnt spare in order to make more. :)

i was originally using it with gomarkets "go trader mt4" but found the large spreads were hindering its performance when using the scalper strategy, so i decided to use a broker they recommended which was fxcbs. I started with a 1000usd demo to test it and it has actually been pretty good. over the last 6 trading days it has returned around a $70usd profit using lots of 0.1. only 4 out of the 25 trades in the past week have been losses and the average being around $3.30 with the average profit around $5.10.

reading through previous spreads how different is a demo to a live account? obviously other then the fact that real money is being traded.

cheers

peace
 
yess... and not to side with them as I like manual trading... but if you are trading on technicals, then they can monitor many more indicators that one can manually monitor every second of the day!
 
SuperFXRobot EA

I am new to forex and would like to get a good Expert Adviser. I heard about FAP Turbo, but it's not good. I saw the robot on SuperFXRobot and am wondering if it really so good. Can anyone tell me if I should buy it or not. Thanks.
 
Re: SuperFXRobot EA

I personally would be cautious of this robot. I have a fair bit of experience writing robots and this is a site that a lot of people use to verify their results to the public -

http://www.myfxbook.com/members/ForexDJ/wwwsuperfxrobotcom/32532

http://www.myfxbook.com/community/trading-systems/fx-robot/25681,1

http://www.myfxbook.com/community/trading-systems/fx-robot/34005,1

Read the comments for the robot. It has dodgy written all over it.

Also in general I would be careful with bots that scalp. When an average win/loss is 1-2 pips it leaves it open to large discrepancies when you include re-quotes/slippage and brokerage rates is an extra important factor. I am not saying they don't work as I have seen lots of them work but just be careful.

Maximum Drawdown is really important so look for a low maxDD.

Check how quick they lose money in a sideways or whipsawing market as that is the true test of a robot. With the site above you can download the trades and analyse them if you like.
 
Re: SuperFXRobot EA

There are penalties in Australia for FRAUD so I doubt this thief will return here.
 
Re: SuperFXRobot EA

jaden said:
I am new to forex and would like to get a good Expert Adviser. I heard about FAP Turbo, but it's not good. I saw the robot on SuperFXRobot and am wondering if it really so good. Can anyone tell me if I should buy it or not. Thanks.
Click to expand...

Hi,

Life ain't meant to be easy :)

If there was something out there that worked it would be like Fap Turbo, so many people buy it initially that this throws up a statistical anomaly, the LPs pick this up, find out why, then create set ups to trigger and stop the trades.

Please stop and think about it, 1% a week is only $10 a week per $1000 account balance, yet if something gives only 1% a week every week, 5 years from now you will be very wealthy, would you throw all that future wealth away buy selling for $200- $300 now ?

Very sure I wouldn't !!
 
Re: SuperFXRobot EA

jaden said:
I am new to forex and would like to get a good Expert Adviser. I heard about FAP Turbo, but it's not good. I saw the robot on SuperFXRobot and am wondering if it really so good. Can anyone tell me if I should buy it or not. Thanks.
Click to expand...

Hi,

Life ain't meant to be easy :)

If there was something out there that worked it would be like Fap Turbo, so many people buy it initially that this throws up a statistical anomaly, the LPs pick this up, find out why, then create set ups to trigger and stop the trades.

Please stop and think about it, 1% a week is only $10 a week per $1000 account balance, yet if something gives only 1% a week every week, 5 years from now you will be very wealthy, would you throw all that future wealth away by selling for $200- $300 now ?

Very sure I wouldn't !!
 
I have 10 FX robots/strategies/systems running through ninja trader (see screenshot of one of my systems backtesting results) which I designed myself, I have had little consistant success to date (only being live for 1 month)so filter my opinions accordingly............
One of my beliefs on the markets is that any system only works for a limited period of time i.e exploiting an inefficiency in the market.
So all these robots for sale will only work for a limited time ( if they work at all)without adjustment until they become unprofitable.
If you don't know the details/code of your robot/system and its backtest/sim results how will you persist with it during drawdowns without stopping it.
Trading small time frames which is really trading market noise is very difficult its just that it sells more robots because its exciting much better to start with 30m/60 m time frames in my opinion.:2twocents
 

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Re: SuperFXRobot EA

Couldn't agree more...

Anyone selling anything is a scam and will not work long term.
Hard work, imagination and finding a method that is unique will give you the best chance of success.
Use a method no one else is aware of, in my opinion TA is old news and you land up chasing the next indicator or Mov. Av. on a regular basis.
 

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