Forex Robots - legit or scam?

[Stormin_Norman]

Notice your lot sizes all different storm.Without revealing too much, why is this done and what initiates or determines lot size please?

fibonacci numbers and a type of martingale system which uses signals to indicate when to open the positions. its quite different to most in the sense it doesnt just keep opening positions in increasing sizes; it wait for a new signal before doing so. we have a news limiting section of the EA which will stop it trading at news time; however while testing it we turn it off in an attempt to 'blow' it up and establish its risk parameters.

 

[Stormin_Norman]

I'm writing java systems to analyze the data I have recorded, which allows a forward-test simulation.

we're using mt4 atm, more because its a standard then any other reason.

my partner in the venture (the computer coder) would dearly love to switch to java as he thinks is a far superior language to MT4's bastardised C platform.

as for someone else mentioning back tests. in MT4 backtests arent worth all that much chop - even with good quality data. while its a good first test on an EA nothing beats live forward testing.

'optimisation' of EAs is my big bug bear. some people make these hugely complicated EAs with many variables which they backtest and come out with great results after playing with all the variables.

but if you run the EA through a time period it hasnt been tested against, or forward test, the results dont reflect the testing at all.

 

[Wysiwyg]

but if you run the EA through a time period it hasnt been tested against, or forward test, the results dont reflect the testing at all.

The test periods are different so would not the results be different?And fibonacci numbers to determine lot sizes --- LOL.

 

[cogs]

Has anyone been contacted by www.forexmetarobot.com personnel via email?

Would like to know if anyone is using their product.

Just another Bot I would imagine, will need the three month pipcop trial before I will look deeper.

 

[Stormin_Norman]

The test periods are different so would not the results be different?And fibonacci numbers to determine lot sizes --- LOL.

are you laughing at my fib numbers?!

 

[Wysiwyg]

Has anyone been contacted by www.forexmetarobot.com personnel via email?

Would like to know if anyone is using their product.

Just another Bot I would imagine, will need the three month pipcop trial before I will look deeper.

Now let`s see.We break down the following sentence which states ...

Forex Meta Robot starts working on any account size, making many trades everyday it uses a special scalping technique to very quickly double your account every few days.

So double your account every few days. You gotta be skeptical of these things don`t you.And there is none left for sale.

 

[Stormin_Norman]

i also been using forex meta robot on a couple of brokers and they haven't stopped me on that ea AND i been doing much better than fap since using it but its only been 3 weeks so far.

same one in question?

 

[pilbara]

fibonacci numbers to determine lot sizes --- LOL.

I have found a similar thing in testing, where it's not good enough to use a linear increase in lot sizes when additional entry signals are generated. However a fully exponential (martingale) increase is too steep, so a curve which has a slower rate of exponential increase at the beginning like the fibonacci sequence might be a better way to go.

 

[pilbara]

'optimisation' of EAs is my big bug bear. some people make these hugely complicated EAs with many variables which they backtest and come out with great results after playing with all the variables.

but if you run the EA through a time period it hasnt been tested against, or forward test, the results dont reflect the testing at all.

yep I agree. Howard Bandy's book gives good advice on this, regarding In-Sample and Out-of-Sample data.

 

[Stormin_Norman]

how is his book? a worthwhile acquisition?

 

[pilbara]

I've found the book worthwhile, it is comprehensive and is written with a unique perspective which is valuable to someone like me who hasn't got experience in this field. It sounds like you have a lot more experience and are already a long way down the track so maybe the book will be too introductory.

 

[pippin]

i also been using forex meta robot on a couple of brokers and they haven't stopped me on that ea AND i been doing much better than fap since using it but its only been 3 weeks so far.

Tom, what is your experience with Forex Meta Robot so far. Is it as amazing as the creators are claiming? Do you have to nanny it so it works or is it a true set and forget?

Thanks
P

 

[cogs]

Tom,

This comment seems quite timely with the "new batch release" coming up.

forexmetarobot website is in infant stage as with their forum (hasn't opened yet). They are making bold claims on very limited testing and won't release information on so called "previous users".

Quite frankly I have my doubts.

Tom, would you like to post (share) some profit details?

 

[cogs]

For those of you who have been contacted by forexmetarobot.com .

I apologise in advance for the long winded posting and if they are legit they need to be more transparent.

Apparently their "latest batch" of Forex Meta Robots have just come on sale?????

First email received details:

We are delighted to announce that the next LIMITED batch of Forex Meta Robots is available for sale.

As promised you have 24 hours before the public release to purchase.

To buy Forex Meta Robot please follow this link and select BUY NOW:

http ://www.forexmetarobot.com/earlyrelease/

We almost TREBLED our trading account last week with this robot!

We expect to sell out very quickly, so to avoid being disappointed please act quickly.

Kind Regards

The Forex Meta Robot Team.

I replied:

What about a demo and installation instructions?

Who am I talking to anyway?

You need to prove some credibilty that this isn't a scam.

He replied:

The demo and installation manual are accessed after you pay.


It is not a scam but of course you have no way of knowing this.

I replied:

So you wont provide a name which is normal good business practice?

I am possibly interested in your robot but you need to be a little more transparent.

Here are your hosting details so it is very easy to find out who you are, also I am a very active member on various Australian Stock Market and trading forums so you really need to be open and honest to get some sales on this.

He replied:

We are keen to protect our privacy as we are not an individual but a team of developers spread across the USA, UK, Australia and New Zealand. I can give you my details but I am only part of the support and forum team (we have our own forum for clients). Who are you keen to have the details of? Our top developer?

I replied:

I am not interested in 'your top developer' or even your bottom developer or any of your coding or algo's.

If you are attempting to selling such products you must be aware of the number of forex scams out there. It is only good common business practice to use your own name and establish good communication with clientel as every honest business does.

Anyone can set up a spreadsheet duplicating MT4 results.

Your website is basic and not extensive with information about the product, it also has errors. "we have our own forum for clients". Where are they then?

And finally they replied:

Thanks for your feedback, we will take it into consideration.

I have been communicating loosely with the individual who set this up. They won't release their name or provide any details of the company so I have made some basic initial enquiries. It is easy to trace the inidvidual from here.

forexmetarobot.com details:
Registration Service Provided By: AussieHQ Pty Ltd
Contact: domains@aussiehq.com.au

Domain name: forexmetarobot.com

IP Address: 203.88.123.14
Administrative Contact:
AussieHQ Pty Ltd
Domain Hostmaster (domains@aussiehq.com.au)
+61.261639350
Fax: +61.261639333
PO Box 3168
Weston Creek, ACT 2611
AU

Technical Contact:
AussieHQ Pty Ltd
Domain Hostmaster (domains@aussiehq.com.au)
+61.261639350
Fax: +61.261639333
PO Box 3168
Weston Creek, ACT 2611
AU

Registrant Contact:
AussieHQ Pty Ltd
Domain Hostmaster ()

Fax:
PO Box 3168
Weston Creek, ACT 2611
AU

Status: Locked

Name Servers:
ns1-alpha.aussiehq.net.au
ns2-alpha.aussiehq.net.au

Creation date: 10 Nov 2008 05:33:07
Expiration date: 10 Nov 2009 05:33:07

 

[Stormin_Norman]

for $150 im tempted just to get a copy to test it and see if its what its cracked up to be.

 

[cogs]

Yeah I thought similar stormin, but times by how many these/this guy emailed and he is replying on just that thought. Cheap enough to not care about but enough to make him a nice little packet if he emailed enough to get sucked in.

Hey I would still buy it now if they/he proved his honesty and legitimacy but it is becoming more and more likely a scam.

Not a thing until you pay the cash.

 

[pilbara]

... if they are legit they need to be more transparent ...

they make wild claims about profit but it sounds like they are undercapitalized and cannot make enough money with their own robot? Or maybe the robot relys on times when the market isn't volatile, and if there are too many of them working at the same time this will take away their edge?

 

[pilbara]

we will however program the EAs to target sessions and avoid news times using data drawn from online calanders.

Do you avoid news times because of bad execution during times of high volatility? Or does the robot prefer less volatile times?

In my back testing it seems there's potential profit to be made in the highly volatile times but I'll need to confirm whether these are due to "fantasy fills", that can never be duplicated in live trading during these periods.

 

[Stormin_Norman]

price reversals. large price reversals.

 

[PipCop]

for $150 im tempted just to get a copy to test it and see if its what its cracked up to be.

Hi,

Just an FYI - I've contacted them and they have agreed to give me a free demo of their software which I will be reviewing. I'll load it up on 3-5 demo accounts at once and let it run for 90 days. If it works out well, then I will put it on a live account. So ... I would say save your money for now.

I'll warn all of you, though, Stormin Norman has found my site to be biased towards other robots, so take any information with a grain of salt, and of course do your homework prior to making a purchase or believing any data on forex robots.

And, Stormin, I just happened to find this site while Googling my site name to see who was talking about the site, so please don't think I am stalking you! Just Google it and you'll see!

-James Fullerton