Forex Robots - legit or scam?

[Stormin_Norman]

its just hard to be an independent reviewer while offering EAs for sale and taking commissions from the authors.

 

[pilbara]

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 checked your site and it looks like you've recently set up FAP Turbo on 4 demo accounts. It will be worth watching the progress of these, to see if brokers make a difference to performance.

 

[BentRod]

its just hard to be an independent reviewer while offering EAs for sale and taking commissions from the authors.

Yep.

Must be worth a few hundred/Thousand a Month?

How much you making Jimbo?

PS....any relation to Fapy??:

 

[PipCop]

its just hard to be an independent reviewer while offering EAs for sale and taking commissions from the authors.

True. But it is impossible to publish the info for free, without sufficient funding for live accounts, and buy robots that are not available for free. Of all the review sites out there, I am striving to be the most transparent. I do clearly post how revenue is made as the first link on the site (What does PipCop do?) up on the top left corner.

I sure wish I could make a few thousand a month, but I don't see that happening any time soon!

And no, I'm not affiliated with Fapy (who's that?). I'm a one-man show. I also used to own rs25.com (sold it in 2007) but I have stayed on as an admin, so you can find me around. I also run friendzoned.com, a relationship advice site!

 

[Stormin_Norman]

if the EAs are successful, shouldnt they provide the revenue in their own right?

i mean you get the EAs and deposit money for nothing, from donations. the returns on any successful EAs should be compensation enough.

being a referrer is just ruining the whole basis of the site.

 

[PipCop]

if the EAs are successful, shouldnt they provide the revenue in their own right?

i mean you get the EAs and deposit money for nothing, from donations. the returns on any successful EAs should be compensation enough.

being a referrer is just ruining the whole basis of the site.

Again, true. However, have you looked at my previous live reviews? (I've only done 3 total so far).

The first one (Zig and Zag) wiped out the ENTIRE account and left me with $0.25 (a $49.75 loss).
The second one (Super Sniper) has lost $0.18, and has a closed P/L of -$13.26.
The third one has made $2.75 but has $10.29 drawdown.

Edit: I should add, these are micro accounts, so profits are along the lines of $0.25 for a good trade. No one is getting rich that way.

So ... with my negative or tiny cashflow from live accounts & robots ... how exactly am I going to fund those accounts and buy more robots? Your math is funny.

Of course only time will tell if any are winners. I doubt many will be, but if one is a winner then sure, more money to run the site.

I am surprised that you actually believe that the majority of robots will make me money, when my 40 or so reviews show that 99% are losers. If these robots are so successful ... why would we be testing them? Why are YOU offering to buy that robot and test it? :lol:

 

[Stormin_Norman]

Of course only time will tell if any are winners. I doubt many will be, but if one is a winner then sure, more money to run the site.

I am surprised that you actually believe that the majority of robots will make me money, when my 40 or so reviews show that 99% are losers.

i dont beleive theyll make money. hence my surprise @ offering them for sale + getting the commission.

i guess have a look at referring people to brokers and their introduction fees. that wouldnt compromise the aims of your site.

 

[PipCop]

That's a good idea, I'll check into that. Thanks for the suggestion.

 

[Wysiwyg]

Hi fap., has the issue with your broker been resolved?Have you run it lately?

 

[fapturbo]

Hi fap., has the issue with your broker been resolved?Have you run it lately?

I'm still waiting before I decide to move to another broker.

Go Markets might be a Bucket Shop or they may not. Least I can do is give them a chance to sort out their alleged Liquidity Problems.

Until then manual trading as per usual.

 

[fapturbo]

I'm going to forward test this EA on demo for a while to test it.

 

[Stormin_Norman]

I'm still waiting before I decide to move to another broker.

Go Markets might be a Bucket Shop or they may not. Least I can do is give them a chance to sort out their alleged Liquidity Problems.

Until then manual trading as per usual.

ive been using go markets for about a month now.

been running simultaneously with IBFX and havent noticed any differences or problems.

the problem they have is with people all ordering at the same time because of the widespread use of the EA. like many have said, successful EAs cannot be sold as they become victims of their own success; as is the case.

 

[fapturbo]

ive been using go markets for about a month now.

been running simultaneously with IBFX and havent noticed any differences or problems.

the problem they have is with people all ordering at the same time because of the widespread use of the EA. like many have said, successful EAs cannot be sold as they become victims of their own success; as is the case.

Ya I understand that.

Finding a provider to take the orders is the major problem. "IF" they can rectify the situation then all good. Maybe they will come up with something. Maybe they wont. It's all about finding a provider who will take the orders.

Wide spreads is a problem also for scalping EA like this one where the range is very narrow.

Successful EA it is. Strategy is sound and proven to work. That is not the issue.

It is the Liquidity Providers that is the problem. Not the 25,000 customers who are trying to trade it.

Obviously the orders need to be filled somewhere. If there is a problem due to too many orders trying to be filled around the same time then so be it. Not much can do about it.

Slippage in prices and requotes should occur until order is filled.

Not this blanket banning of the EA.

If the customers using the EA were affecting the Market as you suggest then it would surely show up on the Charts right?

 

[Stormin_Norman]

i would be surprised if retail trading moved the market very much at all, given the size of the institutional players needing to move currency around the world.

 

[Punisher]

Robots

Has anyone had any success with Robominer or any other trading Bot? There seems to be a lot of talk on forums sites about trading "bots". Half the respondents claim they are scams and the other half swear by them. Does anyone have any proof that they are trading successfully or losing their bank by using these Bots?

 

[Agentm]

Re: Robots

the answer of course is

beep

 

[SlideLow]

Re: Robots

Has anyone had any success with Robominer or any other trading Bot? There seems to be a lot of talk on forums sites about trading "bots". Half the respondents claim they are scams and the other half swear by them. Does anyone have any proof that they are trading successfully or losing their bank by using these Bots?

Punisher

for the past couple of weeks i've been testing a free EA i DL from forex-tsd on a demo Go Markets account. It showing to be slightly profitable. The main issue i have found with it is that it will win a number of small trades but doesn't seem to know when to set a stop loss.

Eg. 1st week.

start Monday 3 000,
on Thursday night the acc had around 3300 in it.
on That Friday night it had only 3100.

So for the week it made only 100. I spose that is still good for doing nothing but the 200+ was lost on a sing trade.

The same issue happened this week as well.
on Wednesday night the acc was around 3500 but this morning it ACC was around 3180. two big losses and almost wiped the weeks profits.

This was a free EA so money management of a commercial one might be better but the more an EA gets known the fewer brokers allow you to trade it.

 

[wabbit]

Punisher,

I use a couple of FX methods, one of them is an EA which makes "regular" profits BUT uses an exceptionally risky management strategy (it can lose an entire account in one session, hence it is not a system for everyone!)

There are some different EAs that make profits: some use extreme risk profiles (like mine does) whilst others are more conservative. I don't believe any use anything mathematically exotic and the presence of insights into the markets is very rare; most EAs I have seen use some very common concepts in a variety of ways. For example the "original" FAP AutoPilot is basically Bill Williams Alligator trading system with an extra moving average thrown in as a "trend" filter (i.e. it uses 4 moving averages, or so) and some other basic indicators for "confirmation".

There is nothing stopping anyone writing their own EA with their own risk profile and trade management incorporated. I have learned a lot more about trading by writing my own algorithms than I did by discretionary trading over the years. Learning another programming language is added bonus! Having bought a few FX products in the past, I wont be buying any more in the future.


Hope this helps.

wabbit

P.S. Please don't ask for a copy of my EAs to borrow, copy, buy etc as there are not for distribution.

 

[AbundantIncome]

been testing some free EA found on the net.. initially some went all the way close to zero in testing

others were profit for a few days or weeks but later on get down to half the initial capital ...

i think there is no silver bullet and am sticking with manual stuff atm , at least we have control where things go

 

[Stormin_Norman]

P.S. Please don't ask for a copy of my EAs to borrow, copy, buy etc as there are not for distribution.

what? not even for $197 this month only?

btw i just noticed u sent a message to my 'spam' email address. i posted the code for the account equity analyser in the bunjip thread.