I would be quite cautious in readily believing all the advertising for robots and for Forex systems in general. The only way to validate the effectiveness is to test them yourself or with a trading partner.
Many folks jump into a Forex robot system expecting to instantly make huge returns. Robots have a definite place in a long term Forex investment strategy but they must be coupled with a sound money management discipline.
I use a number of different robots in order to diversify and reduce my risk.
You need to study any robot system and test it thoroughly before investing any real money.
There are ways to test various Forex robots with as little as $10.
Don’t rely on the advertisements. Only rely on your own analysis.
The Federal government warns there are a lot of Forex frauds out there, and these Forex robots appear to be one type of these scams. If these robots really worked, there would be scads of articles about them in the Wall Street Journal and other financial publications talking about them. When I do a web search, I can not find a single reputable news article encouraging the use of Forex robots. The link below is a Federal website warning you about Forex fraud.
There are a lot of people on the Internet claiming they have done very well using Forex robots. These appear to be of two types. One is the outright liars. You might meet a person called "Zboy227" who says "I made a lot of money using ScamRobot2000, go to their website at ScamRobot .com/Zboy227." The "/Zboy227" tells the website that Zboy227 has referred you. If you buy the product, Zboy227 gets a commission. He is only lying to you to get a commission.
There is a lot of luck in Forex. Sometimes you will run into people on the web who have tried a robot for a few days and have had some beginner’s luck with it. They start bragging about how well they have done. Later, they start to lose money, but they rarely get back on the web and talk about how much money they lost. People like to brag about their successes, but rarely talk about their losses. The result is that much of the feedback about these Forex robots is positive.
I may point out that websites that sell Forex robots admit there are a lot of scams out there. Of course they claim the other guy’s robot is a scam, but their robot works. If you do a web search on the words "forex robot" and "scam" you will find a lot of sites saying their competitors are scams.
I will admit I have not personally tested every robot out there, and I can not prove they are all scams. But I would be very hesitant to spend a lot of money on a robot without clear proof it really works.
A lot of forex software are scams or plain useless; however, those which are profitable will not be profitable for long; once people realise their potential and enough people start using that robot, then it will be rendered useless once the forces of supply and demand shift because of the robot.
Profitable forex robot programs only work if the number of identical robots aren’t a lot. If there are only a handful of robots using algorithim X, which is very profitable, then it will continue to be profitable as long as the same number of robots using other algorithims stays the same, and the number of robots using algorithim X stays the same. If everyone learned of algorithim X, and they all decided to use it, then over time, algorithim X would become useless; it would be "arbitraged out of profitability".
The reason is that a certain algorithim will have a certain buy signal. To begin, the programmers will discover a very reliable buy signal, then write an algorithim to it, for instance, every time a currency moves up 0.5% in 3 hrs, to buy, or something like that. The robot will keep doing that, and profit, since people using other programs still believe that the currency wil keep going down, etc. However, if enough people use algorithim X, that buys at that signal, then not enough people will be selling at that same condition. Soon, this will cause the blanace of supply/demand to be thrown off kilter, and the new demand will change the actual price movement, and the algorithim will be rendered useless, because everytime the currency moves up 0.5% in 3 hrs, then everyone will be buying, and no one will be selling.
—-
Not to mention, why would people give out the algorithim if it were creating money for them?? If they were smart enough to create the algorithim in the first place, they should know this concept, and be smart enough not to release it/sell it.
Hi
to be honest with you I have not tested these robots, but I know something for sure:
The top trading robots like "Fap Turbo" are selling trough ClickBank (largest marketplace for online products)
where after buying a product you have 60 money back warranty – so if you are not satisfied with the results you can ask your money back and Clickbank will give it to you
You don’t send the money directly to the owner of the product, you send them to Clickbank.
I have never used a robot because it seems a lot like internet marketing rather than traders. I recommend using a service where you can pick from signal providers and have the best ones auto traded for you. I do and it works great!
As you know advertising is not always (quite often to be honest) accurate 100% but surely there are robots that can make you good profit. Just make sure that you check on it carefully before using one. Also remember that no matter what there always is a risk of losing so be prepared for that.
Well that seems to be a pretty tough question to answer and the answer to the question is yes and no both.
There are many different companies that advertise that they have developed the best forex robot and that their forex robot will make you thousands of dollars without doing any work and that too via a very small investment. Well if you are going to fall for that trick you better be ready to risk thousands of dollars in the Forex market. This is because if their claims do not stand the test then it is not them who lose money, it is you who loses his money.
So what to do?? Well one thing that you can probably do is before you even think of getting a forex robot you can review all the forex robots in the market but the problem is how does one review a forex robot. The answer is simple, whatever happens do not trust what is written on the vendors site, they would try to mislead you because they want their product to be sold. The best thing to do is to look out and ask on forums, discussion boards and try to find someone who has actually made money using a forex trader.
I do not say that all forex traders are useless, I am just saying that most are worthless except for a few such as IvyBot, FapTurbo. I myself use IvyBot and although I have not earned that much as is advertised on the site but I have been able to earn a decent share of profit each month. Well the rest is up to you to decide but if you follow the above points while looking for a forex trader then you would probably find what you need and what would make you a bit more richer.
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Paul U
October 12th, 2009 at 3:57 pm
I would be quite cautious in readily believing all the advertising for robots and for Forex systems in general. The only way to validate the effectiveness is to test them yourself or with a trading partner.
Many folks jump into a Forex robot system expecting to instantly make huge returns. Robots have a definite place in a long term Forex investment strategy but they must be coupled with a sound money management discipline.
I use a number of different robots in order to diversify and reduce my risk.
You need to study any robot system and test it thoroughly before investing any real money.
There are ways to test various Forex robots with as little as $10.
Don’t rely on the advertisements. Only rely on your own analysis.
Good luck,
Paul
Bill Q
October 12th, 2009 at 3:57 pm
The Federal government warns there are a lot of Forex frauds out there, and these Forex robots appear to be one type of these scams. If these robots really worked, there would be scads of articles about them in the Wall Street Journal and other financial publications talking about them. When I do a web search, I can not find a single reputable news article encouraging the use of Forex robots. The link below is a Federal website warning you about Forex fraud.
There are a lot of people on the Internet claiming they have done very well using Forex robots. These appear to be of two types. One is the outright liars. You might meet a person called "Zboy227" who says "I made a lot of money using ScamRobot2000, go to their website at ScamRobot .com/Zboy227." The "/Zboy227" tells the website that Zboy227 has referred you. If you buy the product, Zboy227 gets a commission. He is only lying to you to get a commission.
There is a lot of luck in Forex. Sometimes you will run into people on the web who have tried a robot for a few days and have had some beginner’s luck with it. They start bragging about how well they have done. Later, they start to lose money, but they rarely get back on the web and talk about how much money they lost. People like to brag about their successes, but rarely talk about their losses. The result is that much of the feedback about these Forex robots is positive.
I may point out that websites that sell Forex robots admit there are a lot of scams out there. Of course they claim the other guy’s robot is a scam, but their robot works. If you do a web search on the words "forex robot" and "scam" you will find a lot of sites saying their competitors are scams.
I will admit I have not personally tested every robot out there, and I can not prove they are all scams. But I would be very hesitant to spend a lot of money on a robot without clear proof it really works.
- - - - - - - - - ¤ - 【ツ】- ¤ -
October 12th, 2009 at 3:57 pm
A lot of forex software are scams or plain useless; however, those which are profitable will not be profitable for long; once people realise their potential and enough people start using that robot, then it will be rendered useless once the forces of supply and demand shift because of the robot.
Profitable forex robot programs only work if the number of identical robots aren’t a lot. If there are only a handful of robots using algorithim X, which is very profitable, then it will continue to be profitable as long as the same number of robots using other algorithims stays the same, and the number of robots using algorithim X stays the same. If everyone learned of algorithim X, and they all decided to use it, then over time, algorithim X would become useless; it would be "arbitraged out of profitability".
The reason is that a certain algorithim will have a certain buy signal. To begin, the programmers will discover a very reliable buy signal, then write an algorithim to it, for instance, every time a currency moves up 0.5% in 3 hrs, to buy, or something like that. The robot will keep doing that, and profit, since people using other programs still believe that the currency wil keep going down, etc. However, if enough people use algorithim X, that buys at that signal, then not enough people will be selling at that same condition. Soon, this will cause the blanace of supply/demand to be thrown off kilter, and the new demand will change the actual price movement, and the algorithim will be rendered useless, because everytime the currency moves up 0.5% in 3 hrs, then everyone will be buying, and no one will be selling.
—-
Not to mention, why would people give out the algorithim if it were creating money for them?? If they were smart enough to create the algorithim in the first place, they should know this concept, and be smart enough not to release it/sell it.
hadassah
October 12th, 2009 at 3:57 pm
You can read about the pros and cons of Forex robots at http://www.forexpros.com/education/beginners/automatic-forex-trading-robots—pros-and-cons-31152.
Stoyan K
October 12th, 2009 at 3:57 pm
Hi
to be honest with you I have not tested these robots, but I know something for sure:
The top trading robots like "Fap Turbo" are selling trough ClickBank (largest marketplace for online products)
where after buying a product you have 60 money back warranty – so if you are not satisfied with the results you can ask your money back and Clickbank will give it to you
You don’t send the money directly to the owner of the product, you send them to Clickbank.
jordan l
October 12th, 2009 at 3:57 pm
Yes, but not the ones you will find advertisied claiming as such.
Naomi
October 12th, 2009 at 3:57 pm
I have never used a robot because it seems a lot like internet marketing rather than traders. I recommend using a service where you can pick from signal providers and have the best ones auto traded for you. I do and it works great!
Hope this is helpful!
Forex Trading Robot
October 12th, 2009 at 3:57 pm
In my blog you can see my review
http://www.easyy-forex.com
Jackie
October 12th, 2009 at 3:57 pm
Hallo,
As you know advertising is not always (quite often to be honest) accurate 100% but surely there are robots that can make you good profit. Just make sure that you check on it carefully before using one. Also remember that no matter what there always is a risk of losing so be prepared for that.
joy f
October 12th, 2009 at 3:57 pm
Well that seems to be a pretty tough question to answer and the answer to the question is yes and no both.
There are many different companies that advertise that they have developed the best forex robot and that their forex robot will make you thousands of dollars without doing any work and that too via a very small investment. Well if you are going to fall for that trick you better be ready to risk thousands of dollars in the Forex market. This is because if their claims do not stand the test then it is not them who lose money, it is you who loses his money.
So what to do?? Well one thing that you can probably do is before you even think of getting a forex robot you can review all the forex robots in the market but the problem is how does one review a forex robot. The answer is simple, whatever happens do not trust what is written on the vendors site, they would try to mislead you because they want their product to be sold. The best thing to do is to look out and ask on forums, discussion boards and try to find someone who has actually made money using a forex trader.
I do not say that all forex traders are useless, I am just saying that most are worthless except for a few such as IvyBot, FapTurbo. I myself use IvyBot and although I have not earned that much as is advertised on the site but I have been able to earn a decent share of profit each month. Well the rest is up to you to decide but if you follow the above points while looking for a forex trader then you would probably find what you need and what would make you a bit more richer.
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