Forex Robots

I get a lot of e-mails asking me about the latest craze “Forex robots, trade 5 minutes a day, become a zillionaire in a week, never have to worry again.”

Every forex robot I tried (10+) has gone in the bin including fapturbo)*

I have spoken to a couple of people who say they are making money with fapturbo & lots more who aren't. My own experience was that it lost money (on a demo account) and after a month I sent it back. The basic problem with robots is that the majority are set up to make small wins (6-10) pips, but with a stop loss of more than 8 times the gain. This means that you risk, say 50 pips (points) to win 6. Therefore if you are trading $10 a pip you are risking $500 to win $60/$80 - not good odds.

I then tried the Forex Auto Cash Robot.

This one claimed to have had no losers for 8 years. The 1st week I had it it had a loss ! The scary thing with this robot was that it was aiming for wins of 6 -10 pips with a stop loss of 650 pips on EUR & 950 pip stop loss on cable to earn 6 pips !! To the uninitiated that means if you are betting $10 per pip you are risking losing $6500 or $9500 to win $60 !!! One loss in 100 and you are out of pocket. Two losses and you are -$6500. Don't go near this one it is dangerous to your wealth !

"how to get rich working only 10 minutes a day".

The biggest problem for someone new to forex is that there is so much rubbish being peddled about get rich overnight with forex. The guys who are marketing these "get rich quick products" are often excellent marketeers & they are joined by their sales affiliates who are doing supposedly independent reviews, which all (surprise, surprise) say the product is great.

Think about it guys. Do you really think that anyone who manages to make a fortune is going to sell you their little secret for less than a million let alone give it away for free. 
Get real. I wouldn’t, would you ? 

Its not really worth your time & mine for me to review all the different ones that are available. Lets face it. If  the real huge banks and investment brokers are trading $3 Trillion per day on the forex markets, then an automated system that works brilliantly would be worth $100 million, so why are they going to sell it to you (only if you buy it today) ! for $199 ??

If you wish to leave an HONEST review then see our comments section at the end of this page.

If you want to trade forex you need to learn.

To learn something and new and complicated as this takes time, effort, perseverance & money. If you haven't got all four of these then forex is not for you. As my grandmother used to say "if it looks too good to be true, it is". Don't waste your time or money.

See our Free Forex training section to learn the basics of forex.

* Update 12th march 2009.

I know that this contradicts everything I have just said, but I have been testing a metatrader expert advisor (robot) for the last couple of months that is actually working at the moment.

The results on the guys' site were certainly interesting. If they are true then this is certainly a possible solution for anyone not wishing to sit at their pc all day. It could also be a way to be making some money now whilst you are learning.
I am currently trying it at $1 a pip and I am up 400+ pips since january.

I will keep you updated as to its progress & include a fuller review later. It is still important that you learn the basics of forex. No robot is a substitute for knowledge. With knowledge comes power. The power to make a career of forex.

A robot that does well now may hit a rough patch down the line & you will be left high & dry if you have not learnt what is going on and why.

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