Hi there! A few posts back (over here) I talked about an forex robot that claims to have “achieved 100% profitable trades since January 2000″ After a few days of cleverly teasing people with an introduction video the actual product has finally been made available to what they call “a lucky few” The author of this product decided to call it “The Forex AutoCash Robot.” Sounds kind of catchy, doesn’t it.
Hoping on to The Forex AutoCash Robot homepage I managed to find out who created this product. The name of the man is “John Burroughs.” Honestly, I’ve never heard of this guy, and I’m not even sure if that is his real name (creators of these “hot” forex products have a tendency to hide behind pseudonyms) A Google search did not find anything relevant, so this guy’s name is not “out there” yet. If have some information about this guy you’re willing to share, please leave a comment.
Do you remember that “Automatic Forex Robot Achieves 100% Profitable Trades Since January 2000 ” claim? I found it a bit amusing how John tries to back up that claim. John has a copy of a letter from a law firm which supposedly conducted a third party review of his product. I searched the net to see if this law firm has a website and did not find anything. Scratch that out. I refined my search term and managed to find the law firm’s website over here. Have a look at the letter for yourself:
Whether it’s fake or not, I can’t tell at this point.
Now if you’re wondering how this forex robot works, you’re not alone. I too am curious to know how it really works. Judging by the following quote from its homepage it seems to me that it uses a market scalping technique, but I could be wrong:
“My robot simply doesn’t care… it only cares about small price movements…movements that usually occur within a few minutes throughout the day. Movements that will ALWAYS occur, no matter what happens to the world economy or the markets”
The equity graph you see on the Forex AutoCash homepage no doubt comes from a backtest. I always prefer forward demo or live testing, but apparently no such performance results are provided. As you all should know backtest results can always be faked by a process known as curve-fitting. Even if it’s a backtest I still don’t see any mention of the modeling quality used to conduct it. Well folks, that’s about all I can gather and surmise without actually owning the product.
Price wise this product is situated roughly in the middle range of the forex products spectrum on ClickBank. The is a twist to it though. This product is initially available at a fixed price but once the limited number of fixed-price copies are sold it can only be leased for a much higher price. The subscription fee seems a bit low for a product that supposedly never loses. If I had a forex robot that truly did not lose I’d lease it for a heck of a lot more, or maybe not at all 
But anyways, here is what John Burroughs has to say about pricing:
Remember…the first 200 copies will be offered for a one-time payment of just $97 - no subscription - no ongoing payment whatsoever.
Once those 200 copies are gone, the price reverts to a monthly subscription of $119
I remain undecided whether to buy it or not, but if I do I will demo test it for the long term and report my findings here. I have a feeling that the 60 day money-back guarantee will definitely come in handy.
The Forex AutoCash Robot homepage can be viewed here:
http://www.fxautocashrobot.com/
UPDATE: I asked for a refund so I won’t be testing this EA any more. There are way too many points of concern with this EA. It seems the consensus among many traders is that this EA is 90% marketing hype or worse potentially dangerous.
Time to move on…
September 30th, 2008 at 7:39 pm
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September 30th, 2008 at 9:14 pm
Dear Alan,
Thanks a lot for your review, i am trying to find more info about it, keep me in touch about Forex Auto Cash. i added your blog to my favorite.
Best Regards
Navid Jafarian
September 30th, 2008 at 10:22 pm
Navid I just bought this EA a few minutes ago. Stay tuned to this blog or my other blog (at http://alansmoneyblog.com) as I will be posting my demo (and hopefully later on live) performance results.
September 30th, 2008 at 10:27 pm
[…] Robot Greetings everyone. I recently made a posting on my forex blog about this EA over here: The Forex AutoCash Robot Is Now Available | Alan’s Forex Blog As you can tell I was HIGHLY skeptical of the claims made by the author of this EA. However, you […]
September 30th, 2008 at 10:28 pm
Oh I forgot to mention that I started a thread dedicated to this EA over here at my forum:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/20760-forex-autocash-robot.html
October 1st, 2008 at 7:02 am
Keep it up Alan, will monitor your demo result. good luck!
October 1st, 2008 at 8:29 am
Hmm, the weird thing is that it has been like 7 hours and this EA has yet to open a trade. You’d figure that an EA hat takes advantage of “short moves” in price would trade often - apparently not this one.
I’ll keep you all posted.
October 1st, 2008 at 8:42 am
[…] Robot Greetings everyone. I recently made a posting on my forex blog about this EA over here: The Forex AutoCash Robot Is Now Available | Alan’s Forex Blog As you can tell I was HIGHLY skeptical of the claims made by the author of this EA (this post […]
October 1st, 2008 at 1:40 pm
I actually sent an email to the Lawyer’s office asking them to confirm the document - I’ll let you know if they reply:)
Does this EA actually use a stoploss and if so, how many pips?
October 1st, 2008 at 3:59 pm
It does use a stop loss of 650 pips. You can adjust it of course.
Yes, please let me know about the letter.
Cheers,
Alan
October 2nd, 2008 at 11:44 am
still no word from the lawyer’s office - i also noticed a mailout from one of the JV promoters saying they will be taking it off the market and advising everyone to get a refund - what next i wonder?
October 2nd, 2008 at 11:47 am
really? damn..I guess that about says it all lol..if the forex promoters won’t touch it, it must be pure garbage.
October 2nd, 2008 at 11:48 am
can you please post an excerpt from that e-mail please?
October 2nd, 2008 at 12:16 pm
it was quite a lengthy email……quote:http://thetradersclub.com
IF YOU HAVE BOUGHT THE ROBOT>>>>
If you purchased the robot from our promotional emails, we suggest
you request a full refund before you risk too much.
(Yes, we lose all the commission, and will have to start saving for
our camera equipment again!)
Full refunds are easily obtained by emailing your receipt to
refunds@clickbank.com
FINALLY…
Once again, we are sorry for recommending something we did not know
enough about. Even though it is early days and we don’t have the
right to judge this product fairly yet, the little we know already
does not sit well with us.
Moreover, we have taken a firm decision not to promote *ANY OTHER
FOREX PRODUCTS* in the future. It has cost us too much credibility,
and quite frankly what we offer in the Traders Club is more than
enough to make a successful trader out of you.
Any other systems or products you want to add to your trading
arsenal is up to you, and we will not influence you in that regard
again.
Please accept our apology and we look forward to getting back on
track with the new long term system coming soon to members of the
Traders Club.
Regards,
James & Chris.
October 2nd, 2008 at 12:19 pm
i should add this as well - read on
*What’s the verdict then?*
It doesn’t look good at all. The money management and risk is so
way out the window that it is mind-boggling and we just cannot
recommend the system any longer.
*What action should you take?*
IF YOU HAVEN’T BOUGHT THE ROBOT>>>>
There is no rush it isn’t going anywhere, let’s monitor it and see
how the authors respond.
October 2nd, 2008 at 12:48 pm
Thanks for posting that Wayne! Personally I’m going to hang on to it for a little longer so I can see it in action. The author (John Burroughs) just may respond by releasing an improved version with better money money management, but I doubt that.
The people from your quote are definitely right about the risk.. it is BIG. This EA has a very large stop loss (650 pips) But I’m curious to see just what its success rate is. The stop loss can always be adjusted but the accuracy of its trades not so easily (at least not by users of this EA).
Lol, I should make sure I remember to keep track of the time so 60 days go by and I can no longer get a refund.
October 2nd, 2008 at 12:52 pm
[…] Forex AutoCash Robot Hey guys, check out the comment below left by one of my blog’s visitors (this post to be precise) […]
October 2nd, 2008 at 4:12 pm
personally, i think its very similar to another EA i bought some months ago called F.A.P - i’m sure u’ve heard of it - another ’so-so’ T-bot - but no stoploss on that one - forex-killer (works 30% of the time) and those 2 guys Andreas & Marcus are definitely actors…Andreas’s real name is Robin - Marcus, i’m not sure - but i actually saw an older FX site with his picture on it - i had to look twice - it was him with the name Michael Vincent - THEN i accidently saw ANOTHER website with the name of Michael Vincent selling something else but with a different ACTOR - lol - like who do you believe anymore:)
NOW, having said all this, it’s quite normal for new brands to enter any market with actors playing some bogus role - major dept. stores for example will sometimes use these methods - but i certainly wouldn’t have thought using methods like this within the FX market would help credibility much…Their marketing people really need to go back to marketing school i think - such a ‘childish’ tactic when you look at it - nevermind - i’m sure they’ll get it right some day for their sake i hope…..!
October 2nd, 2008 at 4:43 pm
Hmm, do you remember the link to those sites? I’d like to put their mugs on my blog lool..
Yes you’re quite right the marketing techniques are quite childish and poorly done. They do catch the clueless newbies though quite nicely. You would be amazed how quickly rationality can go out the window when greed comes on the scene. These forex products prey on the deep greed of people who think that they can get rich overnight by running some silly forex robot. At best EA are tools and not money machines - anyone who tells you otherwise and tries to sell you the moon is a dishonest and immoral scammer.
I very very much doubt that the letter is real. What law firm would risk being associated with something they know very little about. I bet the guy just took the name of a prominent law firm in his area and faked the letter. It is so easy to fake documents, some minor photoshop skills is all you need.
As for your EA, if you code let me know, I’ll be your guinea pig and test it
lol. But um, 5 pip stoploss is a bit tight don’t ya think. You trying to scalp the heck out of a currency pair?
Learn MQL4 - that’s the language all these EAs are coded in.
October 2nd, 2008 at 5:58 pm
yeah - i’ve had a look at MQL4 and looks similar to C - I just have to consider whether to spend the next 6 months or so getting my head around it - i used to do some assembler coding years ago - i’m just not certain if i want to put my head through all that again - it was quite a dark experience for me back then:)
5 pip stoploss? well, ideally i would set it to 1-2 pips but most brokers wont let you trade like that (except MBtrading i noticed)…also the MT4 apparently has a few backdoors in it where brokers can manipulate the price data it seems - but dont quote me on that, it was just something i read on some other forum….so the platform itself perhaps is not the way to go when trying to equalize the market - it would have to be a proprietary coded platform - as what is normally the approach for most institutions. Also those traders will close out a trade if it moves against them by a just few pips at the most….yes - a serious scalper would be the approach.
The scam of Andreas being Robin i noticed by accident when i went to visit the website that creates those talking people that pop up on some websites - i’m sure Marcus (or whatever his name is) is part of that crew as he was on a talking video as well - it was confirmed on youtube of FX SCAMS that exposed Andreas(Robin) etc….but im not really sure who’s telling the truth anymore to be honest!!
product - ideally all i want to do now is to create some charity program to help the planet - somehow
October 3rd, 2008 at 4:08 am
For sure most brokers would kick you off their system faster than you can say “but, but…but…”
Oh for sure MT4 brokers manipulate your trades. Some brokers are worse than others. It all depends. The sad fact is that only trial by fire can flush out those brokers who do this more often.
If you did back through my blog I posted something about a plugin some MT4 brokers may use to mimic trading desk behavior automatically. Pretty sneaky stuff. Then again this should not surprise most of you. Most brokers rig the game in their favor. If you trade manually you’re better off going with an ECN broker like MBTrading or FXCM (the no dealing desk option - Trade Station II). If you don’t mind doing a bit of work you can even link MetaTrader4 with some ECN platforms. You’d have to buy specialized software for this, but if you love MT4 (like me) enough that you MUST have it then it’s worth it.
Meh, I no longer care who’s who and if Andreas or Marcus are real. I’m moving on. I realize that they’re just clever marketers and that just that.
Lol..ok I won’t hold my breath…beside I don’t think I can make it for more than 2 min if I do. Heck if it’s a good EA I’ll pay for it
After all I shelled out $97 for this potentially piece of junk forex autocash robot thing.
We shall see how my testing goes, but I have a bad feeling that this one is going to suck majorly.
October 4th, 2008 at 5:00 am
UPDATE: I asked for a refund so I won’t be testing this EA any more. There are way too many points of concern with this EA. It seems the consensus among many traders is that this EA is 90% marketing hype or worse potentially dangerous.
Time to move on…
December 3rd, 2008 at 1:50 pm
such a nice product. By using this product I will surely enhance my forex trading business.