Hi. In one of my previous posts (this one) I introduced to my readers this new forex trading robot called The Forex AutoCash Robot. Since that post I decided to purchase it. What can I say, I am a curious fellow, and I wanted to test this thing out to see whether it lives up to the extravagant claims made on its website. I must say outright that I in no way expect this thing to make 100% profitable trades – such claims are pure marketing gimmicks.
Also I must condemn the author of this product for his aggressive marketing techniques. If you visit this product’s homepage you’ll know what I mean. That “100% profitability” is based purely on backtested data. You all should know that backtesting is not reliable at all. In my opinion the soundest test of an expert advisor (forex robot for you uninitiated folk) is demo or live forward testing, NOT backtesting. No forward test results are offered by the author.
With that in mind I decided to shell out $97 and slapt this EA on a demo account. So far it has opened one trade since I initialized it. It opened a buy position on the EUR/USD @ 1.4091. So far the position is floating at -189 pips as of this moment.
Here is the EA in action: (note that the image was taken a bit early)
Just so we are clear on thing, me having purchased this thing does in no way mean that I endorse it. Ok, now stay tuned as in my next post I will post demo performance data. It may take a while until I make this post as of course it takes time to buildup the account performance record.
In the meantime I invite you to visit a thread dedicated to this EA over here at my forum:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/20760-forex-autocash-robot.html
There is quite a lively debate surrounding this EA. I believe the consensus si that there is no consensus. We all don’t know what to make of it – scam or success? I believe that time will flush out the truth.
We shall see how my testing goes – wish me luck! :). If things don’t work out as expected it’s to ClickBank’s refund page I go, and I will recommend that you do the same.
That’s it for now,
Happy trading everyone!
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…
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…
Yes I’ve come across it, heard about it, and investigated it; but I did not buy into it.
The way that robot trades is not to my liking. It takes a position during a brief counter-trend in the overall long term trend (using Heiken-Ashi candlestick analysis) and just lets the position ride. Typically what this results is in VERY large floating loses. Also it is entirely possible that the so called “short counter-trend” could be the beginning of a new long term trend, and if you’re caught on the wrong end of this trend you’re gonna get blown out of the market.
I believe this product is sold on ClickBank so it does have a money back guarantee (60 days) so you can always put my opinion to the test.
If you’re just a beginner in the forex market I’d suggest you stay away from trading robots initially. First I’d recommend you spend as much time as possible learning how the market works and as much about it as you can. Learn about fundamental analysis, build a solid foundation in technical analysis, and try your best to become consistent at trading manually. Then you can better understand and appreciate automated trading systems. They are NOT cash printing machines.
If you’re serious about becoming a forex trader I’d say you’d be far better off investing money in your self by purchasing a few educational courses and good books.
Thanks for stopping by my blog. I’m very glad you found it informative 🙂
Cheers,
Alan
Hi
I am new into trading forex as a beginner I was looking for a robotThats not to difficult to use ,Have you come across robot called Forex robot trader by Don Steintz I would really appreciate your opinion this?
You have a great website by the way loads of good infomation
Thanks Craig