Forex Masters

You read about it and you are very interested in getting a Forex Robot - a computer program that will trade for you 24 / 5 and will make lots and lots of money for you!

Please do not believe in the hype nowadays of Forex Robots or Automated Trading Systems or Expert Advisors (EA's) (software you install on your computer that does Forex trades for you, that can 'sense' whether the market goes up or down, programs that can adapt to new market conditions and makes profitable trades accordingly) which will make you huge amounts of profit.

Think about it, if these 'robots' were so phenomenal wouldn't every investment firm use them and post an annual return of 128% (which they claim to be) instead of the usual average 16%?

No robot can predict the way the market is going to go, not version 3 or version 4 or version 5 with a gold membership!

Unfortunately many of the strategies programmed into these trading systems are very risky. I have tested many over the past few years and to tell the truth, there is not even one that I will use to trade my own money with.

There are some systems that will do well for a time, and then suddenly it can empty your account!

Here is a typical example of what I am talking about. This is the graph of a live trading account where the poor guy lost $53,828.67 as at 2009/09/10!

Click on the picture to go to the website where this result was originally published.

I have also found that some of the websites advertising these systems are lying about their products.

It is the ability of a program not only to look at the current currency combination that it is trading, but also to look at other currency combinations and other factors that may have an impact on the markets. It will then take all this information into consideration and make a decision to trade or not to trade.

The strategy upon which this EA was based, had nothing to do with Neural Networks.

The person selling the new robot, found an EA (Expert Advisor) that was available for free on the internet!

After testing it and realizing that it had some potential, he renamed the old program "Firebird" and gave it a new name "Maestro".

How long does it take to rename a file? Only a few seconds. Certainly not 6 years!

How did I know that it was Firebird and not the other program which I bought?

If you move the mouse arrow over a trade in the Account History (in the Terminal Window of Metatrader), a pop-up will appear showing the name that was programmed into the EA.

The advertised success rate of 90% sounds fantastic, but when you look at the money management programmed into the EA, you realize that it just cannot work.

If it trades with a 90% success-rate, it implicates that 9 out of every 10 trades will be successful, and 1 will be a losing trade.

The results from running the Forex Maestro on a demo-trading account over a period of 30 days:

A huge problem when trading with a robot like this is that you do not know when the robot is going to take a dive and when is a good time to take your profits.

Result: The scammers made money and I lost money and wasted time to test a useless program. I am upset and very frustrated because I paid a lot of money for an EA that is totally unusable.

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The website where I bought it had the most fantastic claims and graphs to proof that this EA is indeed successful:

There were also testimonials on the website which appeared to be trustworthy and not fake.

I ran the advanced (more costly) version of this EA with the default (recommended) settings on a demo-trading account for a couple of weeks with the following result:

My question is: How is it possible for somebody to get results like those in the graphs above while I cannot get similar results? I used the default (recommended) settings.

Unfortunately this is the situation we have to cope with in the world of Forex Trading Robots at this time.

Please understand that I am not against automated trading and therefore reject all EA's as being unusable! I am just telling you to be careful when you consider it to buy an EA.

Still not convinced?

Here is the typical reaction from people who wasted money on EA's:

2010-03-09

Hi Guys,

Don't ever use this. What they claim is right. The winning transactions % is 95. In 95 % of trades you will get average of 3 pips profit and in 5 % of the transaction you will loose in between 60 to 70 pips which will wipe away not just your profit but also your capital.

Be away from this people. You can never get the money back as they say in the web site. Customer service is the worst of all and you can never get a reply from them.

Simply the worst among all.

Be educated about forex trading and then do trading.

Keep your money safe. And never believe this FAP Turbo.

2010-02-11

I bought the EA two months ago and used it both on FXCM's demo and real account. It turned out that it generally worked better on demo than real.

But the thing is: although it did make some small profits, all these profits will eventually disappear in one BIG LOSING trade.

On my real account with FAP's default setting, I first made some 100 bucks before consecutively losing 700!

FAP TURBO is the first and definitely the last EA I will ever use. Since it claims to be one of the best EA's, I would not recommend anybody buying any EA. Remember, a demo account is totally different from a real one.

2010-02-05

All in all... it's OK. Performance was ok, but two accounts blew up. My critic is especially addressed to the support team, because I requested a refund for about 4 times (the Fapturbo is not what I've expected), but no one answers. Up to now there is no money in my paypalaccount!

So be sure if you really want to invest your money in this ea, because you maybe won't get your money back!

2010-01-17

For more than 10 months I thought that better I keep my mouth shut but I can't hold any more. I did trade with Fapturbo for 10 months with live account, all I can say is stay away from this c**p. If you think that this software is worthless you r wrong, this c**p will wipe your account in no time. Some will tell you about settings and parameters, its all nonsense, I tried all. The Robot Don't Work, Period. And now for Donna or Fapturbo support, if you are sure that this Software is so successful how is that that you bombard all your costumers with all kind of emails to sell more useless c**p? Way don't you send costumers any emails with new settings and explanations on how people can improve their Robot performance. You try to exploit people to the extreme limit that's what you doing.

All the best to all FPA members. learn to trade and they can't sell their c**p no more!!!

Source: Forexpeacearmy.com

There are a lot of guys out there who are selling robots for an income. Unfortunately they will scam you out of your money by selling totally useless programs. They are extremely clever in their marketing and will convince you that their robot is the best. Most of these robots will empty your trading account in a short period of time.

The development of Automated Trading Systems or Forex Trading Robots is still in it's baby shoes and there still is a long way to go to get to the stage where we can use them safely and comfortably.

The best way to trade Forex still is to do it either through a professional brokerage company (where professional traders will trade for you = managed accounts) or you can do it yourself!

Note: We are busy working on the development of an automated trading system and have been working on it since 2004. This exercise taught me that programming a successful EA is not an easy task!

If you find a robot that really is good, please send me the info on that robot! We can make the info available to other people and help them this way.

Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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