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Forex Robot Scams

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Global Internet

When Global Internet emerged and become easier and accessible for the people around the world there have started appear different kind of investment options on the Internet. As it becomes easier for online investment it also increases the opportunities of false and thief behaviours. For that reason, it is very important before to invest for any kind of business to investigate it properly.

 

Forex Market

One of the easiest way of making money, in first sight, looks like Forex Market, where every day fluctuate millions of dollars virtually. This virtual investment type allows many people(we will say traders instead of people since it is trading post) easly start trading. As you know Forex Market is available through the whole week, 5 days a week, from Monday till Friday, 24 h a day, this makes it hard for the trader to stay in fron of the PC for so long time. The traders do not want to miss any opportunities in the forex market movements but they cannot work 24h a day. This evokes the need of third part systems that will work instead of the traders, intelligent enough to trade, close and open positions.

With the help of programming language MQL4 and MQL5 (Metaquotes Language 4 and 5) many programmers started developer expert advisors (forex robtos). With the essence of the easily Information exchange many developers started to develope expert advisor(EA).

 

Forex Robots

Forex Robot is the answer of the many traders to trade 24 h a day without any interruption. Yes, this is a big plus for the traders. What is dangerous around all the forex robots is that if the EA is safe enough to make money while there are no human interactions. There are many successful trading strategies integrated to the robots but this is not enough. There are full of expert advisors which show amazing performance for short period of time, but after a month or 2 they just start losing money and you may lose your account and profits so fast. For that reason, it is very important for you to make the best choice.

Forex robots are software that are developed in MQL4/MQL5 language which follow the strict logical cases in the code using different kind of indicators based on historical data. The robots can also follow a stragegy from real life. But do not forget that there is no stragegy that can help you earn 100%, no such strategy until this day!

 

Forex Robot Scams

Since, forex robots started to be used from many traders this interest of expert advisors increases the development of them as well. Many developers try to code some EAs which are just tested on backtests without any life tests. Such spam forex robots are very dangerous. Also many spam forex robots are developed to work and show performance for very short period of time such as 1 or 2 months, after that they start losing again. In order to stay away from spam forex robots it is very very important to analyze the robots before to purchase. It is essential to check if the robot has LIVE accounts which are fully verified in myfxbook, fxblue or similar websites.

Another indicator that can lead to scam forex robot is not giving the chance for testing the robot. It is important when you purchase the EA to test it couple of months. For example, some companies offer 60 days money back guarantee. Taking into consideration that you can test EA for 60 days is a great chance to see the robot performance. Some developers does not give even 30 days money back guarantee which looks very suspicions. I personally suggest you to stay away from such EAs.

In addition, some companies sell forex robots only based on backtest results. This is also not reliable way of testing the robots for the simple matter that backtests are with fixed parameters and there are not factors such as: spreads, slippage, price quotes and other. While doing backtests they are tested in perfect situations. But when you go to your broker there appear many drawbacks which I already counted. All these factors, may reflect to the robots performance. So, from such scam expert advisors should be stayed away.

Another indicator that you may take into consideration while purchasing EA is the owner of the company to be in the Forex Market for longer period of time. This means that this company and developer is serious and strives to survive in the forex market sharing its success with other traders.

 

SUMMARY

Before finishing the article for scam forex robots I would to make attention about few points. While you decide to purchase EA pay attention for :

  • LIVE trading accounts which are fully verified (myfxbook, fxblue)
  • To have accounts with longer period of time, not 2 or 3 months, at least 2 years even more
  • check carefully the brokers that the EA owner used

These are just 3 points which should be checked. Of course there are many other points.

If you have questions concerning scam forex robots I would like to asnwer all of them. You can comment and share your thoughts as well.

 

 

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