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Forex AutoCash Robot - Never loses - SCAM

Discussion in 'Scam Alerts' started by szendro, Sep 30, 2008.

  1. szendro

    szendro Private, 1st Class

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    This EA or robot is being promoted as never losing a trade in 8 years. They even go as far as posting the statement on the website to support this claim. However, one must ask oneself how is it possible to trade for 8 years without losing ? The answer is that the robot trades without any stoploss and goes for a small 7 pip gain each trade. Most of the time this will work. Infact it may work fairly well for months, but there comes a time when the robot trades just at the top of a reversal, and Whamo ! your account is evaporated. I just made a quick glance through the statement printed on the website, and one example is a trade opened on 2008.04.23 which was not closed until 2008.07.11. I.e. almost 3 months open for a gain of 7 pips. The important question is what was the drawdown during that period ? It could have been over 700 pips assuming that the EUR/USD was being traded. That's a drawdown of 7000 USD over 3 months to eventually gain 70 dollars for one standard lot traded, not to mention the swap interest charges which could have also worked against you. It's a bit like hoping you won't fart; you don't most of the time, but eventually you will.
     
  2. BuckPrivateBill

    BuckPrivateBill Recruit

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    Forex AutoCash Robot

    I just received an e-mail on this today. It obviously looks too good to be true. Anybody else out there have any other information on this one?

    Thanks!
    BPB:
     
  3. stepwise

    stepwise Recruit

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    The stop loss on the EA is actually set to 650 pips....NICE!

    Yeah...3 months for a 7 pip gain...not exactly scalping....or good trading.....
     
  4. Paul Mac

    Paul Mac Recruit

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    Forex Newbie Needs Advice

    I'm a 'newboy' and desperate to get into forex but I'm not getting these charts and things. I really need an automatic forex system to get me going and winning then I'll try to understand the charts and things.

    I was looking at the Forex Robot but thought I'd better check it out first. Might be glad I did.

    I also looked at the following;

    1. Forex Profit Hunter
    2. Forex Auto Pilot
    3. Forex Killer
    4. EA Shark

    Any advice from the Forex Army Senior Ranks? :)
     
  5. ernest8fingers

    ernest8fingers Master Sergeant

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    Educate yourself 1st

    :D Paul Mac I wouldn't recommend Auto Trading anything until u have an understanding of the Forex Market ( Chart Analysis - Broker/Platform choice - Economic News Calendar - when to trade -ect.) I have never talked to anyone-ever!-that made money in this market w/o some understanding of How it works and How to trade it. It doesnt take that long (3 years for me w/o any prior experience) I self trade only, as my experience has taught me to be very skeptical about all things FOREX. If u r persistant in trying anyway, u might chk out IBFX as they offer MT4 platform and micromini lots (pennies) and u can have fun w/EA's and not risk account. Good luck!
     
  6. Pharaoh

    Pharaoh Colonel

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    A good programmer can write an EA that's perfectly optimized for backtests. In the real world, market conditions change all the time, and a program that was perfect for last year may fail terribly this year.

    I believe that it is possible to create a good EA, but that EA would have to be "smart" enough to avoid big news events and determine if market conditions are optimal for its strategy(ies).

    There are a lot of EAs that will happily follow a trend and make you some money, but then will wipe you out when the trend reverses. A lot of them run with no stoploss with the idea that any reversal of a trend is temporary (a recipe for a margin call unless each trade is a tiny fraction of a percent of your account) and also to be able to show a higher percent of winning trades, even if the losers are devastating.

    I'll second Ernest's advice. If you want to test EAs with real money (AFTER demo testing them), use an account that allows nanolots. Then a 1000 pip loss is only $10. Only scale up trade size if you are convinced that the EA can handle itself well under a variety of market conditions.
     
  7. allinvain

    allinvain Private

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    Exactly! The author of this EA is lying through his teeth. The backtest provided on the website is suspect. Look at it carefully and you'll know what I mean.

    I started demo testing this EA, but I don't expect much from it. I think most likely I'll just end up asking clickbank for a refund.

    Guys if you want to join a very heated debate about this EA, there is a thread on a forum that has been getting a lot of posts. From what I gather the consensus is that this EA is not worth the $ Read the post about the missing time in the backtest presented on the website. Clearly this John Burrough guy is just another shoddy forex goods salesman.

    Check out the thread here:

    http://www.moneyguruforum.com/expert-advisors-metatrader-4/20760-forex-autocash-robot.html
     
  8. miranda gulto

    miranda gulto Recruit

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    never loose.. omg [​IMG]
     

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