my experience with ForexAutoPilot-Marcus Leary
I'm willing to admit that perhaps I'm too much of a beginner to really make use of this product successfully. I'm happy to say that with minimal effort on my part they refunded my purchase $ on request. However, there are a number of things about my experience that seemed very interesting to me and I'd like to share.
I had only the usual problems downloading and installing the software after purchase, with some work they were resolved. Their support desk took a very long time to reply to e-mails but this didn't surprise me, to be honest.
So, I set the thing going according to instructions that I received, basically starting out making no changes as they were described as already being set as optimal.
My impression, after watching it for a while, is that the robot simply opens trades at random. I was very interested in seeing that, after I had attached the robot to two different currency pairs, that when I manually closed one loser I became bored with, another trade from the other pair opened immediately. It seems to me that it just opens trades with no rhyme or reason, just opens them. Their advertising implies that the robot analyzes market conditions and factors and opens trades that will be profitable. It implies this, I've re-read it and I can't say they state this directly. However, this is definitely the impression one gets from their sales pitch: easy to set up, profitable immediately and so on and so on.
The first couple of trades went reasonably well, although I finally closed them out myself to avoid further loss of profits made. It occurred to me then that which one of us could not just open a trade with a 200 pip take profit target and a 200 pip stop loss and just wait to see which hit first? What's the point of having a robot do this for you? The push to sign up with Forexte ("as they are optimized to work with our product") combined with my impression that it just randomly opens trades seems a suspicious combination to me.
My last trade before I disabled it and the most spectacular example of what I was looking at was a USD/JPY long trade. (Yes, I know it says use the EUR/USD 1 minute chart but it also says it will work with all pairs. My experience on the EUR/USD 1m was the same as on any other pair and time frame I attached it to: apparently random.) This trade went positive for about twenty pips then dropped, as I remember it, a good 150 or so. (It's been a while. I've been waiting to make sure I got my refund before I wrote this.) So, I thought, why, if this thing is analyzing anything at all, did it put me in long at this point instead of short? This reinforced my impression that what it's really doing is opening random trades to earn someone else the spreads.
What really got me was the follow-up phone calls I received from some young man I'll call Nick, since I forget his name now. He said he worked for a company, something like Vanity Equity, or Vanguard equity, something like that,
connected with both ForexAutoPilot and ForexKiller. He was very young and I ended up complimenting him on his skillful rendering of his sales script. I work in a courtroom and listen to lawyers all day. I can tell when a question is being asked in order to get information and when it's being asked to lead the conversation in a predictable direction. The direction he wanted me to go in was to offer myself for consideration to be included in a "very select" group of investors who would be willing to fork over an unspecified number of additional thousands in order to receive training on Forex in general and the use of the robots in particular. As he said to me, "Why would anyone sell you a product for only $100 that will make you thousands and thousands more? Why would they do that?" Coincidentally, this was the exact question I was asking myself as I pressed the button to make my initial purchase. But I am a beginner and I wanted to believe so I went ahead and bought it. Again, it didn't take much effort to get them to refund my money and that goes to their favor.
However, anyone considering this product would be well advised to repeat Nick's question to me. Why would anyone sell for $100 a product that will make you and no one else, including them, any more money? Why would they do that? Well, they don't and they won't.
In conclusion, I won't say that ForexAutoPilot is a total scam. Their advertising, I feel, is misleading, although not directly untruthful. It's meant to pull in suckers like me and from their numbers cull a smaller number of people who will pay them more money for some sort of training. THis training may very well be legit, I don't know, I didn't have the unspecified amount of thousands more to spend getting training on the product that was sold to me for $100. And they did refund my money. So, there you are.
Let the buyer beware and let the beginners reinforce this idea in their heads: there is no free lunch, no magic bullet, no thing that one can buy or use that will substitute for actual hard work and experience. Forex is like anything else: it will require work, experience, experimentation, continuing education and just plain old sweat equity to make anything of it. That's why one trades on demos for as long as it takes to develop one's methods. I will be on my demo for the foreseeable future. There's great promise here and I'm enjoying learning about it but I've come down from all the initial highs and realized this hobby, like learning to play music, will take practice, practice, practice.
all the best, trade on!
