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Let’s face facts if you could make money with all the forex robots you see, everyone would be traders and not bother to work.

After all you pay 100 and make a triple digit income then you have no need to go to work. Furthermore banks would sack there dealing teams (on seven figure salaries) as a hundred buck robot does better (according to the track records) and reduces the banks salaries dramatically.

Now none of the above has actually happened I know plenty of traders and they don’t use hundred buck robots and I know plenty of bank dealers whoa re still in their jobs earning seven figure salaries and bonuses. So why has the whole world not got into trading forex robots and why are they being sold? Why are the vendors selling them, when they make so much money.

Now a scam to me is when someone takes your money and gives you nothing and most forex robots I see don’t do this so they cannot be considered scams. They give you something describe it and its up to you if you buy it – that’s not a scam and many will genuinely give you your money back.

The main issue is when you have got it, will it make you money and can look forward to putting your feet up, playing golf and leaving your work to a robot? The answer is no, not with the robots I see for sale, because they all have problem which is summed up in this statement:

“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading….. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.

Look on the promotion for the system and you will probably see it.

This is easy, we can all make paper money knowing the price data but you have to trade forward in the real world and you can’t spend paper money.

Generally, these forex trading systems look at the price data and then keep bending the rules until they have a profit.

The problem is:

No two weeks of data are ever going to repeat exactly again and this means losses, as the rules were bent to fit the snapshot.

This is the flaw and you get many forex trading robots which are clever and lose because they do this and it obviously wont see the same results again.

I once made the mistake of buying one built by an ex NASA employee and never noted he had never made real money, I was to impressed I had a man who had helped man walk on the moon on my side!

What happened to my equity?

The system wiped it out in a couple of weeks and this system cost me $10,000 dollars back in 1991! Ouch.

So are forex robots scams?

No – they give what they say and that’s a system that worked in hindsight – there not deceiving you, they give you the warning, if you decide to take it then that’s up to you. Many will give you your money back but that’s not really much if you get wiped out in the market.

There are very few forex robots with track records that are real of 3 years or more and you can find them but most come with simulated track records and you have to decide, if they will make real money. Me? I think I will give them a miss, even if they worked for NASA!

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