Forex Robot Trader

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InDeutsch
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Forex Robot Trader

Postby InDeutsch » Thu Nov 18, 2010 10:23 am

Hello everybody,
I am interested to learn about a Forex Robot Trader. Maybe FAB Turbo. Does somebody use a robot for trading? Would you be so kind to help me? Thank you, Peter

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Postby forexbob » Thu Nov 18, 2010 11:15 am

hello,
welcome to kreslik (home of a lot of smart traders). although probably there are profitable bots (which are not for sale), the most are NOT profitable in the long run.

So best to skip that chapter and immediate begin at your own education towards becoming a profitable trader (manual trading).

where to start? there are a lot of valuable threads. I just started of by following 'new posts' and so started reading active threads.

a lot of reading and rereading.

for basic info the 'never lose again' thread on babypips ; but be sure to return to kreslik (best forum i found in my journey) further you can start by reading
'rat trading'

It is hard work (you also do not become a surgeon overnight), but the reward is worth it once you have overcome all mental things which prevent you from
being consistent profitable.

and drop in at the 'two percent club' at paltalk to ask questions
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Postby InDeutsch » Thu Nov 18, 2010 1:35 pm

Thank you for your reply. At this time I am really looking for somebody who uses a robot system successfully. Peter

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forexbob
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Postby forexbob » Thu Nov 18, 2010 2:23 pm

it is a path many followed. starting at the D quadrant of MIND, from Dependent traders. dependent on a black box (such as fap, which in the beginning worked. but if 100.000 people start using it it failed . ending in a Disaster or people feel Duped) Only the developers of these black boxes grow rich, and stay pumping new black boxes to the market. In such a qty that 99,99% is not working in the long run or is just crap. So it becomes a search for the needle in the ....

If it was that easy ........ everybody would be .........

So stays the other 3 quadrants:

Noob or New
Independent
Master

just my opinion, its best to skip the first quadrant (no offense intended)
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Postby Naynay » Sat Nov 20, 2010 6:34 am

Go to other forums where members pirate and crack commercial expert advisors, and you'll soon see that NONE of the ones being toted around are any good.... and by good, I mean consistent. Those that are consistent, none are able of turning $1000 into a million in any reasonable time frame.

If there was an EA that traded perfectly, nobody is sharing it, or even offering it.

If you are going to trade an EA however, your best best is probably one that hedges and pyramids because they seem to survive in any market condition and scrape profits slowly on a consistent basis. Only problem is that the strategy has some martingale elements to it, so you need an account with a lot of equity (or one with access to microlots if you have less than $10,000 to play with)

In any case, you won't be able to profit with them as fast as you could manual trading anyway from what I hear, but they could be handy if you want to let an amount of money churn without looking at charts. The only downside is that the martingale elements always have the possibility of wiping your account out.

I'm in this forum to learn how to trade manually. I've already burned myself out on a bunch of useless EAs and unhelpful training courses.
Last edited by Naynay on Sat Nov 20, 2010 8:24 am, edited 1 time in total.

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Postby InDeutsch » Sat Nov 20, 2010 8:21 am

Thank you for your response. Since "Forexbob" wrote me to stay away from robots I looked up some statistics and you both are right. It is not good. I guess I will start reading a lot from now on.

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Postby Naynay » Sun Dec 05, 2010 12:07 pm

Not that all robots are bad or anything. I mean, you can take a look here to see this one completely "holy grail" $3000 in the space of one month:-

http://www.myfxbook.com/members/Aquariu ... lper/63401

Somebody out there must have taken a page out of TRO's book, because here we have an EA that keeps trades open for 2 minutes, keeps a stop loss of 10 pips, enters on breaks of daily high and lows, and seems to have a bit of an affinity for the entrance to the rat zone.....
It's not trading reversals however, it is going with the trend. I am studying this beast because the author has left the trade history open.... :)

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Postby InDeutsch » Sun Dec 05, 2010 3:40 pm

Thank you very much for your help. I will start researching.

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Postby Gofx.org » Wed Jan 12, 2011 2:56 am

You can read the Leo Trader Pro Review
Leo Trader Pro is one of the best forex robots in 2011, super star in the forex trading world.

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Postby Naynay » Sun Jan 16, 2011 11:05 pm

Gofx.org wrote:You can read the Leo Trader Pro Review
Leo Trader Pro is one of the best forex robots in 2011, super star in the forex trading world.


If it looks like a duck, and sounds like a duck, it's a duck....

I did a little reasearch on this EA and found the following information, which I'll just copy paste below

welcome to one of the very few non-commercial Forex websites. First off, let me assure you that I am not making any money from this website whatsoever. I didn't even put up any ads, although I could have. The only reason I have made this website is because I am sick and tired of all the scammers in the Forex industry. Actually, I have been quietly accepting it for a few years, but what Leo Trader Pro has done recently is a scam of an unbelievable size (you will see in a few minutes what I mean).

A few hours ago, I was still one of the believers hoping that there is finally an answer to my Forex dreams, but it all seemed too good to be true and the natural pessimist in me started investigating, because although they published a live account investor password, there were still a few things that didn't quite fit. What made me investigate further was those things: first off, they chose a broker which almost noone ever heard of. Second, they started trading with $500 only. Third, there is no backtest on the website and the product itself cannot be backtested too (this is important since the system uses an extremely wide stoploss - such systems can work for a long time without a single loss until they hit a stoploss). But those were just suspicions, I didn't have any conclusive proof, until I noticed what I am going to explain in this article.

In this article, I am first going to explain how Leo Trader Pro could get such a great looking real account like that and then I am going to PROVE they have done it. And by PROVING it I mean REALLY PROVING IT. No more speculations, but a conclusive proof. After you read and understand this article, even the most naive dreamer will - unfortunatelly - NEVER MORE DOUBT that Leo Trader Pro IS a scam.

There are therefore two parts of this article:
PART #1 - How they could get such a good looking real account without a profitable system
PART #2 - Proof that they have really done it
PART #3 - What to do now?

PART #1 - How they could get such a good looking real account without a profitable system

This part doesn't contain any proof yet, this is just an explanation on how they achieved such results without having a working EA. The proof is in part #2.

There have been a lot speculations about LTP having the statement faked by asking FinFX to do that etc. First off, I do not believe that and if I did, I would probably never be able to prove it, so talking about that in this article is irrelevant.

How this can be done is much simplier. If you watched the EA placing a trade during the last few days, you can see that at the very beginning, it places the stoploss 330 pips from the opening price (the stoploss is moved much closer before after the order gets in profit, so you cannot see it on the statement), while the average win is 15 pips. That means even if they were placing just random trades, they have 95,6% chance that the trade will end up in profit. That means every 23rd trade would end up in loss.

Now, the EA has taken less than 200 trades during the testing period. That means we would have statistically 8 losses. How could these be avoided? Easy: at the beginning, they could have about 256 accounts, each funded with $500. That's $128,000, which is peanuts if you know that in a few months, you are going to get tens of millions back from trusting Forex traders, who are desperate for a no loss system. They could let 128 accounts take a one direction position and 128 take the opposite. By 100% chance, 128 of them ended up in profit (since if one hit the stoploss, the other had to hit the take profit), by 95,6% chance, all 256 ended up in profit. In case 128 of them didn't, they could trash them and continue trading on the other 128. Statistically, one loss appeared after 23 trades, so we need to avoid 8 losses - it could have went something like this:

beginning...256 accounts left
1st loss...128 accounts left
2nd loss ... 64 accounts left
3rd loss ... 32 accounts left
4th loss ... 16 accounts left
5th loss .... 8 accounts left
6th loss .... 4 accounts left
7th loss .... 2 accounts left
8th loss .... 1 account left

Now this is just an example on how they could have done it, if I thought about it, I think I could come up with many different solutions to do that.

You may say "yeah, but I have watched the system placing the trades LIVE and all the prices were OK, there's just no way to fake it...", right? WRONG. The trick is that they provided you with the investor password only during the last few days, so they had about 95% probability that the trades on that account will end up in profit (considering the stoploss was 330 pips far when the trade was placed, while the take profit was only about 15 pips far) and even if they were a loss, so what, it would be 5% of the account, as they decreased the lot size significantly before publishing the investor password.

And now you may say "Yeah, but the CEO confirmed it"... well, listen to the call once more, knowing this info. Nothing he says contradicts with this.

PART #2 - Proof that they have really done it

Part #1 was just a theory, now comes the proof I have found on their own website.

Now, if you play the video from the International Traders Expo, in 2:48, you will see this shot:

This is a screenshot of an account, which is supposed to be the one that users can view on their website. However, it is a DIFFERENT account, because after 152 trades, the currently published account wasn't at $2,092.13, but at $2,587.18, as you can check for example on MyFXBook.com, where users track the account.

What this PROVES is that the account presented on Expo was different from the currently published (because back in November, they didn't know which account will be the successful one) and that LTP had multiple accounts and the published one is just the successful one.

PART #3 - What to do now?


We are lucky that we found out now. The EA will probably work for a few weeks now because of the 95,6% chance of winning, however, it will crash down eventually. This means it is just another piece of crap, but this time these cocky scammers will be laughing all the way to the bank with their $10,000,000 cheques... unless....

1) you ask for a refund within the 60 days money gurantee. They will HAVE TO refund your money, as it is guaranteed by ClickBank
2) let other people know about this fact. The easiest way is to point them to this website.

I am sorry I had to steal your hope like this, however, I was one of the believers too. Take care and happy trading WITHOUT SCAMMERS.


"It is inconceivable that anyone will divulge a truly effective get-rich scheme for the price of a book."
Victor Niederhoffer (1943?), US hedge fund manager and statistician

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