Midas EA from Ploutus

Trading Systems Expert Advisors and Automated Trading
1

Hi,
I am new on forex and because of my lack of knowledge on forex, I asked to my broker where I can get a good Robot for my trades and my account manager told me about the Midas EA.
There is anyone who is trading with this robot?
For what he told me, this robot is very profitable and the guys from the Midas has MLM system on top of it!
Actually I think it is very nice but I want to know if someone tested or trade with this EA?

Regards
FT

2

[B][I]MLM system on top of it![/I][/B]

Want to bet your broker is part of the MLM and wouldn’t put even a dollar at risk using the robot. Run, don’t walk away.

There was a similar scheme about 3 years ago (wish I could remember its name). Reputable traders were hyping it to the skies, and most of the “little” people got burned, some badly.

Edit: the name of the scam was “Freedom Rocks” and it was 5-6 years ago. Somehow they managed to stay in business until about a year ago.

3

OK, I don’t know if my broker is a MLM, but what I know is the Midas is in a MLM business! But the truth is the statement of Midas EA is very impressive.

4

Those statements can be faked as the recent experience with the Fusion robot from FRWC showed. We suspect they cherry picked their winning account and as soon it turned negative, they shut it down. Short term results are not to be trusted. Nobody who purchased the robot could duplicate their results and one guy blew up 2 demo accounts trying to get a refund.

http://forums.babypips.com/expert-advisors-automated-trading/31560-forex-robot-world-cup.html

5

Let me tell you why I didn’t buy Freedom Rocks back in 2007 when I was recruited or Fusion last year. First of all, the Freedom Rocks strategy baffled me (combo of hedging and correlation). Second and most important, I figured that if I waited 2 years it would prove itself and then I would jump in. The fact that others had a 2 year head start on me didn’t bother me at all. I took the same approach with Fusion. Fusion blew up in less than 3 months. Freedom Rocks was in trouble in less than a year but it took them another few years to go under.

If Midas is still around in 2 years, I will take a look.

6

OK, I don’t know about Fusion, as I said I am new, what took me aprehensive is the fact Midas is a portuguese EA and I can talk with these guys, I am portuguese…
Anyway I will talk with these guys, soon or later.

Thank you :slight_smile: