Hi there,
Is this real or just scam? I am a novice and want to buy the EA because it’s overwhelming - there are real and demo accounts to log in, so what could be wrong there? It sounds too good to be true, though…
Any advice would be appreciated!!!
Thanks!!! :)
Before buying any EA or robot, check out the reviews on fxreview blogs. He provides details on most robots and gives you the criteria that he thinks is important to evaluate a robot. If you don’t find a review for the one you are looking for, ask and he might do it for you. Definitely do you due diligence - 99% of the commercial robots are worthless (don’t ask me for the names of the 1% because I am just guessing that there must be something good, but haven’t found it yet)
This is what I got from the vendor, apparently a trader who made the robot with a programmer friend. It really is a REAL account, so how could you possibly fake it? This seems to be a real working EA, but maybe only until the brokers stop him. I have no clue.
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Here another proof at MIG Bank, a big and very trustworthy broker, where my clients use the robot an make much money there:
Login: 47952
PW : invest1
IP: real1.migbank.com:443
and
Login: 89844
Password: invest1
IP: real1.migbank.com:443
When you login and see those accounts you will see that there are many small trades in the trade history made by my robot, and a few open orders that have been being open for a few months. Those open orders are not done by my robot, but manually and are part of so called “Cover-up Strategy”. If you e.g. buy 1 lot of EURUSD on one account and sell 1 lot of EURUSD on another account, then the total balance is zero, but on the account that loses money, you can now scalp as much as you want. Me and my clients use this “Cover-up Strategy” because some brokers don’t allow scalping but as long as you pretend you are losing money on the account they don’t mind.
On account 47952 there was an initial deposit of 2680 EURO and the client made more than 9,000 EURO profit and withdrew already 2680 EURO.
On account 89844 there was an initial deposit of 22,964 CHF and the client made more than 34,000 CHF profit and withdrew already 23,000 CHF.
A novice having clients is incongruous.
Be honest…
You’re here to look for a few hapless individuals to purchase your EA.
Right?
Hey, everything below the line was pasted from a message this EA guy sent to me. I am just searching for some clues whether it’s worth trying this EA, but maybe I am on the wrong forum here. Sorry.
This is a good place to discuss your concerns, but you have to ready for skeptics especially from experienced traders. There is just too much useless robots out there. Remember, skepticism can be used to your advantage.
My take is that despite providing real account access (which is unusual), I don’t understand “Cover Up Strategy” ; I have never heard this term before as a trading strategy. It sounds like it could either be a hedging workaround or a method to hide losses from the casual observer like you. If it were me and I still couldn’t figure it out after several tries, I would avoid. The best approach is take lots of time and be 100% sure before buying.
If you inform Daniel at fxreview that somebody is providing real account access, he might become interested in investigating it himself because it is so unusual:D.
I have fall into this scam from superfxrobot.com. This SuperFxRobot Expert Advisor is a scam robot coming from the guy by the name of Dominic. Please stay away from this robot because it will not work in a live account. Many broker have ban the use of this robot and you won’t be able to get it up and running in a live account. It works on Demo account and make you big money but not live account. 95% of the trades will be cancelled and won’t get through on live account. Simply it won’t make you money at all. If his results is too good to be true….it properly is a scam robot.
ACCOUNTS NUMBERS & PASSWORDS ON THE WEBSITE FOR YOU TO CHECK ARE ALL DEMO ACCOUNTS NOT LIVE ACCOUNTS….HE LIED THAT IT IS A LIVE ACCOUNT
You have to find a fast data feed broker and a slow data feed broker and you trade on a slow data feed broker and take advantage of the few pips difference between these two brokers. They give you recommended combinations of brokers but all these brokers know about this robot abusing the system and have ban the robot from trading and it will not put on trades at all.
Please read the disclaimer and terms & conditions carefully because it said that don’t expect similar results as he get and no refund. Simply it means he allowed to take your money whether you make money or not, he doesn’t care. Offer to support but little he can do because the software simply will not work. Please aware that you will not get a refund even if they know that its not working or make you money. I am a victim of this scam so if you want to contact me my email address is ruht03 AT hotmail DOT com
I HAVE SAVED YOU US$2000 by warning you of this scam robot call SuperFxRobot. I have learnt a lesion for not doing my research before spending US$2000 which is a lot of money for something that don’t work in a live account – ITS JUST AN EXPENSIVE TOY
A pretty risky business to spend US$2000 for something that you don’t know how it work. I have lost money in this website that I won’t be seeing a refund. I write this so others will not be taken advantage like I was.
Richard
Probably more use blowing $2000 trading 
heh, true.
why would you need to use “cover up strategy” its because brokers ban the use of this robot. This robot take advantage of the fast data feed broker with a slow data feed broker and tried to profit a few pips differences. This robot cheat the slow data feed brokers and most of them know about it and ban the use of this robot. It will not trade - all orders will be cancelled and not get through. This is a scam robot selling for us$2000
It’s a scam, don’t bother trading if you can’t be bothered to do it manually.
[B]AUTOMATED ROBOTS DON’T WORK[/B]
I challenge ANYONE to show me reputable proof that any autmated robot has EVER made anyone rich or even a consistent large profit over a year.
Even if you don’t agree with above statement, lets use a little logic: Why would someone sell an automated trading robot that actually works for anything less than millions upon millions of dollars.
If you had one that worked you could just put it on, go about your day and rake in millions while the robot did it’s thing. You sure wouldn’t be selling it for anything less than a huge fortune.
One day they will though, no doubt about that, it is just a natural progression of technology, but what then? we may dismiss automatic robots, but these are the very first steps on the path to eliminating the need for currency! But hey I’m probably not talking years or even decades.
I disagree, every method I use or have tried, the real deciding factor on if it works or not ends up being discretion. Things like, “o my trade just got stopped out by 1 pip and then price reversed, so I got back in because I figured it was just a news spike and ended up winning.”
The market moves are largely driven by trader sentiment. If you follow a pair long enough you do get a feel for what is about to happen, robots can’t ever do that all they can do is enter an exit on set criteria. They can’t take into account the bigger picture, beyond overall trend.
AUTOMATED ROBOTS DON’T WORK
I challenge ANYONE to show me reputable proof that any autmated robot has EVER made anyone rich or even a consistent large profit over a year.
I humbly suggest that this is your opinion and not fact.
I will go on to say that your opinion means that you do not believe in “rule based” systems. I would also add that you must think then that all hedge funds must just trade manually and there does not exist any algorithmic trading whatsoever???
I am not prepared to show you my account but I can say with honesty that my robots have traded better than me in the long run. Right now I have not dipped below 10% monthly on one of them, and there is a great one that steve hopwood is working on that shows amazing potential.
The problem is these newbies think a set it and forget it system will work and only cost $97 but the reality is the most successful algorithms require constant observation and optimization.
It is just as hard as manual trading or even harder. It is just a different “niche” for lack of better word.
The best money will always be made by the discretionary players who have proven themselves in the long run, but I am certain there exists a place in the forex market for robots.
Fair enough, I’ll adjust my opinion then based on what you said. I’ll say robots don’t work… all by themselves. Which as you pointed out is what most noobs think is going to happen. Set it and forget it.
And yes, I do believe in rules based system. I just think a robot would only be able to follow the rules. It would not be able to make any judgement calls, that might keep you out of bad trades that happened to follow the entry rules.
And yes, I do believe in rules based system. I just think a robot would only be able to follow the rules. It would not be able to make any judgement calls, that might keep you out of bad trades that happened to follow the entry rules.
Reply With Quote
Well I tend to agree with this statement. The thing is this… those judgements could be defined as a rule. It is alot harder to do, to try and include all the markets little idiosyncracies would be very difficult so then what would you do. Here is where you have to get creative and think “outside the box” A human will think differently than any robot and so of course the human is superior. However a robot is able to handle complex math and complex mathmatical probabities way better than a human could. So the question is how can we exploit the robot’s strength. Here lies the “holy Grail” of robot trading if you will. For me the best trading robots use a grid type system and that is what my favorite one does.
It basically looks at a pair and places a buy and a sell order. so when the market moves it picks up the order. IF the market then moves against the trade the robot places a trade in the other direction. If the market continues in that direction than another short is placed and when a certain profit level is hit it closes all. The secret is to not let this robot get killed in a sideways market. Eventually it will work out but how long will it take? and at what drawdown? If I am greedy I will blow up my account in no time. But if I watch market conditions and adjust parameters according to things like ATR than I can be profitable.
So Noobie robot traders out there this is kind of a warning. I’ve been around the block and I can tell you that there is no set it and forget it robot. You have to change with the markets period. If you don’t have time to be in front of the charts like me you can make a robot work just as long as you realize it is alot of work and needs daily attention. and btw forget clickbank. Join a real “open source” discussion and become apart of the test group. Learn the robot, Participate in the discussion where appropriate and by all means please realize this is a marathon not a sprint.
I also want to add that I will not be making recomendations at this point. When I feel good about forward tests enough I will post a thread. In the meantime I will say that my robot employs a martingale type mm and it is very dangerous in the wrong hands. It has taken me years to stop trying to be a millionaire overnight. So just like regular trading you have to keep your emotions in check. This is the only way in forex. To try and make a killing over night will only cause you to be over exposed in the markets.
Actually people beat the pants of off computers in complex math. All any computer is capable of is binary adding, addition. Computers can’t subtract, multiply or divide or do any sort of complex math. All of their math is addition at incredible speeds.
There was an interesting Royal Institute Christmas lecture about this last year, showing that the most powerful computer could only spot the simplest of patterns, and that’s what forex is mostly about.
Pattern recognition is where computers fail. Example is hand writing. Humans can read most handwriting in a variety of styles whether it be print, cursive, calligraphy, sloppy, sloopy, neat, wide, narrow, pencil, pen, market, chalk, etc. We see the pattern and our brain puts 2 and 2 together so we read. Computers cannot recognize most hand writing unless it fits the “rules” placed in the optics program. In the end, where humans can see pretty much anything deemed semi-legible, computers will translate the writing into gibberish.
In relation to Forex, humans can quickly see patterns by looking at previous PA. computers do not see that and only see patters after running the PA through their rules, there is no room for deviation. I believe both Phoneix and Johnny are correct. Bots can be very limited to certain mathematical patterns, but they are extremely adept at finding those specific patterns over and over. So if a particular pattern is, e.g., 90% a winning pattern, the bot will find it and use it more often then a human.
However, bots do not have intuition which I have come to believe is required to trade. Sometimes my rules align and say enter trade, however my budding (and currently limited) intuition says hold off and wait because the setup simply doesn’t appear “correct”. This has saved me from some very bad entries that the rules would have taken, but it has also caused a missed trade.
In the end I think a bot with set rules on a winning pattern combined with human judgment to enter the trade can be a powerful system. I’m loathed to believe bots will ever take over Forex. Logically if bots were the future, Forex price movement could then be calculated with a near 90% accuracy which would bring all Forex trading to a grinding halt.