eToro – Forex Trading Forum

[Tropezienne]

Have you ever been tempted by the sales pitch for a forex robot or a forex signal ? They will have a least one – sometimes several – 'proofs' of the success of the robot. These usually look like a bank statement or an extract from a spreadsheet.

They are pure fiction.

They are also often accompanied by an amazing price cut – just for you – and only for the next 24 hours. If you sensibly decide to leave the page you will be offered a final minuscule price (.99cents is the lowest that I've seen) for a 7 day trial in which you will have all the benefits of the full $100 (or whatever it is) per month membership.

Don't let your curiosity tempt you to sign up for anything like this – the trials are hard to quit without having more than you anticipated being automatically debited.

[Tropezienne]

If you still think that the 'proof' is genuine and you are tempted to buy the robot or signal check that somewhere on that site is the following 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. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. 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".

This is the standard industry warning that all such sites are required to display. Note what the CFTC says : '… simulated results … trades have not been executed … designed with the benefit of hindsight … '

There may well be some reputable robots and signals out there – but it seems to me that the received wisdom is that a trader should develop his or her skills to the point where they can work out their own signals.

Does anybody have experience – bad or good – of having purchased such a product ? If so, please share.

[pointsmakeprizes]

plz if u cosidering a robot stay away from forexautopilot i brought it set it up as was directed to find my demo account cleared out in 15 trades . BE extremly carefull when thinking there is an easy way to profit in forex its a lot hardwork n study.

[jaaforex]

Is Forexautopilot the same as FAPTURBO?
Has anyone tried FAPTURBO?
Share your experience with FAPTURBO.
There is also Forex Boomerang. If anyone has experience with Forex Boomerang, let him share it.

[Tropezienne]

Yes - it is really important that you share any experience you have with these scams. There have been posts on this forum in promotion of ForexAutoPilot - these people do not contribute anything else to the forum but their own advertisements. Luckily for us, eToro seem to be keeping on top of these scammers. If we see any 'dodgy' posts here we should report them to eToro.

Pointsmakeprizes - I hope that it was only your demo account that was cleared out ? What did you pay for the autopilot and did you have to sign up for a monthly fee ? If so, are you sure that your subscription has been cancelled?

thanks for telling us - warning us !