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Forex Bots, Do They Work ?

Discussion in 'Making Money' started by ruler0fall, Sep 3, 2009.

  1. ruler0fall

    ruler0fall Power Member

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    Hey,

    I've seen all these forex bots claiming they can make you profit, So I wonder does that even work ? and if it does, how ? it is hard to believe it can make you money on autopilot.

    Tell me your experiences and opinions.


    Thank you for your time,

    Ruler0fAll
     
  2. oxonbeef

    oxonbeef BANNED BANNED

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    I have never personally used them and everyone I know who has, has lost money.
    You only need to ask yourself "if someone invented a machine that made money
    Would they sell it"?
     
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  3. Questionable

    Questionable Registered Member

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    If you can make the amount of money these bots claim, you can make a lot more money than selling a course. No if, buts about it.
     
  4. oxonbeef

    oxonbeef BANNED BANNED

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    What I am trying to get at is why would someone need to earn money
    by selling a bot if the bot makes them all the money they need. I doubt
    if the people who sell these bots actually trade forex themselves. It isn't like
    info products where someone is making money showing you how they make money. Because that is how they make their money. Selling info products.
     
  5. antsaoo

    antsaoo Supreme Member

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    Grikis, Those IM softwares are different from Forex bots. If you could make forex bot which makes money automatically i doubt you would want to sell it. But you can't just make money with the Bots you mentioned :) You still need have website to use them for and ideas how to use them properly rather than press go and visit ATM every morning
     
  6. rebellord

    rebellord Registered Member

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    Some bots work for awhile. Then conditions change and they dump your entire account in a week :) Forex trading is not for the feint of heart or risk adverse.
     
  7. Tekk91

    Tekk91 Newbie

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    Hi,

    I am using a Forex BOT since 3 weeks, and my personal experience is very positive.

    I bought FAPTURBO and started with just 100$ real money. Now, three weels later my account balance is at 215$... So this bot definitely makes good trades!

    My Live stats are http://dailydealz.mt4stats.com/ basically, the site is just down temporarily because of some DDOS attack or sth...

    If you have any more questions PM me...
     
  8. Takada

    Takada Newbie

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    the others made a few good points. these bots will never work long term. maybe there are a few guys out there which made some bugs short term due to stochastics.

    daytrading is a zero-sum game at best (if you dont take the transaction costs into consideration). you have to play against people who studied this shit for years and have survived a rigorous selection process (traders, brokers, investment bankers). but your bot is not only playing against highly qualified humans but against other bots too. these bots are run by hedge fonds and investment banks and are programmed by quants (people with phds in mathematics or physics and related fields). i hope your forex bot was programmed by a very smart man.

    good luck...you will need it.
     
  9. justone

    justone Elite Member

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    I don't know about the forex bots but I know that on the real stock market bots can make you billions.
    But that's another world, such bots cost multiple 100 million dollar ;)

    I am sure that the Forex bots can make you a positive income but as well do the opposite ;)
     
  10. oxonbeef

    oxonbeef BANNED BANNED

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    That's a very common occurance from what I've been told by people who've used it but all of them without exception have been wiped out by
    the bot eventually. I personally would keep a close eye on it and manually
    exit any trades that were going against me or showing signs of reversal. And I would use my own knowledge of technical analysis and fundementals
    to judge that.
     
  11. mrichards1984

    mrichards1984 Regular Member

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    Well I know a guy, who is a programmer himself. Use to work for microsoft before, he developed a Forex Bot himself and he claims that he makes a pretty good profit from it but he doesn't share it with anyone nor is he willing to sale it.

    So, I'm sure there must be some good working bots out there too :)
     
  12. N0H4T

    N0H4T Junior Member

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    "Klein Wort Wasserstein" the German/US-UK investment bank had a bot that was making about 200K a day on average, but then somehow conditions changed and it had to be turned off as started to make big losses. A friend of mine has a bot that did the same thing in July-August and though the signs are good now, he doesn't trust that it has recovered. Before then it hadn't made a losing month in 6 months of live trading and 2 years of back testing with past data.

    In answer to your question yes bots do work, but they have to be adapted to changing conditions. In actual fact even your fap turbos, the 99$ bots, could make you money if used correctly, but you would have to be a professional trader like my friend to be able to so that and he has been doing it for 6 years. If you are not you could get your fingers burnt.
     
  13. mo27

    mo27 Newbie

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    The "zero-sum game" stuff is misleading.. A lot of spot FX trades are delta hedges on gamma positions. (Non-hedging) Customers sell vol through structured notes to banks, which gives the banks a cheap supply. If a bank is long gamma, they don't care much whether their delta hedges (spot trades) make or lose money, as they are just concerned with their overall position.

    But yeah, I guess you can come back to me and point out that my example is still an overall "zero-sum game" inclusive of vol, structured notes, and customers, but I'll point out that guys buying the structured notes are selling vol at very bad levels (i.e. the banks are making nice money on them), thereby juicing the system for everyone else involved to get a piece. A lot of structured notes are yield enhancement products which are floored at "0% coupons", so a lot of times the end user feels like he can't lose money.. what he's really losing is the time value of money, since he just gets his original investment back with no interest in the bad scenarios.

    Sorry if this is slightly off-topic or rambling.

    I agree with other posters though, if someone really had a magic box that made money they would not sell copies for $100 (or whatever these tools cost). Most likely they will go busto in the medium-to-long term. If you're just viewing it as an alternative to playing poker/blackjack though, then go for it :) Just don't kid yourself that you're going to become a billionaire through something you bought through Clickbank..
     
  14. stressfree

    stressfree Senior Member

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    NO.....i have never seen one yet that makes money. I am surprised the FTC hasn't chut down those ridiculous sites claiming to turn $2,000 into $2 Million. I do not know who's the more stupid? People selling this B*S* or the suckers buying them? :-(
     
  15. twistedtrick

    twistedtrick Power Member

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    I've never used the bots, but from my understanding its a matter of setting 100+ variables the way that you want them and then letting the program run off your settings (this is my understanding of them, I'm not sure if this is how they really work.)

    But if that is the case, then really the bot is only as good of a trader as you are if you sat at your computer all day clicking and trading; except the bot must have pre-programmed settings whereas if you sat there all day you could 'vary your variables' and adjust on the fly to market changes.

    So to me personally, who lacks ANY experience in using Forex bots, unless you have zero free time whatsoever I would think a much better use of your time could be had sitting and staring at forex charts and graphs and making trades manually as opposed to a bot trading for you.
     
  16. kijkij

    kijkij Regular Member

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    First test bot in stratgy tester, there you can get idea if it will work or not.
     
  17. ~@-kanye-west-@~

    ~@-kanye-west-@~ Power Member

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    i dont think so
     
  18. DrJekyll

    DrJekyll Senior Member Premium Member

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    You have to know what you are doing, in order to set them up right.

    not all bots are for sale, I am a member of a forum that they give them away free. They build them, have competitions etc.

    you also need to know when not to use them, no bot I have seen is good for all markets. leave one on the wrong friday and you are fucked
     
  19. heiska

    heiska Junior Member

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    The Forex bots I've seen work as good as the simplest poker bots. Which is, they are losing money in the long run.
     
  20. jammie

    jammie Jr. VIP Jr. VIP Premium Member

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    Ask yourself why banks pay THOUSANDS of analysts and THOUSANDS of traders upto and above of a HUNDRED THOUSAND dollars a year. And even they make a loss.

    Bots don't work. Scalping news works but you will lose eventually.

    Go to a casino. You'll lose less money and have a better time and a better experience.