Today I decided to write a review about a piece of software called the forex autocash robot. It is a metatrader expert advisor designed to automatically trade the forex market. I have to say, I am repulsed by the way in which this product is shunned upon people on the authors website, it is disgusting that a person can grip such cheesy and unethical marketing tactics in order to convince people to buy a product.
But well, the way in which a product is marketed doesn't make it good or bad so now I am going to focus on what the software really is. The expert advisor is a typical scalping ea, with a 6 pip take profit and a 650 stop loss targeted at an audience of not too knowledgeable forex traders. The webpages claims that the product has remained in profit for more than 8 years without a single loss. This claim is not backed up by live or forward testing of any kind and with such a small take profit it is very plausible that, even if this results really showed on a backtest, that they are not coherent with reality (due to interpolation in one minute candles). So the first problem with this ea, is that it's claims are unproved. The fact that the author does not say or discuss the differences between back and forward testing anywhere is just a blunt proof of dishonesty.
I have had the opportunity to discuss this software with some people who bought it and they all have argued software problems and inconsistency between the websites backtest results and their own at high modeling qualities. So does it show any loses ? Yes, it does.
So now the question appears, with a 6 pip take profit and a 650 pip stop loss, how many trades does the forex autocash robot need to win in order to break even with a single loss ? Well, that number is 108 ! The odds of any system getting such high winning rates is small but, we are not taking into account spreads (which the author never discusses !). So, if the EUR/USD had a 2 pip spread you wouldn't need 108 but 162 trades to recover from one single loss. You can now figure the odds of becoming rich using this systems.
If the system's claims are correct and if the author is honest, he should provide live or at least forward testing information so that people can realize how it works. The author should also provide investor passwords free of charge so that people can verify his claims through watching an unaltered live or demo account.
I have to tell you, expert advisors that deliver what the forex autocash robot promises, do not exist. It is not lack of vision, it is reality. I recommend that when you buy an expert you follow your gut, if it is too good to be true, it probably is ! I wouldn't buy this system, would you ?
Finally, I would like to invite you to read more posts on my blog and if you are interested on other commercial expert advisor reviews or how to really find profitable expert advisors please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !
But well, the way in which a product is marketed doesn't make it good or bad so now I am going to focus on what the software really is. The expert advisor is a typical scalping ea, with a 6 pip take profit and a 650 stop loss targeted at an audience of not too knowledgeable forex traders. The webpages claims that the product has remained in profit for more than 8 years without a single loss. This claim is not backed up by live or forward testing of any kind and with such a small take profit it is very plausible that, even if this results really showed on a backtest, that they are not coherent with reality (due to interpolation in one minute candles). So the first problem with this ea, is that it's claims are unproved. The fact that the author does not say or discuss the differences between back and forward testing anywhere is just a blunt proof of dishonesty.
I have had the opportunity to discuss this software with some people who bought it and they all have argued software problems and inconsistency between the websites backtest results and their own at high modeling qualities. So does it show any loses ? Yes, it does.
So now the question appears, with a 6 pip take profit and a 650 pip stop loss, how many trades does the forex autocash robot need to win in order to break even with a single loss ? Well, that number is 108 ! The odds of any system getting such high winning rates is small but, we are not taking into account spreads (which the author never discusses !). So, if the EUR/USD had a 2 pip spread you wouldn't need 108 but 162 trades to recover from one single loss. You can now figure the odds of becoming rich using this systems.
If the system's claims are correct and if the author is honest, he should provide live or at least forward testing information so that people can realize how it works. The author should also provide investor passwords free of charge so that people can verify his claims through watching an unaltered live or demo account.
I have to tell you, expert advisors that deliver what the forex autocash robot promises, do not exist. It is not lack of vision, it is reality. I recommend that when you buy an expert you follow your gut, if it is too good to be true, it probably is ! I wouldn't buy this system, would you ?
Finally, I would like to invite you to read more posts on my blog and if you are interested on other commercial expert advisor reviews or how to really find profitable expert advisors please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !
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