This article will feature the last of this month's released robots discussing the Pro Forex robot automated trading system. I saved this EA specially for last since there is some very special evidence about the dishonesty and unethical behavior of this seller. However I will leave this for the last bits of the review. First of all - and most importantly - I will evaluate the trading evidence provided by the author and whether or not this evidence is able to backup the author's claims of profitability. I will then go through the evidence to analyze the Pro Forex Robot trading technique and at last I will give you my opinion about whether or not this expert advisor is worth buying and testing. Can you flip a coin and pull a winner at least one of six times ? We'll see if the website is able to proof that the EA can do this.
When you look at the evidence of profitability provided by the author immediately two things come to mind. Backtesting and Martingale. This trading system's only evidence of profitability are 3 year backtesting statements using a martingale trading tactic. I have to state here several of the problems of this evidence starting from the fact that backtests from EA sellers cannot be trusted due to the easy way in which they can be manipulated to introduce either curve-fitting or pre-engineered results through hindsight (yes, we've seen experts coded to trade certain ways for certain years). The fact that the backtesting is limited to 3 years also points out to a dangerous path around curve fitting. Why not backtest this system for the past 10 years ? If it is supposed to be so profitable, then what is the problem ?
The answers to this question does come easily. The only reason why sellers limit their backtests is because their previous results show unprofitability, wipeouts, etc. Otherwise there wouldn't simply be a reason to do so. Now, the fact that this guy relies on a Maringale trading technique is also pretty scary. Many folks out there trade with Martingales and eventually lose their accounts, Martingales do not work and they will never be able to be consistent in the long term because of their unlimited market exposure. Eventually there will be several consecutive loses. What is the probability of flipping a coin and getting seven times the same face ? exactly 0.0078 or 7 in every thousand, which in trading means - it will happen - sooner than you think. If you think you can get away with doubling your account and then quit and do this profitably even if your account gets wiped you are wrong. The fact that there is no statistical tie between sets of consecutive loses makes even several consecutive wipeouts likely so beware, Martingales do not work. (I have also written several posts about this if you are interested)
Now the funniest part about this EA has to be this guy - Ron Carter - a trader with 28 years of experience in trading who, by the way, turned out to be an online actor by the name of Steve. I laughed out loud when I heard a guy at the donnaforex forum calling this guy out and showing evidence that he wasn't the guy he claimed to be. They immediately removed all the evidence but he kept it and showed it there. You can have access to this here. I am amazed at all the lying that goes on here. You tell people that you are a successful trader selling a system when in reality you are an actor ? Come on ! The real guy behind this is probably a shadowy marketer who hired a programmer who doesn't have the slightest idea nor he/she cares about long term profitability or the well fare of their customers. Shame on you Pro Forex Robot people !
Of course, due to the large lack of evidence, the willingful limiting of the backtests, the total lack of any investor-access verified live trading evidence or any type of back/live testing consistency proof added to the use of an unsound Martingale tactic I consider the Pro Forex Robot NOT worth buying and testing. It is also worth noting that this reveals the overall marketing hype that these sellers use to take customers in - almost harmless when systems do work - but absolutely devastating when they don't. When people are new and vulnerable in this field it is very easy for these wolf-like marketers to prey on them very efficiently by making all these fake actors and videos inspire confidence when in reality all that there is is a very lacking system with very little and unreliable proof of profitability. By the way, the US trading institute doesn't exist ;o).
If you would like to learn more about automated trading systems and how you too can build your own reliable likely long term profitable systems based on adaptive and sound money management tactics please consider buying my ebook on automated trading or joining Asirikuy to receive all ebook purchase benefits, weekly updates, check the live accounts I am running with several expert advisors and get in the road towards long term success in the forex market using automated trading systems. I hope you enjoyed the article !
When you look at the evidence of profitability provided by the author immediately two things come to mind. Backtesting and Martingale. This trading system's only evidence of profitability are 3 year backtesting statements using a martingale trading tactic. I have to state here several of the problems of this evidence starting from the fact that backtests from EA sellers cannot be trusted due to the easy way in which they can be manipulated to introduce either curve-fitting or pre-engineered results through hindsight (yes, we've seen experts coded to trade certain ways for certain years). The fact that the backtesting is limited to 3 years also points out to a dangerous path around curve fitting. Why not backtest this system for the past 10 years ? If it is supposed to be so profitable, then what is the problem ?
The answers to this question does come easily. The only reason why sellers limit their backtests is because their previous results show unprofitability, wipeouts, etc. Otherwise there wouldn't simply be a reason to do so. Now, the fact that this guy relies on a Maringale trading technique is also pretty scary. Many folks out there trade with Martingales and eventually lose their accounts, Martingales do not work and they will never be able to be consistent in the long term because of their unlimited market exposure. Eventually there will be several consecutive loses. What is the probability of flipping a coin and getting seven times the same face ? exactly 0.0078 or 7 in every thousand, which in trading means - it will happen - sooner than you think. If you think you can get away with doubling your account and then quit and do this profitably even if your account gets wiped you are wrong. The fact that there is no statistical tie between sets of consecutive loses makes even several consecutive wipeouts likely so beware, Martingales do not work. (I have also written several posts about this if you are interested)
Now the funniest part about this EA has to be this guy - Ron Carter - a trader with 28 years of experience in trading who, by the way, turned out to be an online actor by the name of Steve. I laughed out loud when I heard a guy at the donnaforex forum calling this guy out and showing evidence that he wasn't the guy he claimed to be. They immediately removed all the evidence but he kept it and showed it there. You can have access to this here. I am amazed at all the lying that goes on here. You tell people that you are a successful trader selling a system when in reality you are an actor ? Come on ! The real guy behind this is probably a shadowy marketer who hired a programmer who doesn't have the slightest idea nor he/she cares about long term profitability or the well fare of their customers. Shame on you Pro Forex Robot people !
Of course, due to the large lack of evidence, the willingful limiting of the backtests, the total lack of any investor-access verified live trading evidence or any type of back/live testing consistency proof added to the use of an unsound Martingale tactic I consider the Pro Forex Robot NOT worth buying and testing. It is also worth noting that this reveals the overall marketing hype that these sellers use to take customers in - almost harmless when systems do work - but absolutely devastating when they don't. When people are new and vulnerable in this field it is very easy for these wolf-like marketers to prey on them very efficiently by making all these fake actors and videos inspire confidence when in reality all that there is is a very lacking system with very little and unreliable proof of profitability. By the way, the US trading institute doesn't exist ;o).
If you would like to learn more about automated trading systems and how you too can build your own reliable likely long term profitable systems based on adaptive and sound money management tactics please consider buying my ebook on automated trading or joining Asirikuy to receive all ebook purchase benefits, weekly updates, check the live accounts I am running with several expert advisors and get in the road towards long term success in the forex market using automated trading systems. I hope you enjoyed the article !
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