Risk warning

All articles, strategies and indicators are just reflecting a single traders opinion and should be viewed as that.
I advice everybody to trade with a DEMO account!

Sunday, February 6, 2011

Are forex robots also called expert advisors a scam?


There are a lot of articles on the net discussing this matter and the number of website offering robots are increasing every single day. Most of them are scam. Why? Because they claim to make big money. And if you have to pay for a robot that looses money you definitely have the right to call it a scam.

Are all of them scam? Maybe there are some that really can make money. Do understand best you have to categorize them.

Class 1 : worthless robots maybe even worse than the simple CTL examples on this blog. If you have to pay to get one of this class...you have been ripped off badly.

Class 2: Robots that make money when the market conditions are in their favor. This are still robots that you shouldn't have to pay. The CTL examples on this blog are close to this categories. Hope we will have better CTL examples in the future. If you payed for this robot....its still a scam.

Class 3: Robots that are capable of making money when market conditions are in their favor and are capable to keep the losses very small when market conditions are not favorable. If the website where you bought this robot isn't claiming that the robot will make huge profits and they show some live results under the worst market conditions AND you didn't pay to much.....then honestly you can't call this a scam.

Class4: Robots that are the results of years of study and programming by expert traders. Robots that make consistent profits (maybe small) and are capable of making long term profits. Honestly these robots aren't scam but......they are not sold!!

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