All forex robots are scams

If you do any research on forex trading, you’ll quickly find dozens of software packages that enable you to automate your buying and selling activity. These “forex robots” or “autopilots” promise to identify currency price trends and trade intelligently on them to make you money. Sadly, forex robots are scams: they don’t work, and only make you lose money faster.

Before we show you that forex robots are a scam, let’s use a simple analogy.

Imagine a world in which you have a goose that lays golden eggs — that is, eggs literally made from gold. All you have do is feed the goose and you gradually become rich, with no risk. Sounds great, right?

Now let’s imagine that your goose could have goslings, and that these baby geese will grow up and lay more golden eggs. The question is: would you give those extra geese away? No, you wouldn’t. After a few generations of these geese were out there, gold would be as common as coal, and your golden eggs wouldn’t be worth anything.

It would make much more sense to keep all the geese and their golden eggs for yourself, because soon you’d be richer than Warren Buffett. And if you didn’t have resources to raise all those chicks yourself, investors would readily pony up some cash to help you, as long as they got a reasonable cut. But if you really had geese that laid golden eggs, you would never share them with anybody, ever!

The only reason you would ever sell such a goose is because it never laid golden eggs in the first place. If you could just convince somebody, somewhere, that these chicks will lay golden eggs, then you’d make way more money than sitting on all your non-existent golden eggs. As long as there are new suckers, you’ll continue to do well.

Forex robots are just like these fake geese. The software doesn’t work for their makers, and so they sell it instead. As long as there are plenty of suckers out there, the robot makers will make money — way more than actually trading with a useless, money-destroying robot.

Unfortunately, forex robots just don’t work for retail forex trading. Robots rely on technical analysis, which isn’t a profitable way to trade forex at the retail level, partially due to high bid-ask spreads. Plus the market is too big and too obscure for technical trends to indicate anything. Since foreign exchange rates are efficient, every trade is essentially a 50/50 coin toss, and one you pay $15 or more to play each time. Using a forex robot just means you lose more money, faster, while you sleep!

What if a forex robot did actually work? If a forex robot worked, it would never be for sale. The maker would just keep it for himself, and to scale up he could easily get Wall Street investors to buy him whole server farms running this intelligent software. (I would invest, wouldn’t you?)

Now, I’m sure that you will see a lot of pretty graphs supposedly proving that a particular forex robot you have your eye on has worked in the past. Don’t trust those graphs, or the robot. It’s easy to fake any graph, and it’s also easy to find a strategy that worked in the past and doesn’t work anymore. It’s also just as easy to fake quotes and testimonials. If you’re still on the fence, just ask yourself: why is this person selling a goose that lays golden eggs? Because the eggs aren’t gold. Heck, they’re probably not even eggs.

In summary: Don’t buy any forex robot or “autopilot” software. You WILL lose money, and lose it faster than trading on your own.

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2 thoughts on “All forex robots are scams”

    1. The FAP Turbo people are good marketers, but you won’t find a shred of evidence that their robot is working consistently for serious forex traders.

      If you go to their website, you’ll notice that all those who give testimonials are “beta testers” who have been financially compensated for their endorsement. They also state that “results are not typical,” which is true — because they know you will typically LOSE money if you use FAP Turbo.

      You will also see a number of sites reviewing FAP Turbo. All of them receive compensation as affiliates when you click their links, so their objectivity is highly suspect.

      FAP Turbo is just another scam.

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