forex robots , whats the truth?

i am a trading newbie and still learning about forex and commodity trading . i am sure all the experienced traders here have heard about forex robots ( like fap turbo etc). do you think these robots really work . i personally find these fishy , if that happened everybody should have been rich by now :confused:
what do you think , please comment .
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Well-Known Member
Many people are going to balk at this post but then two parties are required to make a discussion.

FAPturbo is the one which led me forex trading so there is an emotional connect to it. :)

Robots are programmed entities which enter trades based on certain set of rules like MA crossover, RSI value etc. i.e based on specific algorithms which is also called algo trading. Read here: Algo Trading

The wikipedia page will tell you that in 2006, 40% of the trades on LSE was thru algo trading with it going high of over 60% in 2007. (Sorry no data of 2009 was mentioned)

In fact, TA traders are no better than Robot trading. (That will include me too). We all have our set of rule, MA crossover, CCI value etc with 2% SL and all. We do like to distance ourselves from the Robots by saying we have some human intervention while deciding on a trade but that is not true, not many understand the price behaviour to such advanced level to make that kind of a decision. In the end, we are no better than those non-working robots which is the reason 95% traders fail.

So, do they work? Yes, they do until the algo behind them holds true. Like say, FAPturbo -> This robots exploited the laggardnes of non-asian currencies during the asian session. Cause of their laggardness it became quite easy to predict their movements and scalp 3-4 pips out of them provided the spread was within the set parameters. Now as it became famous and more people started using it the brokers, evil dracula of forex trading, were made aware that such a thing existed and people were making money so, they promptly widened the spread enough so that it became difficult to make money using Fapturbo.

So, robot don't work in long term and u need to learn trading, if you want to make money in long term.

PS: Many robots are copied out from ForexFactory forum only with some different vibrant color and a fancy name. So check there before buying anything.

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