The Forex Noob

By nature I question motives. My wall of defense has a few extra feet on it while I’m on the internet, there are a lot of scammers in the virtual world and you have to be extra careful. That is especially the case when money is involved.

How many reviews have you seen for any forex robot that praises the product? “You can make loads of money with no work by buying this forex robot. You don’t even have to trade, it does all the work!”

Sorry, that’s crap.

We’ve seen web site after web site touting Forex MegaDroid and how wonderful it is. I have received dozens of emails marketing Forex MegaDroid (Most from the FAPTurbo guys) with proof it is the end all to forex robots or forex AI if you will. The proof….back tests. Where are the real time tests? Show me the beta test that ran prelaunch and are running now.

And why are the FAPTurbo folks pushing Forex MegaDroid so hard. Isn’t it a competing product? I just received another email titled Bye Bye To Outdated Forex Robots‏. Here’s part of the email:

Forex MegaDroid went live yesterday and, as I predicted, it rocked the Forex industry...

I mean, I already had some facts about the robot but what I saw yesterday after the product launched simply raised the bar quite a few levels...

To start, PERFORMANCE:

2009: 330.20%
2008: 623.47%
2007: 612.91%
2006: 333.05%
2005: 810.70%

...you can see results of previous years here as well:

http://Kirchberg.FXDROID.hop.clickbank.net

BREAKING 1,000% In 2009:

Forex MegaDroid is on its way to breaking the 1,000% net p.ro.fit level for 2009...

The reason this robot is one of the few that is capable of actually achieving this is because of its advanced Artificial Intelligence break/through: RCTPA.

Understand that to market products on line a new developer will enter into a JV (Joint Venture) with an expert in the desired market. FAPTurbo people would be considered experts in forex trading. So the  FAPTurbo folks will get a piece of each Forex MegaDroid sale for saying how great it is. Bloggers will enter into affiliate agreements with products and praise them in hopes to make a commission. Thus all of the blogs and web sites saying the same thing about any given product. Few are honest, they are just trying to sell you.

Yes, I have an affiliate relationship with both FAPTurbo and Forex MegaDroid but I believe I am being honest about my personal experience with both. If these and other products work I’ll let you know, if they don’t I’ll say it. And my reviews are based on current trades not back tests. Back tests have their place in analyzing data but give me real time info.

Let me take a breath and say that I am not saying that the FAPTurbo or Forex MegaDroid people are bad guys or that their products are not worth the money. I am after all a forex noob and just learning about forex robots. I am also testing and tweaking  and playing with both to see how they work for me. My reviews are my feelings/beliefs based on my experience. Yours may be different. I hope they are both great and make me rich over night.

The world of forex is exciting and can make you a good living as long as you are able to avoid the dishonest brokers and scammers. How do we do that?……research, research, reserach. And if you are interested in purchaasing FAPTurbo and Forex MegaDroid click here;)

Does anyone have experience with Forex Deal Butler ?

I just ran across the Forex Deal Butler site and watched the vid. Interesting. Instead of a robot it gives you indicators when to get into a trade and when to get out.

Finally… A True Red Light - Green Light System
That Discovers Trades FOR YOU!

“Finally, The Insider Code in a bottle!”

“What Costs Less Than A Starbux Coffee …
And Unlocks Auto-Pilot Trades?”

- Mac “X”
Millionaire Currency Trader

It’s just $4.95 (non-refundable) for the trial. I don’t see any price other than that.

Just received an email from the MegaDroid Team. It was a nice support note including info on customer service and trade settings. Since Forex MegaDroid is new to the market this is a good new customer followup. And it answered a couple questions I’m sure their customer service has been receiving.

1) it addressed the settings you should change including:

It also addressed the no trade in a day issue I wrote about earlier.

Not a bad update and appreciated by me.  Shouldn’t this been addressed in the manual? Oh well, we can’t expect them to be perfect.

Each morning I check the FAPTurbo and Forex MegaDroid I have running on demo accounts and give a quick post of their results. FAPTurbo trades mostly over night EST during less active times. Forex MegaDroid developers claim it will trade profitably during non-volatile or volatile times.

FAPTurbo lost another $48 bucks last night. In 5 trades it lost $92 on one and make back a bit on the other 4 but ended down. Over the past three weeks FAPTurbo has given back 3/4 of the $$439 it made in the first two days.

Forex MegaDroid did not make a trade. After resetting the risk to .1 the EA was in waiting mode ’till about 5:00 EST yesterday then shifted into running mode. This morning it is back waiting with no trades.

My Forex MegaDroid is now loaded on FXPro and FastFX demo accounts. Yesterday I noticed that the FXPro spread on EURUSD was 18-20 pips while the FastFX was 2 pips. I wanted to compare the two robots so I replaced the FAPTurbo long term strategy on EURUSD with Forex MegaDroid. No trades on either demo account thus far.

I have held off trading myself while these tests have been running so I can’t say what I would have done but so far I haven’t seen much to rave about from either. What is this forex noob missing?