05/09/ · Forex Robot Results. You may have seen the scam robots advertising 90% accuracy, and guaranteed success. You will not find any promise like that at the Forex Robot. The reason has to do with your ability to control the software. Since you decide how many signals, and which signal the robot should trade, your results will never be the same as another persons blogger.comted Reading Time: 3 mins 27/07/ · Hence, the FX robot cannot be relied on. If backtesting results are provided, check them thoroughly and understand the robot’s ability before you purchase it. Scams on MyFxBook Chart. MyFxBook is a community for traders where you can check the trading results of any forex robot 09/09/ · Biggest Forex Robot Scams: How to avoid them in Due to the rapid advancement in technology, the volume of the Forex trades being carried out online has increased to a great degree. Along with this, scammers in the Forex markets have also evolved their techniques, targeting those individuals who do not know their way around the blogger.comted Reading Time: 6 mins
Robot Scams in Forex Trading: How to Spot a Scam
Forex robots are used by a large number of traders today because they allow automated forex trading which is essential when you are trading a market that is open 24 hours. A trader cannot monitor the market all the time. FX robots deal with trades in the absence of traders and help traders predict price movements logically without allowing emotions to meddle in.
However, before you choose a forex robot and decide to depend on it, you must make sure that it is not a scam or you may end up losing your hard-earned money. Going through FX robot reviews online is a great way of choosing a genuine robot. Apart from that, keep your eyes open for these red signs mentioned below: Anonymous Developers The website of the forex robot must have some information about the developers.
If not names, then at least some address or clear contact details should be mentioned there. However, if you see that the developers are anonymous and there is no information about them on the site, forex robot a scam, then it is something to be concerned about. There is a high possibility of them being a fraud and you will not be able to complain to anyone if you lose your money. A decent forex robot would always have detailed information about it on the website. You may find the trading strategy it uses, the technical indicators it follows, forex robot a scam, and more.
However, some websites do not contain any information about their products. It is not wise to purchase a forex robot without forex robot a scam what you will be getting because it may not suit your trading style. Moreover, lack of information points to scam, forex robot a scam.
Unrealistic Claims No matter how efficient and constant a forex robot is in generating profits under any market condition, it is not realistic when a robot claims that it has doubled or tripled the capital within a very short period; for example, a year. The market is volatile and when FX robots are newly designed, they need to update themselves a few times to work under odd forex robot a scam conditions.
So, do not be tempted by these claims as they are most probably a lie, forex robot a scam. No Backtesting Results Whatever a forex robot developer claims on the website should be backed by backtesting results. Hence, the FX robot cannot be relied on. Scams on MyFxBook Chart MyFxBook is a community for traders where you can check the trading results of any forex robot. Whenever you come across a new robot you want to purchase, forex robot a scam, make sure to visit its MyFxBook account first.
It is the ideal place to spot scams. Check if both these options are checked green. If any of them is crossed red, then the stats of the trading results cannot be trusted at all. Next, look at the bottom left corner to see when the forex robot a scam was updated last.
If it is updated recently, within a few days, then the trading results are recent, forex robot a scam. Now, check the stats of the trading results. You need to pay special attention to equity and drawdown. It is difficult to maintain high equity and low drawdown.
It is not impossible to have great stats but it is a rare case. Finally, go through the whole page containing trading results to see if anything is hidden. A forex robot that is not a scam has nothing to hide. If a robot is hiding its results, then you cannot rely on it. Check for scams before you spend your money to avoid hassles later.
Disclaimer: This is a sponsored article in collaboration with Fxrobotz. The information we publish has been obtained from or is based on sources that we believe to be accurate and complete. If you are unsure of any investment decision you should seek a professional financial advisor.
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, time: 9:14How To Understand If a Forex Robot Is A Scam?
09/09/ · Biggest Forex Robot Scams: How to avoid them in Due to the rapid advancement in technology, the volume of the Forex trades being carried out online has increased to a great degree. Along with this, scammers in the Forex markets have also evolved their techniques, targeting those individuals who do not know their way around the blogger.comted Reading Time: 6 mins 27/07/ · Hence, the FX robot cannot be relied on. If backtesting results are provided, check them thoroughly and understand the robot’s ability before you purchase it. Scams on MyFxBook Chart. MyFxBook is a community for traders where you can check the trading results of any forex robot 06/11/ · Forex robots are getting a lot of hype of late and Forex robot scams are not far behind. Almost every Forex broker currently offers its account holders the opportunity to use a Forex robot for their trades. They back up the legitimacy of these robots with tremendous profits and lull the trader into a false sense of security only to end up blogger.comted Reading Time: 11 mins
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