Hi. In one of my previous posts (this one) I introduced to my readers this new forex trading robot called The Forex AutoCash Robot. Since that post I decided to purchase it. What can I say, I am a curious fellow, and I wanted to test this thing out to see whether it lives up to the extravagant claims made on its website. I must say outright that I in no way expect this thing to make 100% profitable trades – such claims are pure marketing gimmicks.
Also I must condemn the author of this product for his aggressive marketing techniques. If you visit this product’s homepage you’ll know what I mean. That “100% profitability” is based purely on backtested data. You all should know that backtesting is not reliable at all. In my opinion the soundest test of an expert advisor (forex robot for you uninitiated folk) is demo or live forward testing, NOT backtesting. No forward test results are offered by the author.
With that in mind I decided to shell out $97 and slapt this EA on a demo account. So far it has opened one trade since I initialized it. It opened a buy position on the EUR/USD @ 1.4091. So far the position is floating at -189 pips as of this moment.
Here is the EA in action: (note that the image was taken a bit early)
Just so we are clear on thing, me having purchased this thing does in no way mean that I endorse it. Ok, now stay tuned as in my next post I will post demo performance data. It may take a while until I make this post as of course it takes time to buildup the account performance record.
In the meantime I invite you to visit a thread dedicated to this EA over here at my forum:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/20760-forex-autocash-robot.html
There is quite a lively debate surrounding this EA. I believe the consensus si that there is no consensus. We all don’t know what to make of it – scam or success? I believe that time will flush out the truth.
We shall see how my testing goes – wish me luck! :). If things don’t work out as expected it’s to ClickBank’s refund page I go, and I will recommend that you do the same.
That’s it for now,
Happy trading everyone!
UPDATE: I asked for a refund so I won’t be testing this EA any more. There are way too many points of concern with this EA. It seems the consensus among many traders is that this EA is 90% marketing hype or worse potentially dangerous.
Time to move on…