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Is automated forex autopilot a scam?Or can it really work?


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This entry was posted on Sunday, June 29th, 2008 at 9:22 am and is filed under forex trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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11 Responses to “Is automated forex autopilot a scam?Or can it really work?”

  1. Terry S Says:
    June 29th, 2008 at 9:22 am

    Check them out at Http://www.RipOffReport.com

    If there is any problem, they will most likely be listed there.

  2. americanfreeman Says:
    June 29th, 2008 at 9:22 am

    yes

    anyone selling anything to do with Forex is a scam and a rip-off

    Forex trading is very complicated and only for VERY experienced traders with lots of risk capital

  3. abra cadabra Says:
    June 29th, 2008 at 9:22 am

    It's a totally scam,rip off,and money waster.trust me i know i bought it sucks!! and listen to me it's a total waste. so do you want to waste a small fortune on some thing that doesn't even work i don't think so!! stick with me i would no.

  4. oliprofessor Says:
    June 29th, 2008 at 9:22 am

    Logic dictates that any successful trading system would not be publicised for the very reason that its intrinsic profitability would be the thing to exploit, not flogging it off to people.

  5. Ted Says:
    June 29th, 2008 at 9:22 am

    If there were an automated system to predict the forex market, they wouldn't be selling it to you. It would be worth a lot more to hedge fund managers with billions to invest.

    On their web site he has a "history" which he swears is a real money trading account. Then he admits this is one of several that he has, without mentioning the results. This is illegal. Any manager showing performance in an ad is required to show the performance of all funds under his control. Otherwise he could open 10 accounts, lose money in 9 but have a good run in 1 and show that one and bury the rest. The rules of chance dictatate that if someone does enough trading, they will have a good run once in a while just due to luck.

    Also, if this is not a made up track record, why does he include the following disclaimer, and I quote….

    CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
    No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading.

  6. yebel89@gmail.com Says:
    June 29th, 2008 at 9:22 am

    It is a scam
    http://www.projectpaydaymentor.com/2008/05/forexautopilotcom-review_24.html

  7. ajb Says:
    June 29th, 2008 at 9:22 am

    Focus more on fundamentals than technical analysis. Economic news analysis is what moves the markets.

    Here is a free site that shows what has happened after economic news releases:

    http://www.forexnewspatterns.com

  8. mannoo2005 Says:
    June 29th, 2008 at 9:22 am

    Not accurate as the new system .
    check this one :

    http://the-forex-tracer-review.blogspot.com

  9. Livermore Says:
    June 29th, 2008 at 9:22 am

    If it offers a money back guarantee it's not a scam.
    If it's a good system or not, I don't know because I never used it, however I read good reviews about it on several websites.

  10. Tom H Says:
    June 29th, 2008 at 9:22 am

    I'd suggest that if you do use automated forex software, only use ones that have a money back guarantee AND test it out with a small amount of capital to see if the results are to your satisfaction. Start out with $100 or $200 and ramp it up slowly if you are satisfied with the results….

    Good Luck!

  11. Sarebbefantastico! Says:
    June 29th, 2008 at 9:22 am

    Forex Autopilot Works. But you must set all variable and setting… I trade "Only" with automated systems.. (3 accounts) see here http://www.alebest.com Info: Autopilot is a Robot that "love" long drawdown…but is a good Automated EA bye

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