A wide variety of foreign exchange, or forex, "robots" have been created in the past few years, and especially in the past few months, that are intended to automate the work of trading foreign currencies for you.
This sounds awfully appealing. Who has time to sit in front of their computer all day to trade the market?
And with forex, the market is always open, 24 hours a day.
Besides that, for the average person who doesn't know anything about investing or forex trading, it would take a long time to learn how it works, when to take profits, how to enter trades, etc., etc.
It sounds like a perfect job for a computer to do -- watch for the trading "signals," enter the trade, and when the opposite signal appears, get out of the trade.
I had been looking at forex trading for a long time when I started getting emails regarding an "automatic" system by a Michael Vincent. (By the way, on one website, this same "Michael Vincent" introduces himself as "Marcus Leary".) It was called Automatic Forex Cash, and is apparently made by the same people who created "Forex Killer." Another name associated with this group is Andreas Kirchberger, a familiar face on these forex sites.
I read all their promotional material, and finally bought the system, for $65, in September.
It was easy to to set up, and I started trading with a "dummy" account right away.
I entered into a number of trades when the software alerted me that it was an ideal time to make a trade.
Unfortunately, because I wasn't in front of my computer when the alert came for me to get out of each trade, I lost money on every single trade I entered. Luckily, it was "dummy" money.
I wrote to the company with questions, and it twice sent me instructions that applied to a different product, Forex Killer. When I made it clear that I didn't have the other product, they sent me a link to download Forex Killer, which, by the way, included a LOT of instructions on setup. It was not an "automatic," set-it-and-forget-it system.
As soon as I started asking for a refund, saying that the system I bought was NOT automatic, as advertised, my emails were ignored.
The charge had long since gone through my bank, and I was stuck with a product that is useless to me.
The payment processing company, SWREG, also would not answer emails. In fact, I could never get past the Help Desk; after I typed up my story, when I clicked "Next" the next page would never load, so I went round and round in a loop-de-loop.
The system was marketed by e-Trinity Marketing Inc., which I'm finding has a less-than-stellar reputation.
Well, live and learn. I would highly recommend *against* this particular forex robot.
Roshana Ariel is the author of http://www.adventuresinchinatravel.com where she enjoys writing about her two trips to China. She is a copy editor at a daily newspaper, enjoys walking her dogs every day and has created a website about dog care: http://www.love-those-doggies.com |
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