Our team has its roots in stock and futures trading but had to acknowledge the huge liquidity in the forex markets. As experienced traders we understand the risks and pitfalls of trading. We joined forces with passionate programmers and created iforexrobot, an unbiased platform where tested EAs meet investors. Statistically, manual traders have a 10% chance of being profitable, each year. This already indicates that its a huge risk to decide to trade manually.
Most of our clients learned forex trading the hard way, they lost. Are we any different? Guess not. We flunked many tests in the past and therefore decided to automate our trading, probably the same what most traders are thinking who just can’t make trading profits.
So can a forex robot be profitable?
If we believed differently we wouldn’t be in this industry. In fact, we highly recommend to never start trading manually if you lack time or knowledge. We have seen EAs consistently making profit over the years and only the best Expert Advisors are offered through this website. So the EA developer sends it to us, we test it, we test it again and then we unanimously decide to publish the EA on this website.
So that’s all?
No, first you need to understand that Expert Advisors are nothing but software and they can lose too. Many EAs perform well in specific market conditions whereas the same EA would lose when these conditions change. Therefore its eminent to keep a close eye at the market. This is the key to successfully use EAs for trading – constantly monitoring.
How can I recognize a forex robot scam?
This question we receive very often. Truly, all EAs that you find on the internet are made with the best intentions – they want to make profits. So as much as we can call it a scam, we can only warn you to look out for websites that advocate to offer the “holy grail EA”, because there is no such thing. Below a few tips that can help you:
- Never trust any screen shots if you don’t see any verified track records.
- Back tests are nothing more than an indication but don’t proof anything.
- Profitable EAs with 90%+ winners we have never seen and most likely are Martingale
- Be very critical about live (or demo) results with brokers that are not FCA or
- Always request to test the EA in a demo environment before purchasing.
- If it all looks too good to be true, it probably is.
- Be aware that most EA review websites only promote their own EA (so in this case all the tips above apply).
The best way to find real proof of the EAs results is to check a live trading account with a respectable broker. Investor passwords or a third verified track record (myfxbook – fxblue) will do.
Our team is more than happy to assist you in case you have any questions.