FXTradingReviews Forex BlogReal Reviews of Forex Trading Systems

January 2010 Update: Read my full Forex Megadroid Review here.

Forex Megadroid has just been released and judging by the slow response times of their website, I can imagine that they are making hundreds of sales as I type this. I spent some time reading through the information on their Homepage and found the following things that impressed me:

Forex Megadroid works under all market conditions. Most Forex trading robots work well under certain market conditions, but fail completely when the market changes. I’ve seen many robots that work well when the market is ranging, but then makes massive losses when the market starts trending and visa versa. Even the famous Fap Turbo requires a flat, ranging market to perform well. One of the main points that the creators of Forex Megadroid are pushing is that it works under ANY market condition.

One of the BIG problems with Forex robots and the Metatrader platform in general is the shady tactics deployed by brokers. It is common knowledge that many Metatrader brokers trade against their clients and together with things like high spreads, offquote errors and slippage it has become almost impossbile for a trading robot to consistently make a profit. Forex Megadroid is the first robot ever to be released with a broker protection or anti-broker mechanism.

They have a pledge on the Forex Megadroid Homepage that reads: “No Forex Broker In The World Will Ever Know You Are Trading With Forex MegaDroid, No Forex Broker Will Ever Be Able To Stop Forex MegaDroid™ From At Least Quadrupling Every Dollar You Deposit …“. I have no idea how this works yet, but it certainly sounds like a great feature.

Can Forex Megadroid really quadruple every dollar you deposit? Is the so called RCPTA technology the massive break through in artificial intelligence that they promise? We will have to wait and see. This product certainly seems to be something different and at the special launch price of $97 I am definitely getting myself a copy. I will start testing Forex Megadroid today and hope to post a detailed review within the next week.

Click Here to Visit the Forex Megadroid Homepage

January 2010 Update: Read my full Forex Megadroid Scam review here.

January 2010 Update: Read my full Forex Megadroid Review here.

The hype around Forex Megadroid is building up and second only to the recent launch of Fap Turbo, this is definitely one of the biggest launches of a Forex trading robot I have ever seen. I am receiving multiple emails about Forex Megadroid each day even though I promised myself not to get caught up in the excitement, I can’t help looking forward to see what this produtc is all about on Tuesday, 31 March 2009.

A video was released on the Forex Megadroid Homepage today in which the creators talked about some of their background in the Forex industry and how the system came about.

The Forex robot industry is full of lies and I’ve learned the hard way to always take these type of stories with a pinch of salt, but when watching the video one can’t help thinking that there is something different about this launch. Perhaps it’s all just fake, but we’ll find out soon enough. The one thing that keeps on coming up about this robot is the so called RCPTA (Reverse Correlated Price and Time Analysis), which is supposed to be a new frontier in Artificial Intelligence technology. In my opinion this is just a fancy way to say that Forex Megadroid uses a very accurate, mechanical system to predict future movements of the currency pair it runs on.

The Forex Megadroid robot promises a lot – on the homepage it says the following: “Every Single Dollar Deposited Will Be AT LEAST Quadrupled” and in the video they mention that this can be achieved in any kind of market condition, trending or ranging. Whether this is all just a bunch of garbage we will have to find out on Tuesday.

Please feel free to comment if you have any further info regarding this product.

Click Here to Watch the Latest Forex Megadroid Video

January 2010 Update: Read my full Forex Megadroid Scam review here.

January 2010 Update: Read my full Forex Megadroid Review here.

I’ve received some “insider” emails regarding the launch of Forex Megadroid, a new Forex robot that promises to be the best there ever was on March 31. According to Albert Perrie and John Grace, the creators of this Forex Megadroid, this robot has shown consistent profitable results since 2001.

None of the details has been released on the Forex Megadroid Homepage yet, but it supposedly has an amazing record of accuracy over the past 8 years, with a success right of 95.80% over this period.

We have of course heard this same story many times before, but there seem to be a bit of extra buzz about this one that has caught my interest, so I am keen to see what this product will deliver.

Forex Megadroid will cost $97, so the price is reasonable, but will this be another hyped up scam like so many others or not? We will have to see on Tuesday. More info will be released over the next couple of days as part of their pre-launch and I will make another post about this then.

Click Here Visit the Forex Megadroid Pre-Launch Homepage

January 2010 Update: Read my full Forex Megadroid Scam review here.

A Sophisticated Forex Robot or Just a Scam ?

Click Here For My Top 5 Forex Trading Systems

The Steinitz HAS MTF Forex robot has been around for quite a while and as expected, the homepage features proof of its earnings, great testimonials from customers and the promise of making a living from Forex while you sleep or play golf. Perhaps the most impressive claim of this program is the fact that it is a 100% no loss system, so the question is – if this system has a 100% success rate, then why isn’t everyone using it ?

I have spend some time researching this product and what I have found so far definitely raises the alarm bells for me. The fact that the Steinitz HAS MTF system has a 100% success is not a false claim in itself, but the problems lies in the way that this is achieved. In order to achieve such a high success rate, this system never closes a losing trade..instead it will hang on to a losing trade forever until it turns a profit, sometimes going through massive drawdowns of up to 1000 pips and more.

This method works most of the time, but in the end it is inevitable that one losing streak will wipe out your whole account. Personally I think this system is way too risky and would not recommended it to my readers. If you are interested in automated Forex trading I suggest that you consider Fap Turbo or one of the other products on my Top 5 Forex Trading Systems page instead.

$2,000,000 Per Year or a Complete Scam ?

A few people has asked me to look into the Forex Maestro robot, so I decided to do some digging to see what all the hype was about. Forex Meastro was launched on 17 Feb 2009 and as expected, the sale letter featured screenshots of Forex accounts making thousands of dollars per month, together with raving testimonials of many happy customers. We all know that many of the reviews and testimonials online can not be trusted, so the question is – is Forex Maestro just another scam or not ?

After spending an hour or two researching this system I found enough information to convince me that Forex Meastro is a complete ripoff of a FREE trading robot from 2004 called Firebird, which apparently is nowhere near as profitable as promised. My advice to you is to AVOID Forex Maestro at all costs. If you are interested in automated Forex trading I suggest that you consider Fap Turbo or one of the other products on my Top 5 Forex Trading Systems page.

Conclusions and Recommendations

There are hundreds of Forex trading products online and distinguishing between the real opportunities and the scams can be difficult. I hope that this review has given some insight into the Forex Maestro product and helped you with your decision. It is always a good idea to visit the Click Here For My Top 5 Forex Trading Systems

January 2010 Update: Read my latest Fap Turbo Review here.

It has been a while since I posted any updates regarding Fap Turbo and since I received a number of emails regarding this I decided to post some details about this today. The question that everyone asks me is this – do people really make money with Fap Turbo ?

The short answer to this is yes, people do make money with Fap Turbo. This question is asked on the Fap Turbo forum every week and there are always many happy customers responding with positive results. However, there are also people (like myself) who have lost money with Fap Turbo over the past couple of months.  In this post I will list the key reasons why I lost money with this system and what you can do to prevent the same from happening to you.

• Choosing a Broker
  It is absolutely essential that you choose a broker that offer a spread of 5 or less on EURGBP between the hours of 21:00 and 01:00 GMT. This is critical to the success of Fap Turbo and the main reason why I have lost money so far. Interbank FX has a spread of 7-12 on EURGBP at the moment and because I grew impatient I allowed Fap Turbo to trade under these conditions, which resulted in unnecessary losses. The following brokers are seen as Fap Turbo friendly at the moment: Alpari, Forex.com and FXCM.
• Using a VPS
  While a VPS solution comes at a cost, it is an important option to consider when trading with a live account. I have lost a significant amount of money due to untimely power failures and reboots and now firmly believe that a VPS solution is a key component when it comes to minimizing risk, especially if you live in a country that has unreliable power and internet infrastructure.
• Market Sentiment
  Fap Turbo is an automated system that you can run 24/7, but sometimes it is just safer to turn it off under certain conditions. This system performs brilliantly under narrow, ranging type conditions, so if the markets are very volatile with huge price fluctuations it is normally safer to just stay out and wait for the next day. It is also advisable to avoid trading on days when big news announcements are made. Judging the market sentiment is something that is discussed in a lot of detail in the Fap Turbo member forums.

All in all I believe that Fap Turbo is still a profitable system, provided that you are not greedy and take a low risk approach..the opposite of what I have been doing so far. Right now I don’t want to go through the pain of moving my Forex account to another broker, so I’ve decided to disable Fap Turbo on my live account for a while and see how things turn out. In the mean time I hope to post some test results using other systems soon.

Please feel free to comment with your own Fap Turbo results below.

January 2010 Update: Read my latest Fap Turbo Scam review here.