Forextracer

[TheAceFace]

Has or is anybody using the forextracer robot application?

Thinking of trying it out, can anybody give any feedback on this, good or bad.

Cheers

Ace

[barrella]

Has or is anybody using the forextracer robot application?

Thinking of trying it out, can anybody give any feedback on this, good or bad.

Cheers

Ace

Just did a quick look around on the old world wide web and on first inspection I could not find anything super bad about it but on the other hand I could find nothing good about it. I would like to hear an opinion from a person using it.

Edited September 7, 2008 by barrella

[PCA]

sure a good inwastement.

[TheAceFace]

sure a good inwastement.

Can you elaborate on why its such a waste, some people may genuinely interested.

[PCA]

sure a good inwastement.

Can you elaborate on why its such a waste, some people may genuinely interested.

Well, I have no proof about this one as I did not check it but generally such systems are not worth looking into them. It is a very often used way of scamming newcomers and luring them into such an easy thing like making an almost effortless regular profit possible with little risks. Usually you cannot be sure until you try it but applying common sense why anyone having a foolproof system would sell for a few hundred bucks to everyone?

The way those people normally operate is to backtest certain currency pairs and what ever strategy gave them the best result they additionally filter out most of the losing trades by adding specific rules afterwards. Then they can of course show you an impressive equityurve with a high percentage of winning trades and very low drawdowns in order to convince you. Bear in mind with a backtestingsoftware you could basically create a strategy with 100% winners. Since they want to be just superior but not perfect they make it as "realistic" as possible by leaving in some losing trades.

It is possible in case you purchase such a system it can produce some profits as they backtested most recent data and therewith the way they filtered might work for a few trades just there is no regularity or corellation to the kind of returns you expected when purchased and then comes the time when it just doesnt work at all anymore. You can then chose between stopping it after losing from the beginning or after giving back the little you luckily made since your start. And you know what most people are doing then - they just purchase a new system.

All in all its not so much about wasting the price for the purchase but rather will you get attracted to the biggest casino in the world and there are no meals for free.

Hope that helps

[trd]

I trade forex manually, but I also run 2 robots, or expert advisors as they are called, which make consistant profits.

I don't know about Forextracer, but I use FXProMaker and Steinitz hedging robot. Both made about 5% on my account last week. That's got to be better than bank interest rate right. It beats my manual trading performance. How humiliating to be bettered by a computer. LOL. However it's better to spread risk. Just in the same way that you would buy a porfolio of stocks to spread risk, I believe in having a porfolio of trading strategies to spread risk in forex, trading both manually and automated. The advantage of a good automated system is that it can monitor the market 24 hours a day. I can't do that as I have to drink beer and sleep occasionaly.

[TheAceFace]

Thanks for the info guy's

I am no expert in trading, I know some on here are, thats why I wanted some input before I give it a go.

Trd, if you find out any more about the tracer, please let us know.

[LarryDavid]

I trade forex manually, but I also run 2 robots, or expert advisors as they are called, which make consistant profits.

I don't know about Forextracer, but I use FXProMaker and Steinitz hedging robot. Both made about 5% on my account last week. That's got to be better than bank interest rate right. It beats my manual trading performance. How humiliating to be bettered by a computer. LOL. However it's better to spread risk. Just in the same way that you would buy a porfolio of stocks to spread risk, I believe in having a porfolio of trading strategies to spread risk in forex, trading both manually and automated. The advantage of a good automated system is that it can monitor the market 24 hours a day. I can't do that as I have to drink beer and sleep occasionaly.

Hi,

as an ex-profesional software developer I have to tell you that bots are dubious little things.

They can only be programmed with the logic of a the people who make them. Markets are just to dynamic. Its not possible to incorporate the quick thinking and dynamic thought process a human makes. Nor will a bot learn. The more people use it the more worthless it becomes as everyone uses the same tricks. You have to think outside of the box for any real advantage.

To be honest 5% sounds a poor gain for all that effort and risk.

I work in a professional financial firm. We use many different funds across the globe. Some of the lower products pay a guaranteed 10%. The big hedge fund guys can make incredible products through diversification and years of experience. Its a much better way to make money.

Look for example at the chaps who sold crude oil futures at $200 a barrel about 8 weeks ago...

Oil prices have dropped considerably since that time. The futures can now be traded for hard cash.

My point is I recommend you seek profesional advice rather than taking unnecessarily dangerous risks.

[trd]

.

Hi,

as an ex-profesional software developer I have to tell you that bots are dubious little things.

They can only be programmed with the logic of a the people who make them. Markets are just to dynamic. Its not possible to incorporate the quick thinking and dynamic thought process a human makes. Nor will a bot learn. The more people use it the more worthless it becomes as everyone uses the same tricks. You have to think outside of the box for any real advantage.

To be honest 5% sounds a poor gain for all that effort and risk.

I work in a professional financial firm. We use many different funds across the globe. Some of the lower products pay a guaranteed 10%. The big hedge fund guys can make incredible products through diversification and years of experience. Its a much better way to make money.

Look for example at the chaps who sold crude oil futures at $200 a barrel about 8 weeks ago...

Oil prices have dropped considerably since that time. The futures can now be traded for hard cash.

My point is I recommend you seek profesional advice rather than taking unnecessarily dangerous risks.

So you think that 5% growth of equity per week isn't much good do you. You may know something about software but it doesn't sound like you know much about trading. I think the 10% on funds you are referring to is per annum right?

[barrella]

I am good at digging up info on the old internet and to be honest there is more medium comments about this forextracer performance than negative. The only thing that was of real interest to me was that you can use it for 60days and get a refund if you do not like it. After digging around a bit more I found a few posts on some forums saying, that they tried to get a refund after forextracer not performing the way it was marketed to and they could not get the cash back . To complicate matters once this was posted there was a rally of other posters saying that they had never tried to get a refund as the system was doing well for them.

The thing that I still can not get over about these bots is the same as what was expressed by PCA , if it works why sell the idea on? plus if you are going to sell it on why not for $4000 or $5000 not $97 with a free gift and a money back guarantee.

Has any member bought one of these systems with a money back guarantee and tried to get a refund?

Edited September 8, 2008 by barrella

[lannarebirth]

There are hundreds or thousands of free "systems" or methodologies which will give you a statistical advantage in trading. There is no reason to spend even one satang for a system whose results have more than likely been "data mined". What you will find, once you begin trading, that the hardest part is not in knowing what is the liklihood of something happening, but how can you benefit from it. That is down to your own psychology and money/trade management.

There are some people who have some talent instinctively, but they are in the very small minority. Mostly it is a learned behavior (with a lot of behavior to unlearn too). I have never seen anybody learn what was necessary to trade successfully who did not first lose some money. Now you have real time trade simulators you can practice on, which aren't perfect from a psychological POV, but do give you some experience being "in the market". I would encourage anyone interested in these matters to spend 6 months to 1 year in simulations, before they ever put a satang on the table.

Edited September 8, 2008 by lannarebirth

[junkofdavid2]

I trade forex manually, but I also run 2 robots, or expert advisors as they are called, which make consistant profits.

I don't know about Forextracer, but I use FXProMaker and Steinitz hedging robot. Both made about 5% on my account last week. That's got to be better than bank interest rate right. It beats my manual trading performance. How humiliating to be bettered by a computer. LOL. However it's better to spread risk. Just in the same way that you would buy a porfolio of stocks to spread risk, I believe in having a porfolio of trading strategies to spread risk in forex, trading both manually and automated. The advantage of a good automated system is that it can monitor the market 24 hours a day. I can't do that as I have to drink beer and sleep occasionaly.

Amen and alleluia to you!

You've found God's holy grail!

At 5% per week, your 5,000 USD will grow to more than 126 MILLION dollars in just 4 years.