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If you were to believe any of these publicity messages, then nearly all the purchasers of Forex robots would now be extremely rich. However, reality paints a starkly different picture showing that about 99% of these products are just rubbish. Even the best ones only make money for short periods of time. A recent survey reported that the main reasons for failure are as follows:
- The robots made profits for periods up to 3 months before ceasing - 70%.
- The devices made pre-market income for their developers only- 5%.
- Any small profits that the products did make were eliminated by increased broker slippage - 10%.
- The devices did not even make profits for their designers - 5%.
- The robots only functioned on selected brokers’ platforms and then for brief periods only - 10%.
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Some scammers are so deluded that they claim that the buyers are at fault for the failure of their products. They state that the purchasers cannot expect to solve all their financial problems by buying just a $100 product. However, the scammers are overlooking the fact that it was they who portrayed this image in their pathetic and hideous marketing dross.
One of their latest stunts is to attempt to solve the optimization problem for their new robots by offering a monthly update service at a fee. I had to do a double-take on this remarkable offer because they are actually claiming that their products have an exceptionally low profitable lifespan.
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Please be advised that expert traders are well capable of designing trading strategies that function for long periods of time. As such, do not get taken in by the scammer’s ludicrous rantings.
Ready to start trading? Beginner traders may appreciate all that Plus500 has to offer, while intermediate or advanced traders will likely love the choice of trading platforms offered by Markets.com. Read our reviews of the top-rated Forex brokers such as our FXCM review or our AvaFX review to find the right broker for your needs. |