Maxturbo EA Review Is This A Legit Or Scam Forex Robot

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Maxturbo EA Review

Maxturbo EA is a new robo advisor that was launched on the 24th of August, 2020. Maxturbo EA is purporting to be the the most powerful automated trading robot. The reason why the want interested clients to choose them is because they strongly believe in performance-based affairs and claims that Maxturbo EA is a proven strategy that has been used by experienced traders for more than 7 years.

Bear in mind the vendor provides no information about their location, identity or trading history in the Forex markets, so if you are interested in buying a copy with them make sure to read this review first.

In order to get in touch with support, traders can fill out a contact form on the website.

Note: Alternative to this Maxturbo Scam EA is DaxRobot.com.

Maxturbo EA Review

The EA Maxturbo is a Forex robot that is making alot of promises and claims to you. The robot is sold for a minimum $299 via the Click2Sell marketplace and is meant to trade important currency pairs like EURGBP with ”consistency in profit”. The Maxturbo EA recommends M15 timeframe which is a short timeframe.

There are two packages for clients to choose Maxturbo; Standard ($250) and Preview ($450). Both offer a lifetime license. The standard package offers a real account a demo account for you to test. The preview account offers 3 real accounts a demo account.

Overtime, we have seen that grammatical errors are hard to be ignored when you are comparing expert advisors or any financial service platform. Traders will notice at first time that the Maxturbo EA sales page is rife with common grammatical errors that are hard to be overlooked considering this is a financial service tool.

EA Strategy

During our review of the Maxturbo EA, we saw that the provided little to no information about their true trading methodology. We could only see that the system utilizes a “unique Algo Trading System” but we could not see important explanation on strategies for technical analysis.

You should know that there are five core steps to getting started with technical analysis. Identify a technical analysis strategy or develop a trading system. Identify tradable securities that fit with the technical strategy. Find the right brokerage account for executing the trades. Select an interface to track and monitor trades.

Trading Result

At the SCAM EA, you will find hundreds of reviews of Forex robots, where we check to see if they are verified investment product, or simply a scam. The way investors properly compare a Forex EA result, is by checking to see if their results are published in a public statement sharing site, like myfxbook or FXBlue.

The MaxTurbo EA team provide us with two verified Myfxbook accounts for analysis.

The main account, is a real account with the PaxForex brokerage, showing a gain of 41% over the course of around a month and a half with a drawdown of 9.22%.

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Despite Maxturbo trading result showing some interesting stats, we are not recommending the Maxturbo EA for a reason that it generally lacks transparency and the vendors are shrouded in mystery despite all their claims. It is not of time to make a comfortable judgement based on the trading result.

Compare important robots

For now, If you want to trade and actually make money, use trading tools that have been verified and confirmed to work.

DaxRobot is a popular automated trading software that comes with a hanful of indicators to configure and use.

The minimum deposit to use it is $250. Test it out for free at DaxRobot.com.

Have you used the Maxturbo EA software, let us know how it tests below.

Forex robots and how they work

In essence, there are two ways Forex traders can approach trading: they can either decide to analyse the market and trade on their own, or they can go with the increasingly popular Forex trading robots that do all the hard work for you and place trades automatically. But, are they really a profitable substitution to trades hand-picked by experienced Forex traders? Let’s find out.

What is a Forex trading robot?

A Forex trading robot is a simple (or complicated) computer program that analyses the market through various mathematical algorithms, connects with your trading platform and opens, manages, and closes trades automatically. All you have to do is install them to your trading platform as an add-on, and you’re done.

Forex robots continuously follow the market and include each new price tick in their calculation to find a trading opportunity. Once the results of their calculations show that it’s a good time to buy or sell a currency pair, the Forex robot will send a signal to your trading platform to open the trade and keep it open until the price hints that the setup is no longer valid. That’s when the robot will close the position, ideally leaving you with a profit.

There are virtually thousands of trading robots that can be found online. While some of them are free of charge, there are also many robots that need to be purchased. They usually come in the form of an EA (Expert Advisor), which are then copied in your MetaTrader’s installation folder and the next time you open your platform, you’ll see the robot (EA) listed in your platform’s navigator window.

As previously mentioned, Forex robots usually rely on purely mechanical rules to find a tradeable setup. In the following lines, we’ll dig deeper into the construction of a Forex bot and mention some advantages and drawbacks of trading using robots instead of trading on your own.

Trading robots rely on mechanical rules

One of the main characteristics of Forex trading robots is that they rely on mathematical algorithms to find a trade setup. To do so, many Forex robots incorporate various technical indicators which are then used to decide whether to buy or sell a currency pair.

Popular technical indicators used in the programming of Forex robots include moving averages, oscillators and trend-following indicators. For example, a very simple trading robot may initiate a buy signal if a 100-period moving average crosses a 200-period moving average from the downside. Sound familiar? Yes, this is a popular MA strategy called the MA crossover. What the Forex robot does is simply automate the process of following when a moving average cross happens, across many different currency pairs. For sure, this has many advantages compared to manually looking for an MA cross, but the ultimate trading performance is only as good as the MA crossover strategy can be – whether executed manually or automatically.

Another example of a Forex bot is the usage of the Average Directional Movement Index. A Forex robot can be programmed to open a long position only when the ADX indicator shows that the current trend is up, or to open a short position only when the ADX indicator shows that the current trend is down.

Since the ADX indicator usually lags the price (just like most other technical indicators), the Forex robot may open the trade when the initial price movement is already completed, leaving you either with a small profit or a loss if the price reverses. The following chart shows a simple mechanical trading rule which can be programmed into a Forex robot, using the ADX indicator to open trades.

Mechanical trading rules usually work only during certain trading conditions. A trend-following robot would have a difficult time generating profits in range-bound markets, while a robot that trades support and resistance levels will likely disappoint in strongly trending markets. While more complicated robots take into account the current market environment, their performance is still tamed by existing limitations of mechanical trading rules.

How to evaluate a Forex trading robot

Since Forex trading robots are basically EAs, they can easily be back-tested using the MetaTrader platform. Many Forex bot providers have already done that, so you can pick the one that suits your trading goals. Metrics that one needs to consider are profitability, profit ratio, winning ratio, and maximum drawdown, as these are the most important metrics that are used in the evaluation of any trading strategy.

If you’re using the MetaTrader platform, you can check a Forex robot’s performance by clicking on the Signals tab inside the Terminal window and selecting a bot. This will open a window like the one shown in the following picture.

You can check the robot’s growth rate, net profit, number of subscribers, as well as the subscriber’s funds, maximum drawdown, trades per week, average holding time, and more. Make sure to make your analysis if you want to employ an automated Forex robot to trade for you, as you want it to make the right trading decisions and return a profit.

How to use Forex trading robots

By now, you know what a Forex trading robot is, how it works, and how to evaluate its performance. Now it’s time to explain how to make the most out of the Forex trading bot, by taking into account the way it makes its trading decisions.

The most important rule is to use a trading robot only during certain market conditions for which the robot is programmed. Just like with an airplane, the pilot will manually perform the take-off and landing procedures, and fly on auto-pilot only once everything works fine and the airplane is in the air. Similar to this analogy, you shouldn’t use a trading robot during market disruptions and important macro-releases (unless the robot is programmed specifically to trade macro-releases). In addition, don’t use a trend-following robot when the market is ranging, and vice-versa.

Knowing the market conditions during which your robot returns the best results is mandatory, so you can employ them only in times when their profitability is the highest. You can also use several robots with different trading strategies and use them according to the current market environment. This way, you’ll make the most out of the trading robots.

Advantages and drawbacks of trading robots

Trading with Forex robots has both its advantages and drawbacks. The most notable advantage is that the robot is programmed to do all the hard work for you. It will analyse the market using its algorithms and automatically open, manage, and close the trades for you. The drawbacks of using Forex robots are closely related to its advantages: Can a robot really be profitable, and can the markets be successfully analysed and traded according to mechanical rules?

Here are the most obvious pros and cons of Forex robots:

1) Pro: automated trading – Simply run your Forex robot and you’re done. It will trade for you, and you only need to watch your trading account growing (hypothetically). Automated trading is the most significant advantage of robots, as it prevents emotional trading and you have more free time to spend on other things.

2) Con: mechanical trading doesn’t always work – This is the main disadvantage. Markets cannot really be traded using mechanical rules all the time. Large market disruptions, unexpected events, and changes in risk sentiment and in market conditions can all cause a profitable robot to become unprofitable. This can be partly offset by using multiple robots for various market conditions, but hand-picked trades from experienced traders will likely beat any robot’s performance.

3) Con: risk and loss management – A robot will open a trade whenever its algorithm says so. Even if you wouldn’t take the trade in manual trading, a robot has no common sense and simply follows orders. While some robots have advanced risk management rules, programming common sense is still not possible, which can lead to losses which could have been avoided otherwise.

Conclusion

Forex trading robots are computer programs that can be utilised as add-ons to your trading platform. They use mechanical trading rules to analyse the market and open, manage, and close trades automatically. While this may sound like the Holy Grail of trading, you need to be aware that robots have their limitations, which prevent them from being profitable all of the time.

This is not to say that you shouldn’t use robots. Trend-following robots will do extremely well in a trending market, and robots that are programmed for ranging markets will be profitable in range bound markets. Still, you need to take an active role in determining current market conditions and switch between various robots to make the most of them.

Also, don’t forget to evaluate a robot’s performance before you utilise it in trading. Key metrics such as profitability, growth rate, maximum drawdown, winning ratio, and net profits need to be taken into consideration when choosing the best Forex robot for you. By following these rules and being aware of the advantages and drawbacks of Forex trading robots, you can start to enjoy the profits that come with automated Forex trading.

Forex Robot Scams

*Last updated in January 2020*

When it comes to investing, there are endless ways to scam a trader. Many brokers manage to get away with their fraudulent activities for a period of time. Then they are either ‘caught’ by a regulatory organization or they succeed in absconding with their clients’ funds, never to be seen again.

Broker scams come and go. Some move underground only to pop up again at a later date. There are always unethical brokers looking for schemes to fool investors and it takes only a few big deals to make the whole endeavor worthwhile.

Scams must be done in a clever, convincing manner. They must also be convenient for the trader. The easier it is for the trader to seemingly make money, the more a fraud will succeed. The latest entry into the Forex scam market is the Forex robot, which is a perfect example of promises of easy money. Forex Robots are all about making money while you sleep which makes them a prime area for fraudulent activity. Forex robot scams are only now beginning to be uncovered but not everyone concurs that Forex robots are scams to begin with.

Thankfully, there are more and more websites rating Forex traders and their systems. You can make more educated decisions after reading reviews and checking with experienced Forex experts. At the very least, one should search for reviews before purchasing a Forex robot, no matter what claims are made about its success.

Forex Robots

Forex robots or Expert Advisors (EAs) are programs that claim to automate Forex trades. It’s like putting a plane on auto pilot. Traders can sleep through the night calmly knowing that their trades will be placed exactly at the times they designated. Sounds easy, right?

Forex robots are getting a lot of hype of late and Forex robot scams are not far behind. Almost every Forex broker currently offers its account holders the opportunity to use a Forex robot for their trades. They back up the legitimacy of these robots with tremendous profits and lull the trader into a false sense of security only to end up broke. These claims are usually based on a very narrow window where the particular product was successful and not on a long term use of the Forex robot.

A Forex robot can only be as smart as its creator. The creators of these systems are looking to make a quick large sum of money and are not looking at the fact that the most predictable thing about the Forex market is the changes you cannot predict without watching the changes carefully. Anyone who knows the Forex market well and understands it will recommend a live person with their own trading strategy and then and only then does it make sense to automate any of it.

The companies producing Forex robots often rely on very broad, small print disclaimers to keep them out of trouble for promising tremendous results when those results are unrealistic in the long term.

The problem is that Forex robots are run based on automated mathematical algorithms, not taking into account things like market conditions that vary with political issues, weather and other factors. The inconsistency of the market is impossible to program into a robot, and therefore the results of Forex robots are inconsistent as well.

Most Forex robot scams are easy to pinpoint and would seem obvious to any investor. But even with blatant false promises of huge profits “while you sleep” millions of dollars are dropped into these Forex robot scams every day. Even those brokers that are successful exaggerate their numbers to attract new clients.

Online Forex Robot

One needn’t depend on the Forex broker for these robots because Forex robots are readily available for purchase online. Even Amazon.com sells the software package made available by one Forex company under the heading, “Make Money While You Sleep – Advanced Forex Auto Trading Robot.” Costs for a robot program hover around $1000 for the package so most traders opt to use the EA provided by the Forex broker. This is what leads so easily to Forex robot scams.

When you look at any two weeks of trading in the past that were profitable, and then make a profit claim based on those weeks, you are not lying to anyone. These Forex robots claim their profitability based on any given successful time period in their past when testing the product so they aren’t lying. Be very wary of hindsight claims in simulated conditions.

Since 99% of traders who purchase a robot end up asking for a refund, most experienced Forex traders recommend never purchasing one. Objective Forex traders suggest never putting a Forex robot on a live, real money Forex account until it has been tested thoroughly through a demo account. If the Forex vendor is genuine, then he should advise his traders NOT to use an EA until they fully understand what the robot is all about.

Getting a refund for the Forex robot sometimes will satisfy the customer but they have already lost in the market and wish they had never gotten involved with it in the first place.

Forex traders who have used robots in the past suggest that traders learn enough about the workings of the EA program so that they can place the trades themselves and not through a broker. This will provide them with a sense that they are in control of their money and are not leaving it in the hands of a broker. This may not lead to profits but it will eliminate the feeling of being taken in by a fraudulent Forex robot scam.

Vader Forex Robot

Generally, nothing that promises tremendous gains with very minimal investment will prove to be successful. Any experienced Forex trader will tell you that it takes real understanding, and changes based on that understanding to be successful in the Forex market and for that you need a human involved in the decision making process. A carefully chosen Forex robot, monitored by an educated Forex trader can help to automate the trading and reduce time spent which saves money in the long run. If you and your Forex trader do the research then Forex Robots can be a positive thing. It can be a benefit to eliminate the emotional aspect of trading if you don’t eliminate the intelligence. Beware of any arrangement that does not involve careful research by experts and remember that it is not only the cost of the Forex robot at stake; your trading capital is as well.

Video: Scams in Forex Trading Script:

“Welcome to DailyForex. Today we are going to be looking at, Forex scams, and so called, Forex robots.

Scams in the Forex market! Forex robots!

If you type into Google in the search engine, “Forex robot” there will be hundreds of pages, a lot of companies trying to scam people in the Forex market. You know they are killing enthusiasm. People that want to come and invest or trade in the Forex market aren’t interested, they are killing their enthusiasm because people will get burned by these so called Forex robots that are being sold. They are promising “x” amount of gains that you will “make this while you are sleeping”. Essentially, put your trades on “autopilot”. And the gains will just magically take care of themselves.

Well guys, the fact is, this is a scam! And most people will realise that, after learning the hard way and trying to get their money back. These companies just disappear. They come and go, they are thinking of more creative ways to try to make a quick buck out of these poor people that are trying to come into the market with genuine interest in Forex trading. They are getting hooked by these awful markets that are dragging them in and it is really toxic and something I am quite passionate about and I really am not keen on seeing.

The companies producing Forex robots often rely on broad, small print disclaimers to keep them out of trouble by promising tremendous results when those results are unrealistic in the long term. The problem is that Forex robots are run based on automated mathematical algorithms. Not taking into account things like market conditions that vary with political issues, weather, and other factors. The inconsistency of the market is impossible to program into a robot and therefore the results of Forex robots are inconsistent as well.

The thing is with these so-called Forex robots, essentially where they are able to suck you in as well, is that every trader may have a particular period of trading that they see exponential gains and typically what these Forex robots- (EA expert advisors) would do , is get a particular period – where it’s actually done really well where they got “x” amount of gains, and percentage , and they will market that period of trading of a week or 2 weeks and they will market that- look how much these Forex robots made in this period of time! Well guys, this is nonsense! Because the week following the period they focused on they may have had a massive drawn down or their account blew up you just don’t know but they suck you in with that particular good period.

So be careful in that. And also with Forex robots they don’t take into consideration risk management, risk per trade, draw down, factor in your account can blow up. All they care about is broker commissions , some of these brokers are partnering with these awful companies just because they know people will deposit their money into the broker, follow this robot, they will get their commissions that earn them the spreads, etc. and it really is toxic! So avoid these Forex robots in general.

So thank you guys from DailyForex, we hope thats given you a bit of an education and inside into being very aware of the scams that are going around in the Forex market. Don’t forget to download the DailyForex app for the latest educational videos and market analysis!”

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