No-Loss Robot Trading Review: Is Robotic
Software Trading for You? Is it a scam?
In November of 2009, an automated Forex trading robot dubbed the "No Loss Robot" came onto the market for automated software trading. The company claims that this software can maintain your daily trading with absolutely no interaction on your part, and with a success rate of 100%. Essentially, they seem to be claiming that their product is without any flaws.
Manual trading of Forex can be a daunting process that consumes many hours of the day if you want to maximize your trading profit potential. The offer of automated software which can do all the work for you is an attractive one for those who wish to spend time doing other activities. The claim that you can get rich with little to no interaction on your part is also very appealing.
The No Loss Robot (www.forexrobotnoloss.com) in particular claims superiority above other automated trading software. One of these claims is that it can watch all trading timeframes simultaneously, maximizing your opportunities for trading, while other automated trading software can only track one or two timeframes.
The developers claim that this method was developed based on trend-spotting techniques they developed and used while trading manually over a period of years.
Are these claims too good to be true? It probably is if you look at it from another perspective. Even if the software can deliver its promised 100% automation and lossless rate, it should be kept in mind that a guarantee of no loss is not a guarantee of any profit.
The website that sells this No Loss Robot software is rather contradictory. The claims made about the efficiency of the software are touted repeatedly, yet they do not seem to believe in the product themselves, offering additional "freebies" along with your purchase, valued at hundreds of dollars of worth.
These gifts are said to be reserved for the first thousand customers only. Furthermore, a limited-time price of $149 is offered against the regular price of $149 per month. This offer is restricted to the first 20 customers, and is not a logical number to use in an honest selling tactic.
This is a tactic used to make the consumer feel as if they should rush to buy the product before they lose their chance.
Searches for customer reviews and comments on the product included the following, found at www.forexmachines.com/reviews/no-loss-robot
| Barb says: I have been trading it on a live account and was doing great for a short while. There was a change in direction on several currency pairs and I think the robot looks at the long term trend ( will say it was long), but the short term trend was going short, so got into many trades going the wrong way. I don't think there is a stop loss so they just kept going. Lost two thirds of my account. I did not realize there was no stop loss, of course it didn't show one on the trade terminal, but usually there is a hidden one so the brokers don't know where it is and hit it to get you out. I should have manually gotten out, but was too late as it really went down whilst away at work. You are right, if you can sit and watch your trades it might work okay, I did make about $1500 in 2 weeks on a $4,000 account, but lost more than that now. Thinking at this point that the only way to trade currencies is manually, have tried several robots. Hope this helps!!! |
This review is a clear example that the product does not truly deliver what it appears to offer, indicating it is insufficient for automated use in short-term trading. On-site testimonials are meager, and only include positive but incomplete information about the experience using the software, as you can see in this testimonial from Scott Fernandez
, located at www.automated-forex-system-trading.net/forex-automated-trading-system.html:
| I lost my job on January 1st, 2009. The construction company I was working for fell on hard times and had to start laying people off. With 2 kids and a wife to support, the last thing I wanted to do was start draining our retirement fund to get by. Unable to find work 5 months later, I heard from a friend about the no loss robot. He demonstrated it for me at his house and I was in disbelief. That night I purchased the no loss robot, set it up, and began my trading career! 3 months later it has made me over $9,000! |
While this customer boasts a profit of over $9,000, no mention is made of any losses that may have occurred during this time due to the shortcomings the previous reviewer mentioned. It is important to note that this testimonial appears on various affiliate sites across the Internet, with the same wording, but listing different profit amounts in the same time frame.
The software seems to have potential; however, simply having 100% automation as its main benefit is not enough. It appears that the examples of profit shown on the site were from trades that did not have to take things such as stop losses into account. The numbers in the examples also indicate that the risk-to-reward ratio is very low, barely above one-tenth of one percent.
Because of the selling tactics used for this software, I do not believe it would be a wise investment. The site does have a disclaimer which states "remember that past results are not indicative of future performance"
used repeatedly on the site, the sales pitch comes across as a desperate attempt to sell the product using only a few highly-stressed positive features.
A portion of the site's own detailed disclaimer at the bottom of the page states that "No representation is being made that any account will or is likely to achieve profits or losses similar to those shown."
There is also mention of the performance results being hypothetical and simulated, meaning any real profit or loss through use of this software can be expected to result in significantly different outcomes than the examples shown.