Is The Forex Robot World Cup Competition Legit?
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When something as groundbreaking as the Forex Robot World Cup Competition comes along… it is only natural some people are skeptical. We’ve all been scammed by false promises and doctored “proof”. And the truth is, some traders who have failed to make money trading Forex would rather believe some kind of conspiracy theory than work on their trading skills.
MINI RANT: Like when some traders blame their failures on brokers stop hunting… as if the broker really cares about the small amount of money independent traders use, or could move enough money in the 3 trillion dollar a day market specifically to take out their little stop. I think these people need a ego check… the market is too big to care about any one trader. But I digress…
So, Is The FRWC Legit?
One of the biggest signs this is legit is the fact the sponsor is one of the biggest Forex brokers in the world… FXCM. They provided the Metatrader4 environment for the robot contest so everyone would be trading on the same platform. And for those of you who believe in conspiracy theories… brokers are not the enemy! Think of this…
- Brokers make money on the spread.
- Brokers want you to trade and trade a lot… because they make more money that way.
- The more trades you make, the more money they make regardless of whether you win or lose.
- Automated robots that trade 24 hours a day, and trade keep trading for a long time are like a money machine for them.
You can learn more about the broker relationship FXCM has with Forex Robot World Cup by listening to this audio interview: Forex Robot World Cup Interview
Are The Trading Journals Being Verified?
One of the great things about this Forex robot competition is the fact everything is transparent. I know there are a couple of traders and organizations out there verifying every trade during the 2 month period. And keep this in mind, they had everything up in real time so you could follow along. Everything they have done so far is easily verifiable… which means the results are real!
Which Is The Best Forex Robot In The Contest?
I think this is a case where “best” does not necessarily mean most profitable over the testing period. The winner LMD made the most money over the 2 month live trading period. However, it was a sporadic and seems to use a slightly more risky strategy. I really like HiRider because it looks very stable and shows a great equity curve. I also think Supervolcano, Simple and Cobaltfx look good as well.
Keep in mind, you don’t need a robot to triple your account every 30 days to be extremely profitable. Of over 300 robots entered into the contest, only 24 were hand-picked for live trading with real money. Of the 24, only about 7 or so were profitable. Do you see how this competition weeds out the bad robots?
Is 2 Months Long Enough For Testing?
Remember, this was 2 months of LIVE trading with real money. This was not some backtest on a demo account. This was a real trading environment with real profits. So, I think the results mean these Expert Advisors are definitely worth a look.
As with any automated trading solution, you should test it out yourself before you put your own money at risk. But I think the competition has given us a head start by weeding out robots and leaving us with a handful of robots to take a serious look at. I for one am very excited to get my hands on these winning robots.
When Will The Winning Robots Be Available To The Public?
Feb 16th is the date. This is when the robots that showed profit during the live testing will be packaged and made available to the public.
Click Here To Learn More About The Forex Robot World Cup
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