Poison Robot review - 5 brokerages - BUSTED! Not profitable

[PipCop]

From http://www.poisonrobot.com/ comes the latest robot under review. It has performed quite well on their live account, turning $10,000 into over $21,000 in just over a month.

I am using all default settings except LOT SIZE = 0.1 instead of 0.01.

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Should I buy/use this EA on a live account? - Government Required disclaimer - Earnings disclaimer

[PipCop]

Just an update - I'm waiting on the V2 version of this instead of posting the old version. I hope to have it up soon.

[cogs]

I have just purchased and started using this one.

I still remain a sceptic of robots after being burnt on GT-Shadow but this has some necessary crucial features.

ie: Set max number of trades, money management , risk percentage, max number of orders and stop loss.

The way these designers distance themselves from their clients still bothers me and reaks of scam, but they are cheap and worth running long enough to at least get your money back.

[mitaji]

What the heck is wrong with forex traders??
The problem with most of us is that as soon as we earn interest, we consume it. We keep running in circles because our investments don’t grow.
If you don't treat your forex account as an investment then you are likely to fall victim of the scams out here in the forex market. I hate it when some newbie trader starts crying foul over some robot he/she traded live expecting the fat returns that the robot author promised on the box..... boohoo Don't look for quick overnight get rich fixes mate, you will regret it.
However, there are good robots that if used with good reasonable money management can grow your account over time. Its unfortunate that even if I had a good robot that did this, the only way to get a traders(read buyers') attention is by over leveraging my test account so that I can claim that it doubled my account in days! Wake up people!

[cogs]

My investments are doing fine and I do quite well FX trading manually, it is just nice to see these little bots at work.

I don't expect fat returns as there is no such thing, slow steady return better than that of my super is just fine.

Just to add, all my robots have paid for themselves and went to zero risk shortly after set up.

However it is common knowledge that no robot continually returns profits as the market changes that is why humans are just better traders.

mitaji, I am not quite sure what you are trying to say. All robot users are looking for overnight get rich quick schemes?

[mitaji]

Cogs,
I'm sure that I'm not the only one using a robot & with a long-term plan. If all robot users are looking for quick returns then they are all doomed. Just to make things clear, my post was not directed towards you. Traders of 12-16 yrs don't fall in the 'newbie' category
I'm just pissed at the fact that every new robot has to offer what seems to be 'overnight' riches in order to get a traders attention. Even after that same trader has been burned over & over. If you keep on doing the same thing why should you expect different results?

[pavement]

Wondering that you are testing this robot.

In my opinon it is a Scam robot and was stolen from Euroblaster. It is opening the same trades as EB.

[PipCop]

I've seen that, and spoke with the authors and did some research and it seems that Poison came around first (in private testing) and someone released it. It's hard to say for sure who came first, but in any event I will test it and either one can be reviewed by it's results.

[pavement]

Probably it is difficult to see, which one was in the market first. And I will not judge this.

A new version of Euro-Blaster (V2) was released 2 or 3 weeks ago. From this releaes date you could see, that the trades from EB and Poison were not the same. But Poison did release a new Version (V2) a few days ago. And guess what? The trades from EB and Poison are again the same.

[PipCop]

Thread icon updated for going below zero on all accounts. Whoops!