In this review we have a look at a new Forex robot scam called Forex Trading Robot Dave (bestforextradingrobotea.com).
The website of Forex Trading Robot Dave says that it is a trading robot that scours the market 24 hours a day, whenever the market is open with an aggressive scalping strategy to provide forex trading services to its client.
Currently, the developer doesn’t provide any information about their trading history or company location. It is unknown who the developers of this robot are. This means that the best plan to contact them is to email [email protected]. Does it sound real?
Forex Trading Robot Dave Scam
The reality is that Forex Trading Robot Dave is a simple investment scam, nothing more, nothing less.
So now that we have no idea who is selling this robot, we can’t call them by their name or that of their company. Keep in mind that we also do not know whether a company is involved in the making and selling of this Forex robot.
We are hoping that this Forex developer will soon include this info on their sales page because failure to do so will only result in mistrust between them and the people they want to sell this robot to.
Let’s go to the trading strategy as explained on the sales page of the robot. They tell us that this robot is “based on a large number of price data analysis, real-time scalping system.” Considering the sales page has many contents on it, it’s a little disappointing that the vendor only gives us a single line about their strategy. The rest of the website is some sort of fluff story. You can have a look at the Forex Diamond EA for sales page that do include strategy insight.
What you realize from this explanation is that the vendor is focusing so much on marketing rather than giving us hard facts about how their robot is special. There is no real information pertaining to the strategy that is being used here which is the reason the robot cannot qualify in the list of the best trading software at this time.
Licensing and Analysis
We would like to bring to your attention that the robot comes in two packages, MT4 and MT5. The cost of one license for this robot is $97 per account. It trades any pairs which include USDJPY, GBPUSD, EURUSD, AUDUSD, EURCHF, and EURGBP. If you are planning to buy software that you will use for more than one account, then it is quite difficult to imagine that you will purchase multiple licenses. The robot comes with 24/5 support and a 30-day money-back guarantee.
Now, the question you should ask yourself is whether there are trading results to showcase the performance and justify the price tag for which the robot is selling.
At some point, we were going to ask what trading performance has been like for this robot. It is the standard way of evaluating trading systems. It does not make sense to sell a license for as much as $97 and yet the vendor cannot prove that they are offering a premium quality product. The vendor provides an account ID and broker to make login convenient. The vendor provides a couple of screenshots and youtube videos as performance results.
While you might think that this is a solid way to prove performance, it is actually a flawed way of presenting performance simply because there is good 3rd party statement-sharing websites that do a better job than screenshots and videos that can be manipulated.
One thing that traders might not know (especially if they are new) is that a statement-sharing platform like Myfxbook is meant to summarize all the important information so that it is presented in a manner that’s meaningful and insightful.
To cut a long story short. We appreciate these screenshot. But at the same time, we are wondering why exactly Forex Trading Robot Dave cannot be tested on these platforms.
Our best advice for you
And of course, the Forex Trading Robot Dave does have a few reviews worth looking at. These are mostly negative though. So nothing inspiring. To avoid the headache, stick to these robots.