Faret Forex Robot is an EA, which fancies itself in the vein of well-known, legitimate Expert Advisors. While the whole premise on which the Faret Forex Robot pitch is built, is indeed feasible and reasonable, there are a number of problems which just make us go “hm…”
Faret Forex Robot Scam
Here are the problems we found during our review of the Faret Forex Robot.
- It is unknown who the developers of the system are.
- The account is currently showing a weekly return of 13%, a monthly return of nearly 70% over a small sample size of just 37 days. This is not enough to say that the robot can perform adequately at different market conditions.
- Faret Forex Robot is so new, that there is no client feedback available yet.
There doesn’t seem to be much of an emphasis in terms of explaining the strategy, as all we are told is that the system “automatically spots profitable trends and takes advantage of them.”
Faret Forex Robot Review
The Faret Forex Robot EA is very much like many other Forex Expert Advisors. They claim that they have taken a look at all the EAs in the market today and found what is missing in most of them. The system is built to work in every market condition, and we are told that the results are always the same on both demo and live accounts.
Real Forex investors know that a real Expert Advisor is only as good, as the timing of the trade. If some tells you to buy EURUSD because it is going up, you will make money, only if you buy and sell at the correct time. If you buy to early or too late, you might lose your fund.
Compare this EA with the real FXMasterBot.com.
Warning About Fake Promises
The business model – despite its feasibility – has some major holes in it. First off, the site tries to make us believe that the EA NEVER loses as it knows when to take profit and/or stop loss. FARET FOREX ROBOT uses several indicators and a never-seen-before inbuilt strategy to make profitable trades with near 85% accuracy. Legitimate EAs never make such claims, as they are fully aware that their users are never more than a bad setting away from racking up losses.
There’s an utter lack of transparency regarding the inner workings of the software, and there are no proper settings users can tinker with. We can follow instructions on how to use it, but there are finer settings which are absolutely necessary for a proper Expert Advisor, and we said earlier, we don’t really know what kind of mechanisms the strategies employ.
Automated Forex trading can be profitable and fun, as long as you are using an Expert Advisor that is fully and easily customized.