Forex Cash Bot is a Forex EA by David Simmons. It is a fully automated black box system that daytrades 6 different pairs. The publisher claims that the system is profitable on 5+ years of backtesting with small drawdowns thanks to tight stop losses. The level of risk the software takes is configurable.
Characteristics
- Trades 6 different pairs simultaneously
- Trades on H1 timeframe
- Max Drawdown: 6% on average
- Claims 90% and more successful trades
Here’s how a 5 year strategy test looks…
Test 1: Independent Strategy Testing
2007 Strategy Test results using 4% risk on a $10,000 account.
View full 2007 EURUSD Strategy Tester results
2009 Strategy Test results using 4% risk on a $10,000 account.
View full 2009 EURUSD Strategy Tester results
2010 Strategy Test results using 4% risk on a $10,000 account.
View full 2010 EURUSD Strategy Tester results
Currently running FAP Turbo on Alpari UK, testing started on 17th April 2010. Current results are as follows:
View Forex Cash Bot Live Test Statement
Lab Result:
Update 8th February 2011:
- After one month of trading both GBPUSD and USDJPY were both showing significant losses and pulling the other currency pairs down. Both these pairs have been turned off. Currently EURUSD is performing the best with a 74% win rate.
How To Activate Forex Cash Bot
First check the Journal tab and/or Experts tab reads “Initialized” and “Authentication was successful” for each currency pair. If not, then you have a problem.
Check the two technical fixes at the very bottom of the Cash Bot Manual as these will fix most issues. If you are unable to complete the install of the fixes on your machine or VPS then read the error message that pops up when installing, it probably means you need a different version of the Microsoft software they tell you to install. Search Microsoft for the correct software then install it.
If you still have problems, please post a comment below and I’ll see if I can help you get it working.
Bought Forex Cash Bot because of the price actually ($29 not to steep), and because everybody who emails me was punting it as the best thing since the end of the barter system. However……..
Please note that once you have spent the $29 you are far from finished. You are then asked to upgrade to the premier version which increases your profits by 24% and works on a few more pairs. And then, if this wasn’t enough, you are asked to subscribe (for $49 per month) to update your pair presets “in case the market changes”.
Loaded on Thurs 4th Nov –
checked results over the next week with the “live updated” statement published on their website. My trades and theirs are obviously not from the same system, they bear no resemblance to each other at all. Don’t know where these guys come from, but in my country advertising like this carries jail time.
Results – after 6 trading days, my $100 000 demo account is sitting at $94 000 + change, in spite of a $1 791 profit yesterday (Fr1 12th).
Hope this helps those who were planning to buy. Will update again next week
thanks gary you just saved me a whole lot of time, i was close to going for this one, but i guess for $29 what do you expect…
Hello
I got this EA, how ever I am trading for 12 years, I can not get it work. It does not trade. Contacted support multiple times no answer what so ever. My approach is refund request.
thanks
John
There is instruction on ForexPeaceArmy reviews to make it take trades. Vendor’s website statement is probably a manipulation. The only chance to see whether this statement is valid is to run it live on same broker as vendor. It looks like it’s ForexMeta broker. But who knows whether that is a true statement or not. Vendor is not transparent about broker he supposedly uses.
Cams,
just to let you know, push button advertises this one on their site once you’ve paid, I didn’t go INTO link to see if it’s extra you have to pay though so not sure if comes as bonus or just advertising, no WONDER it’s showing horrible results
The jury is yet out on this one – I bought it, traded it, it showed a positive gain, then the broker shut me down with some NFA B*** S*** – “Iam an US trader” – so i tried it with another STP broker, offshore – IT traded often on 4 pair and nearley EVERY TRADE was exactley the REVERSE of the MARKET – that is not BAD LUCK, that is INTERVENTION – a word to the WISE – FOREX is RUN by the MANIPULATORS – the only people that are sure to build their accounts are the people who sell EA’s !!
If you are sure this is consistently reversed to market, then get the reverse module from iticsoftware(dot)com, which will place your trades contrary to the ea trades.
Thanks John – I may yet try that software, but first i must decide what may be the reason fot the problem – it may be an Ea internal problem because i did not subscribe to the monthley updates – it may be due to the brokers platform – or it may be offshore regulators, in witch case outfoxing the fox is not likley to occur. Gold bricks do not sell for one dollar – the updates may be necessary to hold back the manipulators – I have not encountered the soft wear that you reccomend, what is it usually used for?
It looks like the software has been removed from the site.
Anyway, the problem of losses has nothing to do with broker. In my view, this ea is a bad. The website statement is fake.
Would you believe that I got a phone call in Australia from a guy who said that the inventer of this bot was sitting along side him and was I happy with it. Well, did I let go. I don’t know what he was pushing this time because he didn’t get a chance.
I, like the rest of you, are sick of scams. I think that the low price of these bots is so the bulk of buyers won’t return them.