Forex robot championship
Scientific method — Scientific method refers to a body of techniques for investigating. To be termed scientific, a method of inquiry must be based on gathering observable, empirical and measurable evidence.
In other words, you develop and theory and using the scientific method you rigorously test the theory in an attempt to prove it valid. At the end of this two month period whichever EA ends up with the biggest percentage profit is the winner.
What an absolute joke. Lets get back to the scientific method. The scientific method has been used for hundreds of years to test hypotheses and acquire new knowledge.
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The scientific method calls for rigorous testing of a hypothesis before the hypothesis can be proven valid. For example, any new drug that is developed has to go through years of rigorous testing to make sure it works and it is safe to go on the public market.
So in the case of an EA. You have a hypothesis an automated trading method , now to test the hypothesis you turn the method into an EA and subject it to rigorous testing. This is what the Forex World Championship claims to do. However, how rigorous can 2 months of testing be?
The problem is market conditions often change. The testing of the EA is not rigorous at all, 2 months of testing does not give you enough data to conclude an EA is profitable. You need at the very least 1 year of forward tested data. The problem is no EA will make consistent profit for a year.
The Forex Robot World Championship is really just a mass scale scam. They offer prize money to entice hundreds of programmers to enter the competition. Then they set a 2 month limit hoping that some robot will have a decent enough win streak With robots it is likely that at least one of them will make a decent return.
At the end of the competition they pick whichever random robot got luckiest in the two months and now they have a huge cash cow. As if that is not enough there is something else. The programmer who codes the robot is made to sign a contract before entering it into the competition.
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They basically sign away rights to their robot for 6 months after the end of the competition. So basically this means that the Forex Robot World Championship takes ownership of the winning robot and now they can charge whatever they want for it.
It is a perfect scam. The absolute worst thing is that Forex newbies gobble it up.
This post was inspired by a post by Dirk Du Toits post on the same subject. Click here to cancel reply. Email will not be published required. You can use these tags: Nick, an amazing insight into the automated World of Forex!
Thank you for being honest and forthright in wanting to help new traders become successful, education comes in many forms! I agree totally with you Nick about the scam of a competition. But that is a whole new subject.
Automated Trading Championship
If wrong however, he would have gone bust. Scientific proof of a great system right there. This is a version of my coin tossing Genius contest. Here was my scheme as you Brits say but we Yanks mean a scam.
Fill a stadium with 50K or more people. Now pair everyone off and have one person guess heads or tails on a coin. The winners immediately compete against each other for the next round. At the end you wind up with one guy who beat 49, people. We would then put him on tour as the Coin Tossing Genius who beat 49, people to gain the World Coin Tossing Championship. Put them on Oprah, Good Morning America etc. If there is a way to develop a robot which trades automatically, it can be tested using historical data over a period of 10 years or so.
If there is a robot out there that works consistently on historical data, we would know about it. They simply are not adaptable. Ouch… is the kindest way of saying anything going up a one way street!! Learn to trade the REAL way… Dude…It is a hard lesson to learn!! Your a one man Army of many recruits…. Keep up the good work…. In the case of general relativity, could people other than Einstein make observations that meet the parameters of a relatavistic model at different times throughout history.
I seriously doubt it.
So, yeah, this is perhaps a good show and definitely a royal scam. In short, the forex automatic trading robot is an alluring, great idea that promises a lot, but delivers little due to the random nature of price action in the financial markets. If in spite of all the information in the above article you still have confidence that some of the robots out there deliver the incredible returns promised by their creators, consider the obvious.
If the owners of these systems have achieved the Holy Grail of trading, why would they peddle it to you online for meager sums? They would not even need to advertise them, as financial institutions all over the world would compete with each other to acquire these products from them. Instead, large firms and broker ignore the robots and creators. Finding the perfect EA is just another grail trail that ends nowhere, I know because I spent 3 years stupidly searching for it.
They really do bust your account, but not in the way that that the desperate or novice trader thinks.
Anyway, the satisfaction is SOOOO much better when you see your own hard work paying off. If it worked, doubling your account every month, why is the programmer entering a competition for a poultry sum of k? Therefore the robot will be learning constantly without being able to have a complete code to trade like my brain because my brain grows in knowledge on continuos basis.
Hahahaha some of us think of ways to make money off other people but I make money of the forex market. Shows that people will get sucked into anything where they can make money by doing nothing. All you newbies, use your brains and make it work. Thanks for your insights into this rubbish that people sell as a scam. Sad thing is that most of us, either in the beginning or during a loosing streak, would have given them a second look if not pull out our credit card. Cheers to us who have seen the light and hope that others will open their eyes.
It had been profitable for the previous 3 months and I was, and remain, a systems trader. I have now spent 18 months trying to make and adapt systems which work for me on Fx.
Fx seems a very stable thing to trade. There is no market risk as there is in equities which I love about it but it is a very difficult thing to trade so far. The light was a very expensive thing for me, as is the Holy Grail. A year or so there used be some infomercial on TV here in the United States that tried to sell you on some computer software program that would tell you when to enter and exit a Forex trade.
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