Hi Melissa, My wife purchased the Autocash Robot recently so I thought I’d go ahead and give my 2 cents. Overall, I think it’s a solid product. I’ve run the software and had 4 wins in a row. The take profit level is normally 6-7 pips. The robot trades the eur/usd and from what I gather, always buys the euro as opposed to sells. It trades once a day (or less) and doesn’t appear to trade again until the previous trade closes. The danger in the robot is the huge 650 pip stop loss. If you hit that just once, you can pretty much kiss 90+ trades good bye. I haven’t tested the robot to see how it could do with small stop losses. They advertise 100% win ratios over a 8 or 9 year period, but that is with the monster stop loss. If you’ll go into their trading history, you’ll see that some trades sit open months before closing…so you’ll obviously need good margin for drawdowns. Another thing to keep in mind is that the dollar has been weak against the euro (until recently) since 9/11 and the war in Iraq. Since the software likes to buy the euro, this has worked out well for all these years. But, what happens if the dollar continues to put pressure on the Euro? Some experts are calling for a 1.16 Euro sometime next year. That means the Euro would have another 2000 pips to drop. Again, I like the robot and do feel it’s extremely consistant. I think you can get those 7 pips ALMOST daily. The only problem is getting blindsided by the stop loss(es). An option is to adjust the settings and see what happens. Without a doubt it wouldn’t be 100% effective with say a 50 pip stop loss, but it may still be profitable. Since most trades close in a matter of minutes, you could close out trades manually at a given point in time. Another (risky) option is to average down at certain points on your few losers and attempt to sell all lots at at the breakeven average. If it drops further, you could average down again. We all know that no currency goes up or down in a straight line. The Eur/Usd is famous for retracements. At some point, you should be able to get a retracement and be able to get out at break-even.
To sum things up, I do think it’s a good robot, but I’m 100% against a 650 pip stop loss. Remember, losing 650 pips will wipe out the previous 90+ trades. Since the software trades once or less daily, it could be 3-6 months before you recover that one loss. And, you’re really in bad shape if you suffer a few losses back to back!
One other note, since the software is always buying the Euro, at least rollover rates should be in your favor. Beware of the stop loss though! No matter the system, strategy, or signal…there is NO REPLACEMENT for your own forex education. If you’re going to play in this market, learn all you can first. At my website listed below, I’ve reviewed 2 of my favorite forex training courses. Invest in yourself first before relying on someone elses software, signal, or system. That’s the best advice I can give. All the best, Dennis
P.S. At my site, I also talk about how I lost $10K in less than 24 hours. That was an expensive lesson!