I’m no expert in Forex trading but I’ll tell you this: Forex trading is risky business!
I first ventured into the unfamiliar scene of Currency trading when my Aunt introduced me to Edward Khoo, the owner of an Automated Forex trading Robot & founder of LS Capital Pte Ltd, here in Singapore. As a young, naive and risk-loving undergraduate, I was naturally very much interested in the 10%/month returns the bot claimed to achieve.
So like any other tech-savvy 24 year old, I turned to my friends & Google to find out more about Forex trading and the cost-benefits of automated trading. As we discussed about it, one question always popped up in the conversation; if the robot really works, why bother selling it to individuals at $1,500 a piece when you could sell it to huge corporations for millions and millions of dollars? I mean, wouldn’t that be anyone’s first instinct?
To find out, I attended Edward’s marketing presentation three times to get a better understanding of how the robot operated, and this is his answer to the above question:
Why should I sell my product to a bank or any other financial corporation? They already have more money than they need. I want to make people like you and me happy. People who need money to send their kids to school, to pay for their medical bills, and for people who want to retire and be able to earn a passive income.
So… you do this so that everyone can make money together and be happy, and you find joy in helping others to build their fortunes and making them happy? Sounds like a typical answer to the question, but his sincerity was real and I could feel it.
I know there are countless other forex robots out there that claim to be able to do the same thing, so just to make sure, I asked around about the functionality of the robot and got a thumbs up from a source who had experience with trading Forex.
First of all, the robot only trades GBP/USD which is a generally stable pair and relatively politically stable, as compared to the likes of EUR & JPY. The robot also uses a moving average inspired by the Martingale (doubling) system. It also only trades on platforms providing a leverage of 1:500 so that only a minimum sum of US$5,000 is required to start trading.
My eagerness got the better of me and I deposited US$40,000 into StarfishFX & started trading on the 20th of November 2012, even taking up a bank loan with 1% flat interest for 6 months to fund part of it.
I knew what I was getting into. I knew that I had the risk that if one day the market crashed, I could stand to lose all the money I deposited. But I thought that it wouldn’t happen to me, or that maybe I would see it coming and prevent it in time. Well, I was wrong.
- Forex Hero (forex4all365.wordpress.com)
- Can A Forex Robot Behave Differently Between Test, The Demo And The Real Trade? (expertscolumn.com)
- Automated Forex system Trading (automatedforexsoftwarec.wordpress.com)
- Pros & Cons Of Using Forex Robots (wallstreetforexrobot.wordpress.com)