Forex Cash Bot Review

This is the  latest trading robot release from David Simmons which is pitched as multi-market performer and can be run across a range of currency pairs.

For a new system, the Forex CashBot EA has created quite an amount of interest due to some impressive live figures on the website. It is also cheap compared with many comparable products. Of course this won’t necessarily make it a good purchase if the performance does not live up to the pre-release expectations.

About

The strategy behind the system makes use of a 1 hour chart time-frame which is designed to trade at default on the following currency pairs – EUR/USD, GBP/USD, EUR/GBP, EUR/CHF, USD/CAD and USD/JPY.

Of note is the up sell provided at the time of purchase – the ‘Ultimo’ upgrade. This provides access to an additional four pairs to trade (AUD/USD, EUR/JPY, GBP/JPY,USD/CHF) and an upgraded trading algorithm that promises additional profits. The final part of the upgrade package is the ability for the system to provide audible trade alerts each time a trading position is entered.

The Ultimo upgrade is $79 dollars and comes with the usual 60 day money back guarantee. Lifetime support and access to future upgrades is also offered for an additional $49. OK, so here we have two hard up sells but given the incredibly cheap initial price, even with all the adds on we are still in standard pricing territory for an automated system.

How to Use

The first t thing to note is that as with all automated strategies, this is designed to be easy to deploy and run. Once you have downloaded the software you just need to set it up on your account with the intention that it is run on your account for 24 hours per day in order to provide you with the maximum trading potential.

In order to get configured correctly you will need to create a new chart for each currency pair you want to trade and then add the expert advisor to run on each of these charts.

A set of configuration presets are provided for each currency pair. These all seem to make use of the same trading algorithm with the main difference between them being the amount that is risked. You are advised to set up a separate magic number for each instance. For those who aren’t familiar with this concept, the Magic number provides a way of tracking open trades in MetaTrader. This allows the system to track multiple pairs and associate the buy and sell orders that are generated with each pair correctly.  Therefore add a unique number into this field for each currency pair that you decide to trade.

Other than this the settings are minimal with the only other configurable fields being the stop loss and take profit values. These are defaulted at a 50 pip stop loss and 30 pip take profit for most of the currency pairs with some of the more exotic pairs making use of a 40/20 ratio. This seems a pretty good risk reward compared to some other robots so it will be interesting to see how well this performs.

It should also be noted that the software is fully ready to be used with an ECN broker.

Verdict

As with all websites that accompany the release of a new trading system there are some pretty impressive performance claims. Of course there is little way of knowing how the system will actually perform so you will need to demo the strategy first. Back test and live test results are provided for you to check with some official live test results updated on the website.

This is a new system remember so it will be interesting to see how it performs in live testing.

However one thing is for certain. It is certainly selling fast and only a limited number of copies remain available. Incidentally for those who think these limited offers are simply a marketing trick as I did take note that Ivybot has just been withdrawn from sale, so sometimes these offers really do tend to be limited!

As one of the cheapest of the Forex robots out there if the Forex Cash Bot system can really perform over the long term then it is an absolute steal for the $39 asking price.

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