Forex Cash Bot Review

Forex Cash Bot is the latest trading robot release from David Simmons. It is pitched as a multi market performer and can be run across a range of currency pairs.

For a new system this has created quite an amount of interest due to some impressive live figures on the website. It is also a cheap system compared with many comparable products. Of course cheap doesn’t necessarily equal good if the performance cannot live up to its pre release expectations…

What’s Behind the Forex Cash Bot Trading System?

Forex Cash Bot is a new automated trading Expert Advisor. The system uses the 1 hour chart timeframe and 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 ‘Cash Bot 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 price of the initial system purchase even with all the adds on we are still in standard pricing territory for an automated system.

How to Use Forex Cash Bot

Forex Cash Bot is designed to be easy to deploy and run. As per most automated trading systems the intention is that you run Forex Cash Bot on you account for 24hours per day for the maximum trading potential.

In order to use Forex Cash Bot you will need to set up an individual chart for each pair traded and set the EA to run on each chart.

A set of configuration presets are provided for each currency pair, the difference between them being the amount of the account risked on each pair. You are advised to set up a separate magic number for each instance of the EA. For those who aren’t familiar with this concept, the Magic number provides a way of tracking open trades in MetaTrader, so you obviously don’t want the same number for each currency pair.

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 on each pair. This seems a pretty good risk reward ratio compared to some other robots so it will be interesting to see how well this performs.

Forex Cash Bot is fully ready to be used with an ECN broker.

Forex Cash Bot Review – Verdict

As with all websites that accompany the release of a new Forex trading system there are some pretty impressive performance claims. Back test and live test results are provided with official live test results being 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!)

If this robot can really perform it is an absolute steal for just the $39 asking price.

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