March 20, 2010

USDbot

20/2/2010

Final report on this system.

This week carried on the losing streak we started last week and we soon found ourselves in another cycle of losing trades, with the stakes being doubled after each one. With the 6th trade failing at 32 minilots, the cumulative loss was over $1800 and the next trade was then opened at 64 minilots. Since I have been using an $100,000 virtual bank, it was able to do this, but if we had had an actual live bank of $3000 as I revised my suggestion to in last week’s report, this would not have been possible because we would not have had the funds available. Such a trade, at 30 pips stop loss, would require $1920 in the bank to cover it. Consequently, we have to re-think the bank requirement again, up to at least $10,000. As it happened, the 7th trade was won, though it was cut off with a gain of just $288 for some reason and thus left us with an overall deficit of almost $1500.

It has become apparent through the trial that this very basic system is nothing more than a straight Martingale method and while it might be argued that with a very large, preferably unlimited bank, it could be a winner, I feel that anyone with normal resources would find this extremely dangerous. I certainly wouldn’t touch it with a bargepole. It may be that some brave fugitive from the roulette table might take a chance on it, hoping that he would never hit a sufficiently long losing cycle, but history and a little knowledge of probability suggests otherwise.

I would recommend a Failed rating, therefore.

You can get USD Bot here:

http://www.cash-master.com/usdbot.php

Filed under Betting Bots,Forex,Spread Betting by Terry Shepherd

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