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This review will focus on a new Forex expert advisor whose vendor claims that it can think like a super-computer and still trade like a human genius. The Faret Forex robot is the one expert advisor that we are talking about here. That name alone sounds mouthful yet meaningless. Nevertheless, we do not want to dismiss it yet without first analyzing it to understand its pros and cons.
When you visit their landing page, the site looks very professional in terms of how it has been presented. This can quickly distract or mislead you into making hasty purchase decisions without first conducting due diligence. But we hope that this will not be the case. As a trader, you only want to put your coin where it is worth it.
First of all, we would like to mention that it is not know who the developer of this trading system is. So even as you contact them on the provided email, you will be engaging a stranger in a conversation which is likely to determine whether or not you will become a successful Forex retail trader.
But generally, we do prefer working with vendors and coders who have a reputation in the market place, not those who are not willing to disclose their identities.
Not that strangers or those who don’t have a reputation are automatically scammers, but it’s because we feel that a vendor/programmer should be professional enough to give a proper introduction of who they are before we can trust what they have to offer.
In this case, we will assume that this developer is a newcomer into this industry. Again, that fact alone should not be used to discredit them until we have analyzed the trading system and seen its potential either through a myfxbook or FXblue account.
The very first thing that the owner of Faret Forex robot wants us to understand is that this expert advisor was created with a never-seen-before trading logic and money management strategies. They also want us to believe that when they built this system, they cared to program things like news filter and balance protection.
These features are normal to find in any expert advisor that is priced beyond the $100 mark. However, it is good to appreciate the fact that Faret Forex robot still has the fundamentals of a good expert advisor.
When perusing the site to try and learn some more about the ‘secret strategy’ that Faret Forex robot was using, we noticed that there wasn’t much emphasis on strategy. Instead, we are only told that this robot automatically looks for trends so that it can take advantage of those market movements.
If the presented trading results are anything to go by, then we can say that we are not so sure why the Faret Forex robot is working the way it does. Perhaps this vendor has a difficulty when it comes to explaining this aspect of the robot in English language. This is just our assumption and may never represent the truth.
Also, it is worth taking note of the fact that the entire landing page of the Faret Forex robot was put together by someone who isn’t proficient in English language. This further confirms our suspicion. But again, it could mean that customers will have a hard time understanding the user manual that comes with this product. Keep that in mind.
To keep users’ accounts safe, the vendor says that Faret Forex robot uses take profit, stop loss and other advanced filter mechanisms. Besides, the vendor assures us that Faret Forex robot is built to work in all market conditions, and that results will always be the same whether you’re trading on a demo or a real account.
The cost of one license is $149. Based on what the vendor has said, we can conclude that this trading system is a trend based robot.
It trades any time frame, and mostly works fine with EURUSD, GBPUSD, USDCAD and AUDUSD. So when you pay $149, you will gain access to a single license of the Faret Forex robot. This can be used on one demo account and one live account. However, if you want to use it on two live accounts, you will have to obtain an appropriate license which costs $269.
When you pick either of the packages, you will be making a one time payment with no additional fees or up-sells along the way.
On top of that, the developer claims that when you buy Faret Forex robot and are not satisfied with the result, the 30-day money back guarantee will cover you, so there is no need to worry.
Most of the time, we warn our traders not to dish out money in the hopes that a money back guarantee will cover them. This is because most vendors don’t honor this policy. It may prove to be an uphill task getting a refund from them. So please keep this in mind if you don’t want disappointments later on.
The first thing we notice here is that Faret Forex robot has an account at FX Blue website. This is not our favorite account statement sharing platform.
With our experience in dealing with different expert advisors here, we have established that FXBlue accounts can be easily gamed to mislead traders. Vendors can upload results that don’t represent the actual thing. But it is still very hard to detect this kind of fraud unless you are an expert.
So far, this account is showing a weekly return of 13% and a monthly return of 70%. This data sample was taken over the last 37 days.
However, when reviewing Forex expert advisors, we always want to try endorsing products that have been tracked for at least 6 months. Unless under very special circumstances where the product is showing impressive results 3 months down the line after date of launch, we do not always feel obliged to point our readers in this direction.
Also, a period of 30 days is very short. It is not enough for us to conclude that a robot can work in all market conditions. We need between 3-6 months for us to watch the robot and see how well it is performing. If it is able to stand the storm (like we have seen with these trading systems), then we can easily recommend it.
So, does this mean that Faret Forex robot is a scam? Well, not at all. We only mean that we should be working with a size-able data sample to be able to make precise conclusions. This way, we can see over time how Faret Forex robot has been holding up under different trading conditions. It generally gives us a good clue as to what this expert advisor is doing and why it is doing what it does.
Faret Forex robot is very new, and so there is no client feedback to help us see what others are saying about it. So if you want to share your thoughts and experience about this trading robot, this review will act as a hub for doing so. We do believe that the best thing to do now is to step aside and continue watching to see whether Faret Forex robot will reach its goal.
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Thanks for this impartial review. I’m new to forex trading and was unsure of what a robot would actually do. It would be interesting to understanding the machine learning that has gone on behind the scenes for the Robot for it to make decisions like a human like it claims. I’d be interested to know how well the returns are doing in a further 3 months down the line.