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Fishforexrobot.com Review: is Fish Forex Robot Scam?

Fishforexrobot.com Review: is Fish Forex Robot Scam?

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Fish Forex Robot is an expert advisor by Rita Lasker of Green Forex Group. This individual owns and operates dozens of websites that sell Forex robots and indicators. But for the sake of this review, we will be focusing only on the Fish Forex Robot, which not only has a ridiculous name but is interesting to discuss because according to the sales page, those who purchased this robot 2 years ago are millionaires.

Fish Forex Robot is advertised as a stable Forex robot that brings in 10 to 30 pips every day and trades EURUSD only. The preferred account size for trading with this robot is $300. It allegedly places between one to two orders per day. Work involving building the algorithm of this Forex robot allegedly started in 2010. The robot has since undergone some re adjustments and refinement to ensure that it can make profits. According to the sales page, some competing brokers began to conspire to make Fish Forex Robot a loser instead of a winning robot. Before this, Rita claims that the robot used to be very stable and consistent. This led them to improve the algorithm in order to make the robot profitable again.

Fish Forex Robot

It is not clear where this team is from but one thing we know is that they have many websites floating around on the internet plus they have been making many trading products since 2010. Rita, the name which the alleged CEO of the group is using is most likely an alias since this person does not have any digital footprints on the internet. Lack of transparency is the main challenge here followed by some things that we will see later on in this review. Anyway, if you thought this robot is the real deal, how about these ones here? We have reasons to believe that Fish Forex robot is not profitable and is a money loser going by customer feedback and also our analysis which shows that this product is clearly not making any money for traders.

Fish Forex robot review

The developer has provided a long description of their strategy for this robot. They have also provided a screenshot showing the robot in action, which may aid traders have a rough idea of how the robot trades. From the description, we understand that it makes use of pending buy and sell orders. The description of their strategy is somehow cumbersome as we do not get a clear explanation of how the robot goes about its own business. Here is a part of the description for the strategy:

Fish Forex Robot 4G uses the exchange rate of the EUR/USD currency pair between the daily closure time of open outcry trades and the opening time of the CME Globex electronic trading platform. After the closure of open outcry trades at 15:00 EST, a target is formed. A target is the opening price of the 15:00 bar. After this, the price of the EUR/USD currency pair flats out and fluctuates lightly within a margin of 10–40 pips (percentage in point).

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When Globex opens at 18:00, over the course of a few hours the price will reach the target, which is the exchange rate at the moment of closure of the open outcry trades. Two limit orders—a Sell limit order and a Buy limit order—are placed at the moment of the 15:00 bar. The orders will be executed once the exchange rate reaches them. Eighty-four times out of a hundred, trades are closed on Take-Profit Orders.

From the above quote, you can see that it is really hard to understand how the robot works due to the choice of language which Rita and his team have decided to use to describe their strategy. However, there is a certain description on the sales page which caught our attention. The vendor claims that the robot’s entry strategy can sometimes backfire and in that case, the robot will make an entry once again while closing the previous order. In this case, Fish Forex robot will multiply the position by a factor of 3 to compensate for the loss.

In other words, Fish Forex robot has a Martingale trading strategy in its algorithm. We don’t like Martingale trading systems due to their associated risks. In fact, many expert traders have said that they are systems for gambling the Forex market. We are also of this opinion since we have tried many Matingale trading systems in the market thinking that the product we are testing is quite different. Unfortunately, we have always ended up with the same results in every testing phase.

Therefore, based on this trading strategy, we will not be recommending Fish Forex robot. However, there are also other issues of concern. We wanted to see whether Rita and her team could prove to us that their Fish Forex robot was profitable as claimed on the sales page. It shouldn’t be difficult to prove it if indeed the trading robot is profitable. In fact, we will be looking to see if we can find those results from a statement sharing platform like myfxbook.com.

Trading performance

Unfortunately, the vendor of this robot does not have verified trading results for this product and are instead using screenshots of supposed profits that were generated from this robot. We can say that these can be manipulated and should not be considered proof of performance.

The 30 days money back guarantee

There is also something else. While attempting to purchase this robot, you will come across the 30 day money back guarantee from Rita’s team. You should not consider buying this robot in the first place if trading performance is missing. You shouldn’t go the extra mile of ordering a copy of this robot for $99 because it is not worth the effort of trying to chase them for a refund afterwards.

Our best advice for you

Fish Forex robot is not a profitable robot as this has been made obvious on the sales page. If you want to make money, please try these products. These are our top recommendations as far as trading products are concerned.

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