We’ve just encountered a trading robot by the name FX News 999. The name of this expert advisor pretty sums up what it does. Nevertheless, we still feel that this robot needs to be looked at anyway.
First of all, FX News 999 is a trading robot with a very expensive price tag. We suggest that you spend your money on these affordable robots because you will save and still get the chance of doing it like a professional.
The developer of this expert advisor believes that market movements cannot be predicted. But at the same time, they claim to have the answer to this unpredictable nature of the Forex market.
The one explanation that caught our attention was that FX News 999 uses a primary data feed from a company known as IQFeed. This information helps the software monitor prices in real time, thus it is able to take advantage of any price shifts that exist between this data feed and your personal brokerage firm.
We’ve also searched for the owner of this product and hit a dead end. This has forced us to track their footprints on social media and see if we can pull out any useful information concerning who they are.
Luckily, we were able to get hold of their Twitter page. This page is associated with someone called Philip Carnell who is also a Western Australia resident.
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Surprisingly, the server of this website is in Singapore as opposed to being in Australia. On top of that, the photos of this man appear to have been lifted from a stock photo bank somewhere on the internet.
Therefore, we could state with 100% confidence that we don’t know the owner of this software yet. Also, we are unsure of what their intentions are. This discover gives us jitters because, most of the time, developers who hide their identities or use stock photos to represent themselves often turn out to be fraudsters.
With that being said, let’s dive right into the meat and bone of this FX News 999 review.
This website has a contact email address for traders who want to reach the developer. The same email address is also being used in their Skype profile. Skype is the other way through which clients can talk to them.
It’s worth recalling that the introduction of this post talked about the underlying working principle of this software.
The developer still insists that FX News 999 monitors the price feed carefully to spot any price differentiation that may trigger easy winners.
We have seen and heard of this strategy many times before. In fact, some developers have often boasted that this method of trading is effective, and that it is the reason why their expert advisors always win. These developers are always willing to show their ”trading performance” to clients who want to know before purchasing.
However, when you look at the account of clients who are already using that product, you find that there is often a sharp difference. While the developer posts one winning trade after the other, the client on the other hand posts one loss after the other.
We are not sure if there is a trick involved here. And if there is a trick involved, we cannot pin-point whether this trick often involves the broker, a super-fast VPS or a combination of both. So far, we can say that trading systems like FX News 999 which rely on price feed are only good for the vendor’s account and not for the traders’ account. Traders who sign up, expecting to reap similar results usually end up disappointed.
Although we are not going to give a blanket judgement using the same exact brush, we will confess a second time that we have seen these trading systems fail their users. Trading with price feed systems is just not for us.
Here’s the most disgusting thing about FX News 999. One license costs $1,110. As if that is not enough, the developer goes ahead to put a $30 monthly charge on your purchase.
It can trade these pairs:EURUSD, GBPUSD, USDJPY and EURJPY on the M5 time frame.
Even with these features, we could still say that the payment model for FX News 999 is convoluted. Such an over-priced trading system is not affordable to most struggling traders who are looking for a legitimate expert advisor to use for their trading.
On top of that, this developer is acting weirdly by first charging a base fee of $999 and then going ahead to charge $111 for every additional license that a user shall purchase thereafter.
Now, if you happen to pay the base price and fail to purchase the so-called additional license, the developer will instead charge you $333 for the same license which they are charging at $111.
At first, we thought that this was a mistake because it clearly looked like a money grabbing scheme. But then we looked at it a second and third time. The developer was still emphasizing on the same pricing values. So to us, this looks like a rip off. We do not know about you.
However, this nonsense doesn’t end here yet. If you pay the $1k and then decide that you want to purchase an additional license 3 months later, you will part with an extra $200. On top of that, they still want you to purchase your access to IQFeed for $30 a month.
This kind of pricing does not make sense at all. We are sure that this thing is a huge turn off to most traders who even come across this website. People can’t understand what the heck is going on here.
Do they have trading results to justify their weird pricing model?
Well, FX News 999 website states that clients can be given access to their trading results so long as they request the login information.
What we want is a myfxbook detailing the exact activities of FX News 999. They claim that this too is available.
The next step is to searching for a link back to their myfxbook account. We clicked on a link on the Philip Carnell page and were told that that page doesn’t exist anymore.
Luckily, we still have another myfxbook link on the homepage. We clicked it and what we saw was unbelievable. FX News 999 had made over 230,000% in pure Forex profits in less than a year.
We call this trading fantasy, and secondly, we do not believe in trading fantasy. There is no way we can comprehend those results.
Another weird discovery is that this particular myfxbook account is associated with a trading system called Super Forex system and not FX News 999. Secondly, that account isn’t verified. Trader privilege is equally not verified.
With so many factors playing against the FX News 999, we can’t be foolish enough to trust it. We cannot have traders spending $1000+ on a product whose efficacy cannot be proved. There’s just a lot of nonsense going on in this website. We wonder if any rational trader will be paying $1000 to purchase a license from this website. It looks awkward from all angles. Please be careful. If you want a good EA, we have provided you with a list already.
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