Report of a Forex Robot Beta Tester

What is a Forex Robot? Is any system capable of generating doubled profits within a month over a long period? How much money should I have on my Forex account in order to safely generate a decent income every single month? And what does a decent income mean? Do I have a chance of becoming a millionaire within a couple of years? Well. Let’s try to answer these questions.

Forex Robot is a fully automated, hands free system of trading, which is supposed to bring profits in a long run. However most of the Forex robots have been created on the basis of back tests, which means they have been fed historical data. The fact is that the history has tought us one thing so far – that it never repeates itself! So if you see a promise you will get rich overnight, please do not believe it.

All the Robots are designed to generate profits of course. But if they won’t, whom are you going to blame? The vendors? The martket? Yourself? What if the Robot won’t open any trade for weeks? What if the Robot destroys your account?

There is a fundamental factor that you need to be aware of and stick to: the size of the lot you trade has to match your account size. In other words, if the balance on your Forex account is $1500 you should set the lot size accordingly. You are not going to trade a full lot size, because you might lose all your money immediately. Remember, there is no Forex Robot that is 100% safe.

Of course when you are new to Forex and your account is rather small, you are more likely to risk in order to make quick profit, but as soon as you have done that, lower the lot size and minimize the risk. It should help you generate long term profits. Remember - even 15% - 20% per month is a very decent profit, especially when you compare it to the actual interest rate in any bank in the world.

Currently I have been beta testing a new Forex Robot, Pips Miner SE. I have no idea when it will be launched, but so far it looks very promising. Since the beginning of the month it has made 12 transaction only (today is August 19th), but all of them were profitable. Every transaction generated a profit of 15 pips, which totals a $1184.95. There was one swap transaction however, but this result is not bad. And even if it does not open any other transactions till the end of the month, I’ll be very happy with the results. Well, in fact initially I’ve been risking a bit with a full lot size, but luckilly there was not a single moment I could lose. And luckilly, the market offers those beautiful moments each month.

From the insiders I heard that the Pips Miner will come in a package of 2 Forex Robots (Pips Miner SE and Pips Miner LE), a special Business Plan for those who want to start trading and an entry to Trade Competition with a total prize pool of $1750. Unfortunatelly I don’t know when they will launch the robot. But the sooner, the better.

If you would like to see the results of my beta testing just check it pout on YouTube:

http://www.youtube.com/watch?v=KSDRMxevQY4