Anytime a forex robot hits the market, the first question that pops up in the minds of traders is whether such a software is a legit software or just a huge scam. You cannot blame these traders. Many of them have been burnt in the past after being sold on supposedly legit software that turned out to be a bundle of trash. In this article, we take a closer look at ROFX.
Why Rofx.net Is Not A Scam
In this section, we will take a look at a compelling reason why Rofx.net is not a scam. This borders on the trading statistics which show the results of trading carried out by the Rofx.net robot over an 8-year period. We will also show the monthly trading result for January 2018 and a weekly trade result, and then juxtapose this with some of the wild claims that we see on the internet made by other forex robot vendors.
In using trade results to gauge the legitimacy of a forex robot, it is pertinent to view the results in the context of what truly obtains in the forex market.
- Many people tend to judge the performance of a product from just a few trade results. This is what happens with many forex robots, whose vendors tout their products with catchphrases such as “this robot can make you $20,000 in a day”.
- Typically, many creators of forex robots do not provide detailed information as to the workings of their product as well as performance over time. They also do not provide information on the risk management settings used to attain the results they claim their products achieve.
It is possible to use guesswork to produce a large win in a risky trade. But it is not possible in forex to use guesswork to replicate the same result over time. Good robots like Rofx.net are able to reproduce profits over time. Even though a few isolated daily losses can occur, Rofx.net is able to cover these losses to post returns that are credible and believable over time.
For instance, it did a modest 11% in January 2018, and in 2 trading days of Feb 2018, it has only done 0.21%. But every year for the past 9 years, Rofx.net has averaged 93.2%, which comes to a 0.38% average daily or up to 10% monthly profit. This is the average return you get to see with institutional traders, mirrored by the Rofx.net robot.
Having tested and used several robots since 2006, the writer can boldly say that any forex software or robot which claims to be able to beat these results is most likely a fraud. To be able to post the wild profits claimed by other robots, risk management would have to be thrown to the dogs.
When there is no application of risk management, even a single loss can wipe out profits that have been accrued from several trades.
Conclusion
After consideration of all that has been said above, the question is: is Rofx.net legit or is Rofx.net a scam? From a profit standpoint, the answer is clear: Rofx.net is not a scam. Traders are not misled by false testimonies and fake profit claims. The deception that we see with many forex robot sales pages online is absent. You are presented with believable and credible results of trading, with no attempts made to sugarcoat trading results.
The best part is that traders can get the best of Rofx.net in terms of profits without the emotional rollercoaster that goes with manually trading the market. With this fully automated trading solution, there is no need to stare at the charts all day. Simply open a forex managed account with Rofx.net and let the robot go to work.
Disclaimer: This is in no shape or form trading advice. The views and opinions expressed in this article do not reflect the views and opinions of Bit Rebels. Responsibility for the information and views expressed in this article lies entirely with the author, Avani Mehta.
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