Be aware of Forex Robots

Double Forex use of broker lauded as fraudulent by XTB

Hopefully none of our wise Forexlive readers will be (or have been) sucked into the murkier side of trading robots, lured by promises of riches while you kick back and do nothing.
Forex Magnates highlight a statement from broker XTB where a company called Double Forex is pimping a metatrader robot and apparently is making false claims about results on real accounts. The site lists account logins and passwords to test accounts at various brokers but these numbers are likely to be fraudulent.
XTB has said that the company is using their name without permission and they do not have any relationship or partnership with Double Forex
Trading robots is an easy path to go down for traders, especially new and inexperienced traders. The promise of easy profits can be a very big pull to those struggling to find their feet in the trading game. More often than not these are scams and only want to strip people of their hard earned money. That's not to take away from many EA's and automatic trading programs that have been designed by individuals and companies that may suit a traders style.
Personally I don't use any auto trading programs and I'm of the mindset that if it was that easy to make money from them, people wouldn't need to sell them, they'd just make money from them.
More form ForexMagnates here
If you want to see the scale of the hook from Double Forex then have a look here
How many of you use trading robots and have you come unstuck paying for ones that have turned out to be a crock. There are several readers who have their own EA's and trading programs and if you have any questions on them then fire away and there will be someone that can help you
Just remember the old saying though, "If it looks too good to be true, it often is too good to be true"