Our first impression of Forex Humanoid Forex robot is MONEY GRABBING SCAM! STAY AWAY!
Want to find out why? Keep reading…
Forex Humanoid Forex Robot Review – Purchasing
Forex Humanoid Forex Robot
The actual purchase was fast and easy. But before I could download the Forex Monster Forex robot, they required my email address. I get annoyed when Forex robots required you to enter personal information before you can download what you already purchased. However, it looks like you can give them a phony email, and still be able to download it.
Forex Humanoid Forex Robot Review – Download and Setup
The download page was pretty straight forward, but be careful! The bonus material is huge. As a matter of fact, it is a 110 MB zip file. If you are on dial up don’t bother trying to download it (and what are you doing trying to trade Forex on dial up? Use a VPS…lol.)
Setup was pretty easy, and I left the default settings. BUT I DON’T RECOMMEND ANYBODY USING THE DEFAULT SETTINGS!!!
Here is why:
- Lots = 5 (this means it will trade 5 lots at once)
- Risk = 40% (this means it will risk 40% of your account value per trade!)
- Max Trades = 2 (double the above points)
From their own Forex Humanoid User Guide:
The – out of the box – settings are the default. Even if they are different than the ones shown in the screen shot above.
Those settings are the ones used to get the advertised results. However, they are high risk settings and we recommend caution and to always test things out to find the settings you are the most comfortable with.
You can change them according to your own money management plan. Especially the risk% and lot size. It’s not recommended to change any other settings in the EA, like stop loss/targets/trading hours.
What does this mean? That means their sales page was extremely HYPED UP. Nobody in their right mind would use settings like that on a robot. In addition, their “results” of turning $10,000 into $100,000+ was BACKTESTING. Even their backtesting results are suspect. Only 29 trades in an ENTIRE year. Okay, IF those 29 trades can take a $10,000 account to over $100,000, they yes, it would be worth it. Do I believe their claim? Nope. Backtesting results are worthless anyway. Thats why we are testing Forex Humanoid on a live forward testing account.
They have a little picture of their supposed real money account:
What kind of statement is that? Besides, I don’t know where you all learned math, but in my days 5,000 + 2,441 = 7,441….. NOT 76,497.
They were very clear that you need to set the trading times based on the time zone of your broker, but using their recommended broker or FXDD would allow you to keep the default settings.
We followed the setup instructions for Forex Humanoid Forex robot to the letter, and started it on the 1 hour chart for EUR/USD. The default settings have the automated trading system set to take profit at 200 pips, and a 150 pip stop loss. I don’t know if the internal code of the robot actually trades those values or not yet, but even so, it has a 3:4 risk/reward ratio. Not horrible as far as robots go. If it maintains at least a 60% win ratio with a risk/reward ratio of around 1:1, then it will be consistently profitable.
Forex Humanoid Forex Robot Review – Bonus Material
There are 4 items they give away free with the purchase of Forex Humanoid Forex robot.
- The Forex Humanoid Manual System is a trading system based on the core of Forex Humanoid robot. (I’m guessing this will be about as worthless as Forex Humanoid EA).
- Profitable Forex Trading – A beginners Guide (Okay, this is a good read. Worth having).
- One More Zero system – another manual trading system. (Probably as worthless as Forex Humanoid Manual System).
- The Forex Bible – Definitely worth having.
Even if you throw away the robots and manual trading system bonuses, I think Profitable Forex Trading and The Forex Bible are worth having. Do I think it is worth the $97 you have to pay for the robot to get them? Only if you can’t get them cheaper or free somewhere else. I’m going to contact their publishers and see if they will let me offer them as free bonuses to members of Forex Robot Busters.
Forex Humanoid Review Summary
Frankly, I think everybody should stay away from this highly suspect Forex robot.
Now all that is left to do is wait and see how it performs. Stay tuned and follow along with us.
If you’d like to buy it and test it with us, or if you are already using it, feel free to comment with your experiences.
Here is where you can check it out:
Test along with us and see how this Forex Robot performs!
Good trading and be smart out there,
Forex Robot Busters
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