Rita Lasker of Green Forex Group has launched yet another product called the Forex Progress Bot.
So in this review, we want to see whether or not this robot can fit in our list of the most recommended trading systems and services.
Miss. Lasker also claims that between August 3, 2020 and August 31, 2020, the Forex Progress Bot made $18,022.93.
We currently don’t know details of this account such as minimum deposit, risk settings and style of trading. Furthermore, we would like the team to provide verifiable results clearly showing this robot making 18K profit in one month.
They keep launching at least one trading system every 2 months but testing sample is always too short.
We prefer that developers should have products whose myfxbook testing sample spans to at least 6 months duration.
This Forex Progress Bot review is therefore a revisit of Rita’s marketing content because we naturally feel that we have a responsibility to tell you the truth with regards to the performance of every new trading system they launch.
Forex Progress Bot Review
To maximize profitability, Rita feels that traders should invest in the Forex Progress Bot Ultimate combo.
The reason they believe traders will get best results is because the ultimate version adds a feature that predicts the success rate of your trades in advance.
For example, if success rate is less than 25%, the system will not open trades. If it is between 25% to 75%, trades are opened but with the current lot size.
If success rate is greater than 75%, it increases current lot size by 1.3.
The reason they believe Forex Progress Bot is a unique product is because it comes with an exclusive powerful algorithm, easy-to-understand interface, money management, trailing stop and auto stop features.
In addition to this, Miss Lasker has provided a bunch of screenshots showing supposed trade results for pairs that were tested and profits generated.
The first screenshot is about a EURJPY trade that made 130% profit ($1661.81).
The second screenshot shows GBPJPY trade where the ultimate version of the robot made +$1736.14.
The third screenshot is allegedly from 3 GBPJPY trades which made $1278.
There are multiple other chart examples showing trades that the Forex Progress Bot won.
My problem with these results is that we can’t know whether Rita’s development team was cherry-picking trades for purposes of marketing the product.
As far as “results” are concerned, we have not seen any losers. In other words, the developer wants to make us believe this robot never loses trades.
Trading Strategy of Forex Progress Bot
There is no disclosure of what type of strategy is being used in this Forex robot.
Instead the team uses vague language such as “innovative trading algorithm” to express what they feel about their product.
They go ahead to list down a couple of parameters that come with the settings of this bot.
These include instant buy/sell order, trailing stop, money management, auto stop loss and ease of installation.
We’re hoping that Miss. Lasker will probably think about this in her next product launch because it’s obvious the current sales page won’t be updated.
Forex Progress Bot product summary
In this section, we summarize product details for a quick glimpse.
- Timeframe: M5, M15 and M30
- Forex Pairs: EURJPY, EURUSD, CHFJPY, GBPJPY and EURGBP
- Pricing: $99 to $228
The Forex Progress Bot ultimate version is the reason traders are required to spend $228 on this product.
Without the ultimate or combo kit, it is difficult to see how this product will be worth it since majority of the sales page is clearly talking of the advantages of choosing the ultimate version rather than the single version.
Trading results are lackluster as Miss Lasker is not fond of using myfxbook statement sharing platform to verify her numbers.
Currently, they are using a combination of charts and a screenshot of a brokerage trading statement.
Again, this takes us to our original concern where we feared that Rita’s team had cherry-picked trades for purposes of marketing.
A myfxbook account would have impacted the reputation of this product from the word go.
There are currently no reviews of the Forex Progress Bot software. This is because it is a brand new trading system.
However, the sales page is currently giving us screenshots of alleged customer testimonials. We suspect that these testimonials are fabricated.
Any feedback from more than 10 different buyers will definitely surface on the internet in no time.
They cannot convince us that the supposed customers bought the robot and are happy with results but are not creating any buzz on the internet.
We obviously can’t recommend the Forex Progress Bot software for trading because the presentation is lacking in terms of results.
We also don’t have any credible customer feedback just yet.
We cannot fully rely on Rita’s words because in this Forex marketplace, salesmen promise great results but their products are often performing poorly.
On the other hand, if you’ve used this product already (whether you liked results or didn’t like them), leave your comments below so that others can read them.