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What an absolute joke. Lets get back to the scientific method. The scientific method has been used for hundreds of years to test hypotheses and acquire new knowledge. The scientific method calls for rigorous testing of a hypothesis before the hypothesis can be proven valid.
For example, any new drug that is developed has to go through years of rigorous testing to make sure it works and it is safe to go on the public market.
So in the case of an EA. You have a hypothesis an automated trading method , now to test the hypothesis you turn the method into an EA and subject it to rigorous testing. This is what the Forex World Championship claims to do. However, how rigorous can 2 months of testing be? The problem is market conditions often change. The testing of the EA is not rigorous at all, 2 months of testing does not give you enough data to conclude an EA is profitable.
You need at the very least 1 year of forward tested data. The problem is no EA will make consistent profit for a year. The Forex Robot World Championship is really just a mass scale scam.
They offer prize money to entice hundreds of programmers to enter the competition. Then they set a 2 month limit hoping that some robot will have a decent enough win streak With robots it is likely that at least one of them will make a decent return.
At the end of the competition they pick whichever random robot got luckiest in the two months and now they have a huge cash cow. As if that is not enough there is something else. The programmer who codes the robot is made to sign a contract before entering it into the competition. They basically sign away rights to their robot for 6 months after the end of the competition. So basically this means that the Forex Robot World Championship takes ownership of the winning robot and now they can charge whatever they want for it.
It is a perfect scam. The absolute worst thing is that Forex newbies gobble it up. Click here to cancel reply. Email will not be published required.
Ouch… is the kindest way of saying anything going up a one way street!! Your a one man Army of many recruits…. Keep up the good work…. Nick, an amazing insight into the automated World of Forex! Thank you for being honest and forthright in wanting to help new traders become successful, education comes in many forms! I agree totally with you Nick about the scam of a competition. But that is a whole new subject. If wrong however, he would have gone bust. Scientific proof of a great system right there.
This is a version of my coin tossing Genius contest. Here was my scheme as you Brits say but we Yanks mean a scam. Fill a stadium with 50K or more people.
Now pair everyone off and have one person guess heads or tails on a coin. The winners immediately compete against each other for the next round. At the end you wind up with one guy who beat 49, people. Put them on Oprah, Good Morning America etc. If there is a way to develop a robot which trades automatically, it can be tested using historical data over a period of 10 years or so.
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