Forex Software Project

2009-10-09T16:11:00.000-07:00

Are Forex money making methods and software really all they’re hyped up to be? I attended Bryant University and my business class of 16 undergraduates were in charge of reviewing 13 of these so called Forex “make-you-a-millionaire-overnight” products. This was for a short seminar type of class and most of us had fun with these only because the college refunded us the costs of these ridiculous products so we didn’t have to pay a penny.

The final report totaled 86 pages so let me get straight to the point. Most of them were total scams and contained common sense techniques that are readily available on websites with no costs. Some actually did work, but were very inconsistent. We, of course, used practice accounts and lost a total of $124,540.53 (in play money) using these systems by the book. We bought some of the most popular Forex software as FXMadeEasy (which cost $4,000 alone!), ForexOnlineSignal, ForexAlert, ForexAutoMoney, Day-traders and Forex-Strategy to name a few.

There was one bright spot and it was called “IvyBot”. Someone in class heard about this from CNN so we gave it a shot. The website looked promising and relatively down to earth. Some people say Forex is like gambling, but not if the odds go in your way. That’s what IvyBot explained. Every trade the system makes is designed to put the odds in your favor and it teaches patience as most traders lose money because they feel they have to be in every trade when the market makes a move. That’s when guessing emerges and money is lost.

What made this system stand out from the others are the results, obviously, but it was much easier to get started and start trading. The other systems took up to 2 weeks to read, implement and finally start trading. I was up and trading the first day when I received this system. It requires no trading experience because all you have to do is plug in the numbers while the other systems usually required 2-5 years of Forex trading experience and were incredibly confusing as our play accounts evaporated.

I also love the minimal risk it calculates, which again puts the odds in your favor. If something went absolutely wrong with the unpredictable markets, (happens a lot these days) the losses were kept at an absolute minimum. I noticed as the volatility increases the profits increased also. These days, it seems as though the volatility never seems to diminish. I cannot imagine anyone, especially in today’s market, who tries it and follows their method, to lose consistently. This system makes the Forex market look predictable.

The average cost for all 13 “money making methods” totaled $414.82 per product and IvyBot is well below that cost with the most results. The ones that were most expensive (in the $1000’s) actually had the absolute worst results as ForexMadeEasy was the biggest flop plus they had a very suspicious and quick 14-day return policy. We made 68 trades in a 2 month span and 50 of those were profitable for a 73% success rate. The next closest success rates yielded 48% and 44% belonging to ForexSignal and ForexRazor respectably. Unfortunately those are still losing records.

This project received an A for its thoroughness and accuracy. On a side note, most of us went straight to the website and bought it ourselves after the project was over. I personally am not a millionaire all of a sudden, but have a great supplementary income with it. I don’t want to sound like a salesperson but you really have nothing to lose. If you try it and don’t make money for whatever reason, then return it, get your money back, and gain some knowledge in the process. I decided to share this with people because I personally hated and was frustrated with trading Forex, not to mention how most brokers’ literally stole people's money. Check it out and judge it for yourself. IvyBot

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Forex Software Project