The Forex Robocop is a forex Expert Advisor (EA) designed by the renowned forex robot expert “Alex Tanuka.” The vendor claims that the robot can make $20,000 per month while working in full automatic mode. It works on the M30 and MT4 trading platforms. Forex Robocop is now defunct as the website is no longer active while the developer has moved on to produce newer robots.
The Forex Robocop was priced at $99 and trades three currency pairs. The package comes with a free trend runner indicator. The strategy of this robot is unknown but the vendor says that its accuracy is 85%.
The important question is this: Is the Forex Robocop a robot to be trusted?
Forex Robocop: To Trust or Not to Trust?
Whenever a robot of this sort hits the market, the question of whether to trust it or not immediately arises. So it is only logical to pose this question for the Forex Robocop. On closer examination, it is immediately noticed that there are some challenges with this robot which worries many forex traders. These issues are as follows:
The developer’s well-known unethical practices
The developer of this product “Alex Tanuka” is not new to forex robots. He has the habit of frequently developing robots and frequently abandoning them. He uses similar web pages to promote his many robots. Forex traders find this habit both annoying and unacceptable. Forex traders prefer developers that sell a robot, provide updates and support for at least a few years. But, that is not Alex Tanuka’s style; he has since moved to other robots and abandoned the Forex Robocop making it obsolete. As a result of this habit, serious traders don’t consider Alex Tanuka as a good developer and so, they don’t bother testing his robots. They believe that his robots have no shelf life and therefore, are not good enough for use.
The trade results provided for the Robocop EA show chequered results. Some months it posts profits, and also posts losses in other months. This can be seen in the snapshot below:
A careful study of this account will show that it hardly made any meaningful profits. After a steep, calamitous drop in account capital, the EA was only able to shore up capital, but could not produce consistent growth. Furthermore, the EA was shown to have high drawdowns to the tune of 40%. This explains the calamitous drop in account capital shown on the left side of the chart.
In fact, there are hundreds of free robots that produce excellent results for the first few weeks and then blow up the account in one day. There are no reports of back testing and historical analysis. So is it really a surprise that the Forex Robocop is towing the same line? Not really.
There are little or no user comments or testimonials on this robot to add support to the profitability claims. This is an indication that this robot has not been well received by forex traders. In fact, the Forex Robocop is an obscure robot as performing a Google search on it turned up scanty results. This makes it very difficult to properly analyze this robot as many forex traders never tried their hands on this robot.
Alex Tanuka’s style of robot development is seen as unprofessional and so, many traders avoid his products. Some traders classify him as a scammer who keeps churning out robots without proper testing, analysis, updates and support. Forex Robocop is no different from his other robots. There are no verifiable trade results over a satisfactory time frame. So, this robot cannot be trusted, even though it is no longer available.