The Rob Booker Robots are a set of forex trading robots owned and sold by American forex expert Robert Booker. He has been in the forex market for over ten years and has a collection of software, training videos, books, webinars and podcasts. His podcasts has over seven hundred (700) subscribers and about ninety episodes. He sells a pack of six robots for $297 with a promise of lifetime support and updates. The package promises a new robot every month and surprisingly, he provides access to his source codes. His two most popular robots are “The Finch” and “The Kingfisher”.
The Finch Robot
This robot runs on the MT4, Tradestation and Ninja trader platforms. It places entries based on an indicator built by Rob known as “Knoxville divergence”. It searches for divergence every five minutes and makes entries. When it makes a second loss, it closes all trades or wait till situation improves before making another entry. It is customizable by the user and with the source codes, the user can modify the robot.
The Kingfisher Robot
This robot is a lot like the Finch but instead of looking for divergences, it looks for oversold and overbought levels before deciding to make an entry.
The pertinent questions are: How efficient are the Rob Booker Robots? Are they worth the price?
Rob Booker Robots: To Trust or Not to Trust?
As an industry expert, Rob Booker may command undivided attention when he talks about forex. The question is: do his robots work? Are the Rob Booker Robots software to trust or not trust? There are a few concerns about Rob Booker’s system and ultimately his robots. These are:
Lack of transparency
Rob Booker’s approach to forex
Let us discuss these points one by one.
Lack of Transparency
A graph from Rob Booker’s Myfxbook account is displayed on the website and supposedly shows good results. However, a look at the Myfxbook account for one of his trading funds shows that the fund is doing quite badly. It is down 1.98% and drawdown levels are approaching 40%.
A 40% drawdown level is an unacceptably high drawdown level. Such values are what leadto account decimations, especially on newbie accounts which are underfunded and under-capitalized.
So how can a trader really trust a Rob Booker software when one of his portfolios is not doing well? It has also been noted that the results posted on his site seem to come from another portfolio which is mixed, making it hard to tell if the results are from manual or automated trading.
Rob Booker’s Approach to Forex
Traders and analysts have raised concerns over Rob’s style and general system of operation. He seems to be more interested in making sales than actually making money from forex trading. Many traders believe that he is a forex trainer, motivator and marketer and definitely not a serious trader. For example, his frequency of creating new “Mastermind” groups suggests that his aim is to make money from new membership sales and not through forex trading. There are several unverified claims by his supposed students claiming to have been successful by using his robots. Unfortunately, their identities cannot be verified as the testimonies only appear on his website, blog or podcasts. So, many traders conclude that since Rob Booker is not making money from forex trading despite his knowledge and his many robots, there is no way these robots can be efficient.
If you are new to forex or you need motivation, encouragement or general forex training, Rob Booker and his robots package can definitely assist you. But if you are looking for actual performance of Rob Booker’s robots, they are not software that you can trust.