Rob Booker is an American forex expert. Apart from having more than ten years of experience in the forex market, he has an amazing collection of books, webinars, training videos, software and podcasts with more than ninety episodes and seven hundred subscribers. The forex trading robots owned and sold by him are known as the Rob Booker Robots. It is a set of six robots that he offers in a pack for $297. With this pack, comes the promise of a new forex robot every month. Moreover, source codes are provided by him.
Rob Booker Forex Robots
The two most popular robots of his set are:
The Finch Robot:
- This robot is for running on the Tradestation, MT4 and Ninja trader platforms. Rob Booker has built an indicator named Knoxville divergence for the robot to place entries based on it. By looking for divergence every five minutes, it makes the entries. All trades are closed if it makes a second loss, and it waits for the situation to improve to make another entry. The user can customize and modify the Finch Robt with the source codes.
The Kingfisher Robot:
- This robot has a lot of similarities with the Finch. However, it searches for oversold and overbought levels instead of divergences before making an entry.
So, are Rob Booker forex trading robots trustworthy or not?
Rob Booker may be an expert in the forex industry and share valuable opinions while speaking about forex, but are his robots worthy of buying? There are a few downfalls of Rob Booker’s system and his robots, as –
Absence of clarity:
To trust a forex trader and his software, you need to see how his funds are doing.
This is a graph from Rob Booker’s Myfxbook account. Displayed on the website, this graph shows great results. However, if you take a look at the Myfxbook account for a trading fund show, you will notice that that the funds are doing very poorly.
As you can see, it is down 1.98% with the drawdown levels approaching 40% which is an excessively high drawdown level. These values can cause account decimations. Especially the rookie accounts that are underfunded and under-capitalized are at risks. So, as a trader can you really trust his software when one of his portfolios is showing poor results? Moreover, the results posted on the site have also been noticed to come from another mixed portfolio. So, whether the results are from manual trading or automated trading, is difficult to say.
Rob Booker’s Forex trading strategy:
Rob Booker aims to make sales more than making money from forex trading and this method is not appreciated by trader and analysts. Many traders have mentioned him as a forex trader, motivator and marketer who is not serious in trading. There are logical reasons behind this suspicion.
- First, he frequently creates ‘Mastermind’ groups which clearly shows that he is interested in making money from new membership sales.
- Secondly, there are a lot of positive reviews of his forex robots where people claim themselves as his students and state that they have been successful after using the robots. However, it is very suspicious that we can see these reviews only on his blogs, website and podcasts, but the identities of these people cannot be verified.
So, it is only normal for traders to doubt his robots. If the robots are truly efficient, then why is he not making money through forex trading as well when he has many robots as well as enough knowledge about forex trading?
We can conclude that Rob Booker’s robots are great to assist a person who needs basic training on forex trading as well as motivation and encouragement. However, if you want to be successful in the forex market and make money, we are not sure that you can place your trust in their performance.