GPS Forex Robot & I am FX trading Broker

[datum1m]

I am setting this thread up for any of the first 1000 customers of the new GPS Forex Robot by Mark Larsen and his team, I intend posting my results on a daily/weekly basis once I am trading live. So hopefully other buyers may come forward for a bit of a chinwag and exchange of views about the products ability to make PIP’s

Mark also recommends "I am FX" has the trading Broker for the GPS with it having a VPS fully compatible with the EA Robot, do any members of t2w have any experiences of the Broker they would like to share with us?

 

[Blaiserboy]

I am setting this thread up for any of the first 1000 customers of the new GPS Forex Robot by Mark Larsen and his team, I intend posting my results on a daily/weekly basis once I am trading live. So hopefully other buyers may come forward for a bit of a chinwag and exchange of views about the products ability to make PIP’s

Mark also recommends "I am FX" has the trading Broker for the GPS with it having a VPS fully compatible with the EA Robot, do any members of t2w have any experiences of the Broker they would like to share with us?

sounds complex....

I don't think you should be trading the thing live until you have demo'd it for quite a while....

Be very objective when analyzing offers from brokers. there is often a place where they take money form you after they give you a freebie

They well know that they are going to take your entire account balance as time passes so they want to paint a pretty picture so that you will put funds in your account.

 

[pboyles]

I am setting this thread up for any of the first 1000 customers of the new GPS Forex Robot by Mark Larsen and his team, I intend posting my results on a daily/weekly basis once I am trading live. So hopefully other buyers may come forward for a bit of a chinwag and exchange of views about the products ability to make PIP’s

Mark also recommends "I am FX" has the trading Broker for the GPS with it having a VPS fully compatible with the EA Robot, do any members of t2w have any experiences of the Broker they would like to share with us?

Forget about asking how many pips you are going to make. Ask yourself the following questions

Where are 'I am FX' regulated? Their address is in panama an offshore location. Why are they located there rather than the UK or US. I bet it's not because the staff are all Panamanian.

If they go under and disappear will you be compensated?

If there is a dispute about your account or if they refuse to let you withdraw money who are you going to complain to?

These are all issues that have occurred before with fx brokers. Have you given any consideration to these issues before sending them your money.

 

[pboyles]

Like Blaiserboy says you shouldn't even be using real money on any of these robots, most if not all if them lose money. In fact the whole thing is a bad idea. Sorry to burst your bubble. Ask anyone with a bit of experience and they'll tell you that buying a robot and running it on auto on an offshore unregulated fx account is suicidal. You might as well burn your money.

 

[wackypete2]

Check out this site by Mark Larsen: http://forex-systems-reviews.com/

Forex Systems Reviews is a 100% free and independent forex service. We never join any affiliate or referral program! We don't charge a fee to any forex service provider nor to our users. All forex reviews are just based on the last test performance of each forex system service.

YET...according to the story of GPS robot, Mark commissioned 2 programmers to create it for him and what do you know, it's the TOP rated robot on his robot test site, complete with sign-up link. Also if he is recommending IAMFX, you can bet he is getting a percentage of the spread on your trades whether you win or lose.

Peter

 

[datum1m]

Thank you for your comments, but I am really looking for members to post who have either bought the GPS Robot or have had a personal good or bad experience with I am FX.

It would seem the popularity of Robots (based on the comments so for) is below that of commercial trading systems, but with an EA Robot you only get to blame the computer program writer or broker for some sort of bet placing discrepancy.

I will only be posting live account PIP's data, demo data is worthless and members of t2w will treat it as worthless, however I will be personally demoing it before going live.

Companies that trade with offshore accounts and offices do so for many different reasons offsetting tax payment being right up near the top, but just below accountability so yes I feel it is very important to get more feedback about the service Iam FX provide. I understand they are new to the market with less than 2 years trading history, but I have not yet found anyone who has made posts stating they have lost their money to this company.

So I am really looking for factual feedback not just personal opinion on the above two subjects, whilst I do appreciate it may well be given with the very best intentions it does not give me any real evidence that all off shore brokers are crooks and that all Robots will lose your money.

 

[pboyles]

So I am really looking for factual feedback not just personal opinion on the above two subjects, whilst I do appreciate it may well be given with the very best intentions it does not give me any real evidence that all off shore brokers are crooks and that all Robots will lose your money.

Dont send any money to an offshore unregulated forex broker, you will lose it one way or another. The last thing you need to worry about is optimising your tax issues.

http://www.trade2win.com/boards/brokerages/14154-boiler-room-scams-280.html
http://www.forexpeacearmy.com/public/review/www.crownforex.com
http://www.forexpeacearmy.com/public/review/www.forexgen.com
http://www.forexpeacearmy.com/public/review/www.gcitrading.com

 

[datum1m]

Dont send any money to an offshore unregulated forex broker, you will lose it one way or another. The last thing you need to worry about is optimising your tax issues.

http://www.trade2win.com/boards/brokerages/14154-boiler-room-scams-280.html
http://www.forexpeacearmy.com/public/review/www.crownforex.com
http://www.forexpeacearmy.com/public/review/www.forexgen.com
http://www.forexpeacearmy.com/public/review/www.gcitrading.com

You miss read my thread I did not say that I was worried about optimising my own tax position, I was generalising on why businesses may wish to set up off shore companies.

The links you have provided show that brokers can go under even when they don't operate off shore. So again while this information is useful it is not giving me any direct proof that if I use Iam FX , they will steal my money. Do you have any links or knowledge that shows they are just a scamming company, that would be mush more useful to me and allow me to make an informed decision?

 

[Blaiserboy]

You miss read my thread I did not say that I was worried about optimising my own tax position, I was generalising on why businesses may wish to set up off shore companies.

The links you have provided show that brokers can go under even when they don't operate off shore. So again while this information is useful it is not giving me any direct proof that if I use Iam FX , they will steal my money. Do you have any links or knowledge that shows they are just a scamming company, that would be mush more useful to me and allow me to make an informed decision?

I suggest strongly that you follow what Pete is saying in his post as well as what others have been saying in their posts...

If you insist on following your path, perhaps a better idea is to donate money to your local food bank where it will serve a greater purpose.

I can see that you are reluctant to follow the advice of some astute traders..... caution.!!

 

[Blaiserboy]

In my brief experience, I have created a couple robots that garner me quite a few pips on a regular basis...

I do not attempt to market them for one reason..... I can not know that they are bulletproof and i would not want to be a part of someone relying on them and losing their money...

Unfortunately. most people selling systems have no regard if any at all for the welfare of their customers, they merely want the sales and in this case, the guy even wants to be paid a piece of everyone of your trades. highly suspect.!!!!!

 

[datum1m]

I suggest strongly that you follow what Pete is saying in his post as well as what others have been saying in their posts...

If you insist on following your path, perhaps a better idea is to donate money to your local food bank where it will serve a greater purpose.

I can see that you are reluctant to follow the advice of some astute traders..... caution.!!

On their website they have a marketing video please see link www.iamfx.com/contact.php (may need to cut & past) With in this video they state their clients funds are held in a separate account operated by a custodian company which is regulated by SEC, so I have emailed them to ask who the custodian company is and how my funds will be identifiable within their custodians account should anything happen to their company. They also state they are one of the first Forex brokers to offer STP execution, thus not having to use a dealer desk when placing and closing trades, which should hopefully help eliminate some slippage. The spreads they offer are quite tight so again this should help with a Robot looking to scalp the market.

 

[Blaiserboy]

I like the idea of using brokers that have been around for a while, brokers that do not need to have qualifying videos..... brokers that my fellow traders have had good experience with..

Being a pioneer in the trading business is folly..

Just donate your stake to a worthwhile cause because you refuse to learn and will end up giving it all to the broker.

Actually, because you are so stuck on this junk, I am getting the idea that you are actually a promoter of the junk in disguise.

 

[datum1m]

I like the idea of using brokers that have been around for a while, brokers that do not need to have qualifying videos..... brokers that my fellow traders have had good experience with..

Being a pioneer in the trading business is folly..

Just donate your stake to a worthwhile cause because you refuse to learn and will end up giving it all to the broker.

Actually, because you are so stuck on this junk, I am getting the idea that you are actually a promoter of the junk in disguise.

I believe it is good to have a choice of brokers within the market and every company has to start somewhere.

 

[JahDave]

I believe it is good to have a choice of brokers within the market and every company has to start somewhere.

I live in the USA and will only trade with forex brokers that are registered with the NFA and have a good track record with them.

 

[wackypete2]

About IAMFX

A search shows their website from aug 2010 listing contact info as:
IamFX Inc.
280 Madison Avenue
Suite 912
New York, NY 10016

There is no such company by that name at that address. It's most likely a maildrop. Today their website shows corporate address is in Panama, but they still list a New York phone number and they don't accept US clients. They use Gallantfx as their execution agent for all trades. Gallant is registered in the British Virgin Islands.
If you send money/payments to IAMFX it goes to Morningview Group Inc who is the parent company of Gallantfx and has an address listing at 1133 Broadway, Suite 706 New York, New York, 10010
Finally, the video that the OP was watching is a youtube video uploaded in Sept '09 and is no longer relevant.

All this has nothing to do with the ea which was the subject of the OPs post, however I thought it was relevant since the ea owner is hyping IAMFX.

Peter

 

[JahDave]

The more you search about iamfx the worse it gets. A cached page of their website from aug 2010 shows contact info as:
IamFX Inc.
280 Madison Avenue
Suite 912
New York, NY 10016

There is no such company by that name at that address. It's most likely a maildrop. Today their website shows corporate address is in Panama, but they still list a New York phone number and they don't accept US clients. They use Gallantfx as their execution agent for all trades. Gallant is registered in the British Virgin Islands.
If you send money/payments to IAMFX it goes to Morningview Group Inc who is the parent company of Gallantfx and has an address listing at 1133 Broadway, Suite 706 New York, New York, 10010
Finally, the video that the OP was watching is a youtube video uploaded in Sept '09 and is no longer relevant.

All this has nothing to do with the ea which was the subject of the OPs post, however I thought it was relevant since the ea owner is hyping IAMFX.

Peter

Just read my post before your's Peter and everyone else reading this thread. Only use a broker that is certified and that you can read history on........

 

[datum1m]

About IAMFX

A search shows their website from aug 2010 listing contact info as:
IamFX Inc.
280 Madison Avenue
Suite 912
New York, NY 10016

There is no such company by that name at that address. It's most likely a maildrop. Today their website shows corporate address is in Panama, but they still list a New York phone number and they don't accept US clients. They use Gallantfx as their execution agent for all trades. Gallant is registered in the British Virgin Islands.
If you send money/payments to IAMFX it goes to Morningview Group Inc who is the parent company of Gallantfx and has an address listing at 1133 Broadway, Suite 706 New York, New York, 10010
Finally, the video that the OP was watching is a youtube video uploaded in Sept '09 and is no longer relevant.

All this has nothing to do with the ea which was the subject of the OPs post, however I thought it was relevant since the ea owner is hyping IAMFX.

Peter

The TT instruction provided by Iam Fx shows the Beneficiary has Gallant Capital Markets Ltd and their bank is HSBC Hong Kong branch, so Iam FX clients money sits in a bank in Hong Kong and not the USA or Panama, however should this really matter if clients funds are in separate escrow account

 

[JahDave]

The TT instruction provided by Iam Fx shows the Beneficiary has Gallant Capital Markets Ltd and their bank is HSBC Hong Kong branch, so Iam FX clients money sits in a bank in Hong Kong and not the USA or Panama, however should this really matter if clients funds are in separate escrow account

Read my post again Datum... I don't know who said it, but I am beginning to think that you are in fact an agent for this company....

 

[wackypete2]

The TT instruction provided by Iam Fx shows the Beneficiary has Gallant Capital Markets Ltd and their bank is HSBC Hong Kong branch, so Iam FX clients money sits in a bank in Hong Kong and not the USA or Panama, however should this really matter if clients funds are in separate escrow account

You don't seem to see where this is going. With so much conflicting information about where IAMFX is located or even where your money is going how can you be sure it's being held in a segregated account or available when you need it?

Anyway, good luck to you. I do hope the ea works for you!

Peter

 

[pboyles]

You miss read my thread I did not say that I was worried about optimising my own tax position, I was generalising on why businesses may wish to set up off shore companies.

The links you have provided show that brokers can go under even when they don't operate off shore. So again while this information is useful it is not giving me any direct proof that if I use Iam FX , they will steal my money. Do you have any links or knowledge that shows they are just a scamming company, that would be mush more useful to me and allow me to make an informed decision?

FX bucketshops setup offshore to avoid regulation and oversight. I dont see why you would consider using any offshore broker, the risks are too high. The point with using a UK or US based broker is that if they go under you will receive compensation, offshore you wont. As you point out many brokers onshore and offshore go out of business so why risk it.

As for your broker clearly they havnt gone out of business, does that mean they wont, no. If they do your money will be gone, but then it might be gone already auto trading your $149 robot that they claim can make 30% a month. I suppose when you look at it that way it doesnt really matter which broker you use.