This forex fraud article contains an IvyBot overview, questionable profitability claims and an objective IvyBot scam assessment.
IvyBot Overview
IvyBot is automated forex trading software that operates as a set of four Expert Advisors on the popular MetaTrader 4 forex trading platform. The forex robot software was developed by a team of Ivy League graduates headed by Byron Kingsley.
Questionable Vendor Profitability Claims and Issues
- Vendor claims system chooses winning trades with a 98% accuracy, but out of 21 trades, they only had 6 consecutive wins, so that implies a trade accuracy of only 86% in their chosen example.
- They claim positive historical returns of $18,400.00 net profit on a $10,000 deposit over an unspecified one month historical testing period on an unspecified currency pair.
- This very vague test result represents a claimed potential profitability of 2,166.45% per annum over the testing period, had the system actually been traded during that limited time.
IvyBot Scam Assessment
Is a IvyBot scam going on here? Quite possibly, especially since the vendor’s claimed accuracy seems to be questionable based on the limited testing data they provide.
Basically, many forex robots are back-tested by their vendors over historical pricing data to come up with outstanding profitability claims over a carefully-selected time period, currency pair and choice of setup parameters. As a result of this optimization process, future profitability and the use of different parameters or currency pairs may generate results that can be nowhere near as good as the testing returns.
Usually, people who purchase these robots test them by having them trade in a demo account during the guaranteed return period. If the results look disappointing, they then return them via Clickbank.
In general, we do not recommend that forex traders utilize Ivybot or any other forex robots for trading purposes. Basically, trading forex as a means of getting rich quick is highly problematic. For you to trade forex profitably and consistently you will need to devise and refine your own forex trading plan. Trusting decisions regarding your money to others is not a viable means of achieving profitability in trading forex or in other life situations.