Wall Street Bot or “How to milk hamsters in Forex using the Monkey”
Hello friends forex traders!
Today we will talk about the WSB Wall Street Bot - a fake under the famous Wall Street Forex Robot adviser. The sellers of the WSB robot simply renamed the free adviser, slightly optimized it and are pushing it to unsuspecting beginners. It would seem, nothing interesting, dozens of such scam appear every month. But then the guys crossed all borders with PR. It got to the point that even completely stupid traders ask us about this topic. Therefore, today is a review of the WSB Wall Street Bot (do not confuse it with the original from FX Automater).
WSB Bot Advisor Characteristics
Platform: Metatrader 4
Advisor Version: 3.2.1
Currency pairs: AUDUSD, EURUSD, USDCAD, USDJPY, USDCHF, EURCHF, EURJPY
Working hours: round the clock
Recommended Brokers: InstaForex, Forex4You, RoboForex
The Forex currency market is a constant and inexhaustible source for “feeding” various smart crooks living according to the precepts of Ostap Bender. The aggressive advertising of “easy money” on currency speculations from brokers helps them in this, and the high demand among newcomers for the services “How to become rich right now without doing anything”.
The idea of making money on simpletons is as old as the world - the next training course or super-sniper strategy is created, based on free, widespread trading principles, and sold to those eager to learn Forex trading in five days. This stable model of fraudulent earnings even got its own slang name - “near market”, combining any useless knowledge about trading for the purpose of earning, rather than training traders.
Among the near-market gurus, there is also high competition, therefore, large promotion costs are required. There is a risk that the investments may not be justified, since as the number of “merged” trained traders grows, the wave of negative reviews and accusations of quackery will increase.
As a result, coaches who cannot answer multiple claims with personal, real achievements in trading can go into oblivion, ruining, at the same time, more than one hundred followers.
The first 19 years of the 21st century changed the “face” of trading and the near-market by an increased percentage of automation. Beginners have ceased to be afraid and surprised at the use of trading robots due to the development of gadgets. Along with the advent of algorithmic trading, the business of marketers has simplified.
Recently, scammers have found the opportunity not to complicate their lives by studying the basics of trading, followed by a long processing of newcomers knowledge. Inoculating future trading skills with future traders requires proper teaching and time to master, but you can build a near-market business much easier.
Wall Street Bot - mimicry or recipe for a successful business
In mid-2018, a team of yet-unknown individuals decided to use the idea of selling a super-profitable robot. The “money making machine” was based on the algorithm of the Trio Dancer Expert Advisor, described on our website, and distributed on the Internet absolutely free.
In order to successfully promote a scam and not “burn” on the code, after cosmetic changes to the algorithm, the developers “hid under the roof” of brokers, hiding behind “big names and brands” while promoting the “miracle robot” through affiliate programs.
According to insider information, the "founding fathers" are three people living in Central Russia. The team works smoothly, the weakness of the “encoder”, which can’t reach the optimal settings and the full automation of the trading algorithm, is covered by an unusual approach in aggressive marketing and the active development of the affiliate network.
Partners shoot such videos: one, two, three.
Are there really such stupid people that they are led to such "evidence" of success? Apparently there is ...
The person using the "casino style promotion" is responsible for this direction. The name of the Wall Street Bot robot almost completely matches the successful Fxautomater product. The Wall Street Forex Robot adviser, created by its programmers, has many positive reviews, which are repeatedly published on thematic forums in the Russian-language segment of the Internet. Developers copy not only the name, but also updates, releasing new versions with almost the same numbers. Why the authors of the original still have not condemned the clowns to a tidy sum, is still not clear. Perhaps still to come.
Wall Street Bot is distributed according to the principle of network marketing, through "key" representatives selling the robot at a price of about 20 thousand rubles. The high price is "justified":
- "Guaranteed", often unproven, daily earnings;
- Opportunity to earn on resale to another “simpleton”;
- “Lifetime” earnings on commissions of referrals;
- The promise of "give money" in trust.
Wall Street Bot Style Two-Tier Kid
Wall Street Bot is a relatively young project, a wave of spam distribution is just beginning to gain strength. The organizers opened Youtube and Telegram channels, three partner sites, two “ground” points (Moscow and Ufa), two VKontakte groups and are trying to open a representative office in Kazakhstan.
The target audience is newcomers, the time is chosen perfectly. The people, craving for money and ruined on the recent topic of cryptocurrencies, want to take revenge on "traditional" currency speculation, or try to trade Bitcoin using the Wall Street Bot.
The problem is that they are offered the Martingale algorithm, the “breakeven” of which is based on averaging losses with a constant increase in transaction size. The strategy works until the first recoilless trend. How does the “hamster flight on the Wall Street Bot” look like, can be seen in the picture below:
Martingale is a strategy born of gambling: a player raises bets, hoping that each loss brings the probability of a “victory” closer, and a bet that has grown up to this point will cover losses. The Forex currency market is not roulette, impulse growth or decline can lead to a gross increase in loss, multiplied by a constant increase in position. This is demonstrated by the results of another adherent of the Wall Street Bot, who “oversaturated” the loss for the first time, and broke in the second case due to the many open orders.
There are a lot of such examples of a dive start, but there are no complaints on the Internet yet, thanks to the “two-level system of the kid,” we follow the logic of the scheme:
- The Buyer is immediately warned that no one will teach the beginner the basics of trading (Seller’s explanation - there’s no time for this);
- Many independent settings are downloaded to the user, the meaning of which is confusedly explained once;
- After draining the deposit, a newcomer (for a fee) is offered to transfer funds to management, and to search for referrals himself.
In fairness, it should be noted that the team is trying to recruit managers from adepts who were able to hold out in the black, using money management and constantly optimizing settings.
For the rest, the developers are trying to avoid ruining customers not by optimizing the settings of the robot or turning off the Martingale block, but by publishing tips like:
- Turn off the robot manually;
- Remove some of the trading pairs;
- Do not trade on certain days (etc.).
Given the imperfection of the robot and the lack of evidence of the existence of at least one invoice that has not been merged for half a year, we can safely assume that the money given to the management will also disappear as well as the first deposit lost by the client.
Why is Wall Street Bot a scam?
The creators of the robot mislead users, claiming on sites and in advertising that the robot always earns. Marketing is aimed at finding customers among those who are not familiar with the Forex market, and do not suspect how dangerous the tactics of increasing losses on the Martingale system are.
Communication with numerous Wall Street Bot sellers revealed complete financial illiteracy, lack of basic knowledge of technical analysis, understanding of what is inherent in the robot, but, nevertheless, they are ready to provide “technical support”.
After starting the robot, the user is faced with a whole list of recommendations for its "support" in terms of:
- Work time adjustments;
- "Manual adjustment" of the timeframe, deposit, etc.
As a result, instead of the promised “calm observation of the process of making money,” newcomers who have invested more than $ 1000 must constantly perform actions on the trading platform, 90% of which look like mystical rituals to them.
WSB under other names
WSB Bot, aka Trio Dancer, also sell other dodgers. Here is a list of alternative names:
- $ aper-bot-profit
What are these smarter guys doing? Seeing that people are buying WSB, they also download Trio Dancer, change the name and color scheme on the chart ... and basically that's all) Then they push already under their name, as if they were another bot. You can do this too, if conscience permits.
Wall Street Bot and similar projects are far from a new type of threat for the Forex market, the year in 2012 was the vsignale project and a couple of tens-hundreds of others like it. If we carefully and competently approach the creation and distribution of Martingale-based advisers, then the network business can last several years, gaining many clients and followers who have invested, in aggregate, a lot of money. But only to manage monkeys - considerable skills and knowledge are also needed. And marketers usually don’t have a lot of them.
The strategy of increasing the deposit in order to “recapture losses” in mass execution can lead to huge losses and scandal, as it was in the story of Stanislav Chuvashov described in the review of PAMM accounts for the I quarter of 2019.
The creators of Wall Street Bot used advertising tactics guaranteed automatic income in the Forex market. This is a somewhat new topic, very similar to the many Bitcoin bots distributed in 2017, whose creators also promised customers constant investment income from speculation.
Such a presentation of advertising a priori does not provide for fixing losses on transactions, which means that the adviser will, by definition, be sold with a built-in Martingale block. Despite the imperfection of the idea, it has been “living” for half a year already, the community has several thousand followers, affiliate companies are opening that distribute the “robot” from stationary points. Naturally, a drain awaits them.
P.S. for those who are eager to download an adviser - download the original, there are no errors in the code that can contribute to drain.