There are hundreds of forex robots on the market and each claims the potential to transform your trading for the better; the Forex Knight Rider is just one of these robots. But since it was brought to the market ion 2009, it has attracted much forex trader debate. Here is our guide to the robot which claims to be the “undisputed SCALPING expert advisor of the world”.

What does the Forex Knight Rider claim to do?

This trading robot is a fully automated scalper EA. This means it makes trades at regular intervals throughout the day, on the behalf of traders whenever there is market movement. The positions are open for a few minutes max, supposedly leaving the trader exposed to less risk than day traders.

How does it operate?

The robot claims to be able to operate on any account - no matter how big or small - reacting to any market movement, opening and closing positions which will make money for a trader based on its “Expert Advisor” technology.

How is this different to other scalping programmes?

The people behind the robot claim that it was been tested and updated “37 times” before being brought to market and is “constantly being updated by the professional users of Knight Rider”. In reality, the robot appears to differ little from other automated scalpers carrying the same potential to benefit from both market gains and losses and functioning 24/7.

What does it claim to offer traders?

Low start up costs: Automated scalpers like this tend to offer the chance to implement their program with minimal money in your account. The Forex Knight Rider asks for minimum $50.

Non-stop trading: A robot such as this allows you to leave your computer screen and get on with other jobs while trading takes place 24 hours a day, Monday to Friday.

No size limit: You choose the size of trades placed.

What are the risks involved?

If some internet reviews are to be believed, the Forex Knight Rider has made money for some traders. But a robot such as this carries many of the same risks that our list of common forex scams detailed last month. One of the first question a trader should ask him or herself is: why would somebody want to share this information with me, a fellow trader? The initial outlay may seem attractive when compared to the claims made about colossal profit, but some traders have suggested that the real risk/reward ratio is not all it first appears with trades closing no earlier than the stop-loss set by the trader.

How much does it cost?

The entire Forex Knight Rider package costs $97.

What currencies does it support?

EUR/USD.

Which broker platforms does it operate on?

The Forex Knight Rider is compatible with all brokers, including ECN forex brokers.

Who is behind this scalping robot?

Any traders who are familiar with the Forex Godfather robot will know of the Next Generation Forex Expert Advisor, the team responsible for this particular scalping robot.

What guarantees does the robot offer?

The Forex Knight Rider comes with a 60-day satisfaction guarantee which will deliver 100 percent of your money back if you are unhappy with the product.

What do other traders think?

“it needs a much lower stop loss, but then it will affect the winning rate significantly. Really, scalpers aren’t there for long term profits, so maybe I’m being too demanding. One thing is clear, if you’re looking for long term profits, you’re obviously not gonna find it in Forex Knight Rider, but if you want a quick buck and can afford some risk, you can try it out.” --- ForexMachines.com

It’s pretty straight forward on the installation. Good value thus far, but I don’t know how a bad a loss will be of yet. ---- Joshua, Oklahom City, OK.

Beware! Since this EA was produced by the Forex Godfather team, which I had purchased and since received a refund for, due to non response for support. And subsequently receiving info that the Knight Rider was coming out, I decided to ask a questions with the contact info with support for Knight Rider. That was last week and still no response!..It may well be a great EA but without support it sucks!!! ---- Michael, Atlanta, GA

Forex Knight Rider is nothing more than an extremely hyped EA with unethical marketing practices that has absolutely no hard evidence to backup its claims. Another very good example of how things should NOT be done in business. ---- Mechanical Forex.com

Sarah Cox, Staff Writer