Wall Street Bot, or "how to milk hamsters on Forex with a little monkey"

Hello, forex trader friends!

Today we will talk about WSB Wall Street Bot, a fake version of the well-known Wall Street Forex Robot expert advisor. The sellers of the WSB robot simply renamed a free expert advisor, optimized it a little, and are pushing it on gullible beginners. At first glance there is nothing interesting here, dozens of similar scams appear every month. But these guys crossed every line with their PR. It got to the point that even fairly sensible traders ask us about this contraption. So today we have a review of WSB Wall Street Bot (do not confuse it with the original from FX Automater).

Platform: Metatrader 4
Expert advisor version: 3.2.1
Currency pairs: AUDUSD, EURUSD, USDCAD, USDJPY, USDCHF, EURCHF, EURJPY
Timeframe: H1
Operating time: around the clock
Recommended brokers: InstaForex, Forex4You, RoboForex

The Forex currency market is a constant and inexhaustible source of "nourishment" for various clever crooks living by the commandments of Ostap Bender. They are helped by aggressive advertising of "easy money" from currency speculation by brokers, and by the high demand among beginners for services on "How to get rich right now without doing anything."

The idea of making money off suckers is as old as the world itself: yet another training course or a super-sniper strategy is created, based on free, widely known trading principles, and sold to those eager to learn trading on Forex in five days. This stable model of fraudulent income has even received its own slang term, "near-market," which unites any useless knowledge about trading created for earning money rather than for teaching traders.

There is also fierce competition among near-market gurus, so large promotion costs are necessary. There is a risk that the investment may not pay off, because as the number of "blown-up" trained traders grows, the wave of negative reviews and accusations of charlatanism will rise.

As a result, coaches who cannot answer numerous complaints with personal, real trading achievements may sink into oblivion while ruining more than one hundred follower-devotees in the process.

The first 19 years of the 21st century changed the "face" of trading, and the near-market sphere grew thanks to a higher degree of automation. Beginners stopped being afraid of or surprised by the use of trading robots because of the development of gadgets. Along with the emergence of algorithmic trading, the business of near-market hustlers also became easier.

Recently, scammers have found a way not to complicate their lives by studying the basics of trading followed by a long process of filling beginners with knowledge. Instilling future traders with trading skills requires proper teaching and time to master them, but it is possible to build a near-market business much more easily.

In the middle of 2018, a team of as yet not precisely identified individuals decided to exploit the idea of selling a super-profitable robot. The algorithm of the expert advisor Trio Dancer, described on our website and distributed on the Internet completely free of charge, was taken as the basis for the "money-making machine."

To promote the scam successfully and avoid getting caught through the code, after cosmetic changes to the algorithm the developers "hid under the roof" of brokers, shielding themselves with "loud 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 in a coordinated way, and the weakness of the "coder," who simply cannot reach optimal settings and full automation of the trading algorithm, is covered by an unusual approach to aggressive marketing and the active development of the affiliate network.

Partners shoot videos like these: one, two, three.

Are there really people so foolish that they fall for such "proofs" of success? Apparently there are...

This direction is handled by a person who uses "casino-style hype." The name Wall Street Bot almost completely matches the successful product of Fxautomater. The expert advisor created by its programmers, Wall Street Forex Robot, has many positive reviews that have been published many times on thematic forums in the Russian-speaking segment of the Internet. The developers copy not only the name but also the updates, releasing new versions with almost the same numbers. Why the authors of the original still have not sued these clowns for a tidy sum is still unclear. Perhaps it is all still ahead.

Wall Street Bot is distributed according to the principle of network marketing, through "key" representatives who sell the robot for about 20 thousand rubles. The high price is "justified" by:

Wall Street Bot is a relatively young project, and the wave of spam-driven distribution is only beginning to gather strength. The organizers opened YouTube and Telegram channels, three affiliate websites, two offline locations (Moscow and Ufa), two VKontakte groups, and are trying to open a representative office in Kazakhstan.

The target audience is beginners, and the timing is ideal. People hungry for earnings and ruined by the recently passed cryptocurrency craze want to take revenge in "traditional" currency speculation, or try trading Bitcoin with the help of Wall Street Bot.

The problem is that they are being offered a Martingale algorithm whose "break-even" nature is based on averaging losses with a constant increase in trade size. The strategy works until the first no-pullback trend. What the "hamster flight on Wall Street Bot" looks like can be seen in the picture below:

Martingale is a strategy born in gambling: the player raises the stakes, hoping that each loss brings the probability of a "win" closer, and that the stake size grown by that moment will cover the losses. The Forex currency market is not roulette; an impulsive rise or fall can lead to a gross buildup of loss multiplied by the constant increase in position size. This is demonstrated by the results of another Wall Street Bot adherent, who "sat through" the loss the first time and went broke the second time because of the many open orders.

There are quite a lot of such examples of a nosediving start, but there are still no complaints on the Internet, thanks to the "two-tier scam system"; let us follow the logic of the scheme:

In fairness, it should be noted that the team is trying to recruit managers from among the adherents who managed to stay profitable by using money management and constantly optimizing the settings.

Otherwise, the developers try to keep clients from going broke not by optimizing the robot's settings or disabling the Martingale block, but by publishing advice such as:

Given the robot's imperfection and the lack of evidence for the existence of at least one account that has not been blown within six months, it can be safely assumed that the money handed over for management will disappear just like the client's first lost deposit did.

The creators of the robot mislead users by claiming on websites and in advertising that the robot always makes money. The marketing is aimed at finding clients among people who are unfamiliar with the Forex market and do not suspect how dangerous loss-increasing tactics under the Martingale system are.

Communication with the numerous sellers of Wall Street Bot revealed complete financial illiteracy, a lack of basic knowledge of technical analysis, and no understanding of what is built inside the robot, yet they are nevertheless ready to provide "technical support."

After launching the robot, the user is faced with a whole list of recommendations for its "maintenance" in terms of:

As a result, instead of the promised "calm observation of the money-making process," beginners who have invested more than $1000 must constantly perform actions on the trading platform, 90% of which look like mystical rituals to them.

WSB Bot, also known as Trio Dancer, is also sold by other hustlers. Here is a list of alternative names:

What do these smarter guys do? Seeing that people are buying WSB, they also download Trio Dancer, change the name and the color scheme on the chart... and basically that is all) Then they push it under their own name as if it were a different bot. You can do the same too, if your conscience allows it.

Wall Street Bot and similar projects are far from a new type of threat to the Forex market; back around 2012 there was the vsignale project and a couple dozen or even hundreds like it. If you approach the creation and distribution of Martingale-based advisors in a balanced and competent way, the network business can exist for several years, gathering many clients and followers who have collectively invested very large sums of money. But managing monkeys also requires considerable skills and knowledge. And marketers usually do not have much of either.

A strategy of increasing the deposit to "win back losses," when executed on a mass scale, can lead to huge losses and a scandal, as it did in the story of Stanislav Chuvashov, described in the review of PAMM accounts for Q1 2019.

The creators of Wall Street Bot used the tactic of advertising guaranteed automatic income in the Forex market. This is a somewhat new topic, very similar to the many Bitcoin bots spread in 2017, whose creators also promised clients steady investment income from speculation.

Such a presentation of advertising a priori does not provide for fixing losses on trades, which means that, by definition, the advisor will be sold with a built-in Martingale block. For all the imperfection of the idea, it has been "alive" for half a year already, the community numbers several thousand followers, and branch companies are opening that distribute the "robot" from stationary points. Naturally, they are waiting for a blow-up.

P.S. for those who are eager to download the advisor, download it from the forum thread; we regularly update the versions (registration will be required to download attachments).

Forum thread

Best regards, Alexey Vergunov Tlap.io