SetBot was featured in the November issue of FL Magazine. Read the interview with Robert Lotter, creator and founder of SetBot.
INTERVIEW WITH ROBERT LOTTER, CREATOR AND FOUNDER OF SETBOT
1. Robert, what is SetBot?
SetBot stands for Secure Easy Trading Robot, basically it is a set of robots that trades on the FOREX market on your behalf
So why use an automated system, more specifically SetBot, when a person can do the same thing?
A person can’t monitor the FOREX market for 24 hours a day and 365 days a year. In addition to that a person cant make a decision and implement it in under a second, every second, without feeling a bit of pressure and without delay.
The SetBot system CAN.
The SetBot system also won’t get frustrated, impatient, emotional or lazy; all aspects that are related to human intervention.
2. Why did you create SetBot?
I invested in numerous robots and other gimmicks, only to find that the back tests had been manipulated and/or only provided profits for a certain period of time before they made a bad trade. I lost all my funds that I had invested with these robots. Another concern was that most robots weren’t looked after as well as they should be. They would get disconnected and stay off-line for hours, even days. This resulted in trades not being made and data not being captured into the system; therefore bad trades were being made and money was being lost.
That is when I decided to create an automated system instead of just a robot. A system that would constantly process correct information, have the correct data from past events, almost never go off-line, and be extremely user-friendly.
After creating SetBot I knew I could not reap all the benefits without sharing them with other people like myself.
The worst of all is that most robots weren’t consistent; they may have done well under a certain condition however the market is constantly changing and requires a programme that can adapt; just like SetBot.
3. What is an adaptable system and how exactly does SetBot differ from the other robots on the market?
SetBot is not a static system; it moves, changes and adapts with the market. It has ten different systems that it implements when the market changes, SetBot analyses the changes and chooses the appropriate system to use. This way you get much better results. SetBot has a SMS system in place to let us know if it goes off-line which we are always standing by to fix immediately. Another SMS is sent to the customer and to us informing us of trades being made, whether the system is selling, buying or stopping a trade, this way one is always informed of what’s happening without sitting in front of one’s computer.
4. What are you trying to achieve with SetBot?
Approximately 4 Trillion Rand is being traded every day in the FOREX market. I am trying to make some of that money available to the general public who has no education in the industry.
5. Which currency is it trading with?
Currently Euros and Dollars, however we will be launching the ability to trade with over 6 currency pairs in the next few months.
6. When you say ‘user-friendly’, exactly how easy is it to use?
Extremely. So user friendly that all one needs to do is open the icon on their computer or USB once a month to view progress and the rest is done automatically. You don’t need any experience whatsoever to make money on the FOREX market using SetBot.
The only process that needs to be done is to change the lot (the value you are trading with) size. but other than that we recommend less human intervention, as that is the key to the system’s success.
7. So how does it work?
A potential customer will buy a space on our server, they then open their own account with a brokerage firm, we recommend using a 100% non-dealer desk such as FXCM.
8. What does SetBot do/consider before making a trade?
SetBot watches the market and trends, votes on which trade is more profitable, considers past history (5 years of post data has been analysed by SetBot) and therefore trades accordingly. SetBot takes all this into account before making a decision to trade and more, but we can’t reveal too many of our secrets.
9. What are the advantages of using SetBot?
No knowledge of the FOREX market is required; anyone anywhere can use it, and no manual trading is involved so you will have all your time to fulfill your personal obligations and stick to your daily routine. In addition one can learn how to trade on the FOREX market by simply watching SetBot from time-to-time.
10. How does the SetBot System know what is happening in everyday life, does it watch the news?
Before the news gets to you via TV or Newspapers it has already happened and this makes it old news. SetBot notices a change in the market and waits for a sign of movement that indicates which way the market is heading. There is never a complete standstill in FOREX; there is always someone, somewhere who knows what is happening before it happens. SetBot sees the trend and votes on the most profitable action.
11. The markets have been difficult in the last six months with all the bad news so how well has the Setbot system done over this time?
It has almost doubled its starting capital in the last 7 months.
12. What is required of me?
Call us for a free demo; we will give you an icon of an account to watch so you can see for yourself.
13. What is the risk?
In life there is always a risk. I have programmed a stop systems to kick in at certain points on a trade to reduce the risk, however there is a much greater chance of generating a profit in the long run than a loss which is far better than gambling with human decision and inexperience.
13. Are there any new features or upgrades in the pipeline?
Yes I am always working on ways to improve SetBot to make it run at optimum capacity.
14. How do I get involved?
I don’t sell any of the SetBot systems; I do however sell space on my server for people, such as yourself, to make a profit from SetBot like I have. When you buy space on the server you get to use the SetBot systems for free. There are nominal monthly maintenance and service fees.
15. How much will one need to invest?
The investment is entirely up to you and your financial advisor as we do not give financial advise we only supply space on the server. We can assist if a client does not know how to open an account or which account to open or any other necessary help.