Automated Forex trading software is big business online and there are a vast number to choose and most will cost you a couple of hundred dollars or less and offer gains which wait frankly are staggering but do they live up to the hype? Let’s find out.
I have been looking at automated Forex trading packages since the 80s and they all claim huge gains can be made with no effort but its a fact that 95% of Forex traders lose. Furthermore, all these systems claim not just bigger gains than the worlds super traders but they do it with less drawdown.
To judge any Forex Robot the first point to consider is the track record and you never see any independent verified results to back up the track record. All you get were back tests over historical data knowing the closing prices or unaudited figures from the vendor selling the system.
All the automated software products have a fatal flaw and that’s because the algorithm has been bent to fit back data and make a profit, money management suffers. None I have tested, has had good money management - they either traded to much, with stops inside normal volatility or cut profits to early and its obvious to me, why none produce the gains they claim in the track records.
Of course it is really dreamland, to think that a cheap piece of software, can give you an income for life with no effort yet, traders still buy these systems.
They are encouraged by affiliates, who write positive reviews about their experience but really, if they were making as much money as they claim, why bother doing it, they could just trade their way to a fortune instead.
If you think you are going to get rich with no effort and paying a small fee, then try an automated forex software package but really common sense should tell anyone that these systems are unlikely to make the gains they claim.
If you want to trade Forex and win when 95% of traders lose its pretty obvious you need to educate yourself, get confidence in what your doing and trade with discipline ; if you do this you can win but if you think you can win with a cheap automated Forex trading system think again - you will lose.
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