There are numerous Forex trading robots for sale and they all promise big gains but the reality is 95% or more will wipe your equity out and do it quickly. There are very few that work but if you want to find one that does and enjoy currency trading success, read this article.
Reason 1
The Track Record Is Simulated
This applies to almost all the ones you see online. They all claim big gains but the reality is, the track record is a paper simulation and not real money at all.
Always check for the warning below on any forex trading system and if you see it - forget it.
"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".
Anyone can make money in hindsight, knowing the closing prices but that's not the real world.
Personally, I am not too interested in paper money; I like cold, hard, crisp real dollars.
Reason 2
The Track Record Is To Short
I was amazed the other day to see someone presenting a month of trades as his track record - what does a month of gains prove in forex trading?
Nothing.
The time period is way to short.
If you are judging a track record, look over 2 - 3 years, so you have a variety of market conditions and can judge it properly.
Forex trading is a long term game and many of the best traders in the world, have drawdowns of weeks or even months before recovering.
In terms of track record its - the longer the better.
Reason 3
Confidence Issues
It sounds easy to simply plug a forex robot in and trade it however its anything but, as you have to be disciplined and keep applying the trading signals, even when the system losses.
Many traders have good systems, but simply cannot apply them, because they don't have confidence in the system.
To obtain confidence, you can't follow a system blindly!
You need know how and why it works, so that you can follow it with discipline.
Don't buy systems where the rules are not revealed ( "black box systems") and make sure you know why the system will make you money longer term.
Big profits in Less than 30 Minutes a Day!
If you follow the above tips when choosing a forex trading robot, you can find one you can have confidence in and gives you the opportunity to make big forex gains.
Take your time and make sure, you find one that is proven and you have confidence in, you're then all set to make great profits in less than 30 minutes a day.
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