Forex robots seem like a great way to make money in the markets, there cheap, promise gains better than any fund manager I know and you need very little time and effort to use them. That's the story the reality is rather different and means a quick equity wipe out.
The problem with most forex robots is they haven't actually done what they claim in around 95% of cases and that's a track record of making money over the longer term. The track records are actually simulated and done knowing what happened.
The system is then devised with this information to hand - but in real life you don't get the benefit of knowing the price history in advance.
Most traders if they thought about it would realize this - but they don't see the disclaimer which warns them or, their simply to greedy to notice.
Common sense tells you that if you take some data history and bend the rules to fit, you have a problem in real life. The data sequence will never repeat in the same way again and of course the rules cannot bent in real life.
If they did work then consider this:
- The vendor would not need to sell it as he would be making so much money or not for a few hundred dollars
- Everyone would give up working 9 - 5 and start trading instead
- Investment houses would swap dealers on five figure salaries for software that costs far less
- 95% of traders wouldn't be losing!
The list can go on but you get the picture.
There are some good forex robots and they will make around 30 - 50% per annum and cost a few thousand dollars upwards but their not perfect and you have to trade them with a view to the longer term, as most will have weeks or months of drawdown.
The problem in our quick fix society is lots of people want to make money with no effort ( we all do!) but that's not real life and really, if you want to make money in forex find one of the minority of systems which has a real track record or why not get the right forex education and trade yourself?
You can learn forex trading in a few weeks and soon be trading and making good profits in less than 30 minutes a day. If you put in the effort you will be well rewarded and leave the forex robots with there simulated track records to the dreamers.
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