You will find a lot of forex robots sold online and they all claim they have made big gains but the reality is most haven't and won't make you money. There are a few that are good and here we will help you spot the losers and find the minority of winning systems...
The way to discount most forex robots is, simply to check if the track record is real - most are not they are simply done in hindsight and carry this warning.
"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading"
The warning continues and shows how seriously you should take the track record.
"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".
For some reason most traders never question the above and the flaw in using past data to make a track record of course, knowing the prices makes it easy to make a profit.
Of course these forex trading systems blow up in real time trading and really the trader should have thought for the price of a dinner out he wasn't going to get an income for life - it's the old saying "if it looks to good to be true it is".
Don't be fooled by clever advertising copy, if it doesn't have a track record in the real world, its not proven so move on.
By looking for a real time track record you will instantly discount the bulk of trading systems now what do you need to look for to find a winner?
A real track record of course! One that is audited and has supporting docs over at least a two year period. Never accept one of a few weeks - any trader can get lucky.
Then you need to consider the following
1. Are you confident in the logic and can you trade it with discipline through losing periods?
2. Check the longest losing period and time to recovery and check that it fits your risk profile.
3. Check how long the software takes you to use each day.
4. Check that you get full support from the vendor should you have any questions.
The above is really common sense.
When you are getting a real time trading system the best will give you around 50 - 100% per annum, in terms of compound annual growth. Losing periods will be few weeks, up to few months and average losses, on the ones I have used have been about 30%
You can find them, if you look around and a good one will cost a few thousand dollars - but it will pay for itself many times over, so hunt around and find the best.
FREE Forex Robots
There is a free one we have used for years and its one of the best systems you will find.
It won't cost you a cent and it's called "The 4 Week Rule" and it only has one rule which you don't even need a computer to do the calculation - you can do it in your head!
We have written about this forex trading system numerous times, so look up our other articles and don't be deceived by the fact its free - it works and has made countless millions.
Many savvy traders have used it to make millions of dollars, it's worked, continues to work so, check it out.
So there you have some tips, to find the best forex robots and also a free one for you to consider as well.
These systems can be time efficient and make you money, spend a little time choosing the right ones and you will be well rewarded for your time.
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