Common sense should tell forex traders, that the vast majority of forex robots promoted online don't work and destroy equity - but traders buy them despite these facts.
Let's take a look at how the world of trading would look if they did work
- Individual traders could quite their jobs and all they have to do is buy $100 buck software package for a lifetime income!
Umm haven't seen this happen yet.
- Banks and brokerages, wouldn't need fund managers as, the robots claim they have better track records.
Funny, all the dealers I know still have jobs!
Isn't it obvious the track records aren't true?
Just check the disclaimer and it will see the record has been made up (apt wording) knowing the closing prices, so it classes as a "simulation". Now to me, I can't spend a simulated dollar so it's not really of any use, its real dollars that count.
What is the point of a robot that hasn't made money?
Why would anyone trust a made up track record, it doesn't make sense.
Of course you get a lot of people saying how they have made money with the robot, have given up their jobs etc - but take them with pinch of salt. When you see these you will soon see an affiliate link nearby and that means - they get paid if the software is sold. So not exactly unbiased!
Another argument for using them is, you get a 60 day money back guarantee on the software price.
True- but that's not compensation if you lose your money trading.
Let's have a reality check:
Forex trading is not something you just stroll into and treat with disrespect.
95% of traders lose, if you believe you will get something for no work and $100.00, the market will teach you some respect.
In forex trading too many people think they can trade with no effort, no risk and make triple digit gains and that's not the world of forex trading.
You can win with forex robots and some have good solid track records - but they all have drawdown (of weeks to months) and normally by around 30% and the best ones, will compound about 30 -50% annually, depending on the drawdown you can tolerate.
Now these are solid gains, with realistic drawdown, serious traders use them and know how they work and exactly what to expect under real conditions.
The forex robots you see heavily advertised will simply wipe you out.
Really if you thought about a triple digit income for the price of a lunch - Doesn't really sound true does it?
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