Forex robots are a major industry online and they all promote track records that claim you can get rich but do they work - let's find out...
The first point to make is if the track records replicated themselves in real life, you would have an income for life for $100 outlay and its no surprise that they don't deliver what they say - Why?
Look at the track record and go and look at the disclaimer and you will see that the track record is not real trading at all - it's a simulated back test, done knowing all the highs and lows and price ranges and the vendor buys and sells where he wants to and of course makes a profit.
It's no surprise it doesn't work in real life, as you don't know what will happen next.
Let's face if Forex Robots worked then the world would be a very different place.
Everyone would give up working and trade for a living and even the poorest families would do this, as most cost only $100 or so!
Banks and brokers would replace their highly skilled, experienced dealing teams, on millions a year, with a Forex robot and salaries and sick leave etc would decline - it hasn't happened.
In fact if the Forex robots worked as well as their simulations, the vendor wouldn't sell it!
He would simply trade himself to millionaire or billionaire status and forget about the 100 dollars, he could earn from you and me.
It amuses me people buy into the idea that the simulation will work in real life, when it's obvious it won't.
So do any Forex robots work?
Yes some do and they can provide you with a good long term income but unlike the simulations, you will face drawdown of up to 50% on the best ones and lose for months on end. That said though, you can compound 30 - 100% with the best robots and that's a nice healthy return.
If you like the idea of automated Forex trading software, forget the fantasy world of simulations and get a system, with a real time track record and look for solid gains longer term over 2 or 3 year period.
To be fair forex robots are not scams in terms of:
They tell you the track record is simulated ( if they have done one) and the copy, is their opinion and its normally got a money back guarantee on it - but they are NOT serious money making opportunities at all and normally lead quickly to wipe out.
There are a few good automated trading systems out there which can make you money but leave the simulated track records to the lazy and greedy traders.
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1 comment:
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