How well do forex trading robots work?
The Federal government warns there are a lot of Forex frauds out there, and these Forex robots appear to be one type of these scams. If these robots really worked, there would be scads of articles about them in the Wall Street Journal and other financial publications talking about them. When I do a web search, I can not find a single reputable news article encouraging the use of Forex robots. The link below is a Federal website warning you about Forex fraud.
There are a lot of people on the Internet claiming they have done very well using Forex robots. These appear to be of two types. One is the outright liars. For instance, you might meet a person called "Zboy227" who says "I made a lot of money using ScamRobot2000, go to their website at ScamRobot .com/Zboy227." The "/Zboy227" tells the website that Zboy227 has referred you. If you buy the product, Zboy227 gets a commission. He is only lying to you to get a commission.
There is a lot of luck in Forex. Sometimes you will run into people on the web who have tried a robot for a few days and have had some beginner’s luck with it. They start bragging about how well they have done. Later, they start to lose money, but they rarely get back on the web and talk about how much money they lost. People like to brag about their successes, but rarely talk about their losses. The result is that much of the feedback about these Forex robots is positive.
I may point out that websites that sell Forex robots admit there are a lot of scams out there. Of course they claim the other guy’s robot is a scam, but their robot works. If you do a web search on the words "forex robot" and "scam" you will find a lot of sites saying their competitors are scams.
I will admit I have not personally tested every robot out there, and I can not prove they are all scams. But I would be very hesitant to spend a lot of money on a robot without clear proof it really works.
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Great Question, I hope someone can REALLY answer it
I’ll be back…
References :
The Federal government warns there are a lot of Forex frauds out there, and these Forex robots appear to be one type of these scams. If these robots really worked, there would be scads of articles about them in the Wall Street Journal and other financial publications talking about them. When I do a web search, I can not find a single reputable news article encouraging the use of Forex robots. The link below is a Federal website warning you about Forex fraud.
There are a lot of people on the Internet claiming they have done very well using Forex robots. These appear to be of two types. One is the outright liars. For instance, you might meet a person called "Zboy227" who says "I made a lot of money using ScamRobot2000, go to their website at ScamRobot .com/Zboy227." The "/Zboy227" tells the website that Zboy227 has referred you. If you buy the product, Zboy227 gets a commission. He is only lying to you to get a commission.
There is a lot of luck in Forex. Sometimes you will run into people on the web who have tried a robot for a few days and have had some beginner’s luck with it. They start bragging about how well they have done. Later, they start to lose money, but they rarely get back on the web and talk about how much money they lost. People like to brag about their successes, but rarely talk about their losses. The result is that much of the feedback about these Forex robots is positive.
I may point out that websites that sell Forex robots admit there are a lot of scams out there. Of course they claim the other guy’s robot is a scam, but their robot works. If you do a web search on the words "forex robot" and "scam" you will find a lot of sites saying their competitors are scams.
I will admit I have not personally tested every robot out there, and I can not prove they are all scams. But I would be very hesitant to spend a lot of money on a robot without clear proof it really works.
References :
http://www.cftc.gov/opa/enf98/opaforexa15.htm
http://www.cftc.gov/customerprotection/fraudawarenessandprevention/fraudadvisories/fraudadv_tradingsystem.html
there are a lot of systems that work..in the beginning. the problem is the technology has gotten to the point where computers can run a billion scans a second and would pick up on a winning system. and if you could find a winning system you could build a system that specifically takes money from the people using the winning system in the processes making it a losing system.
now if you had a trading robot and keep it quiet and didn’t trade in such huge size that you could keep it on the downlow, i suppose it could make you money for years before someone programmed the system to front run your system.
with the recent popularity of systems there are tons of free ones that you can modify one little parameter here or there, so in essence everyone would be using different systems. this does hold some intrigue to me.
there are trading robots that can make big cash in the futures markets, so there is some hope for a forex bot. but forex is an unregulated scammers paradise. if it were me, i’d go old school and tweak the old richard dennis and bill eckhardt turtle trader system (10 period breakout system) and i’d try and avoid forex if you could.
but for doubters, once a month in Barrons, in the back they give results from the largest 300 hedges funds right after that list they give result for the largest 200 managed futures funds. about a quarter of these (managed futures) are traded purely on a trading system, no human input needed.
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They do not work.
(Try one and see)
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Most of them don’t work. Others work for some time. But a robot that works on the long term on different kind of markets it’s something that don’t exist.
You can read reviews on multiple forex reviews websites, and you’ll see most people lose money with trading robots.
References :
http://forextopten.com/systems/
http://www.forexreviewers.com/automatic-forex-trading-system.html
Indicators + hard work + manual trading = success
References :
MetaTraders Indicators MT4/MT5
http://www.forexmetatraderindicators.com/
candlestick charts I only use Bollinger and Parab settings the same settings for all Forex pairs for eg; if Bollinger band moves vertically through top Parab line this indicates a strong fall in the market
I complete an order ticket for the trade in ADVANCE the very second the trade moves in my favour I place the order
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This is very good introduction information.Forex is a great market to make money,but is not easy so 95% of traders loose so you have to be careful since only few make money.And the best is to use a successful manager to trade your account.