If you read the adverts for most forex robots, you simply plug them, in don't need to really know much about trading and they will give you massive profits - but the reality is almost all will wipe you out quickly - here's why...
Common sense should ring a bell and say can I really pay a few hundred dollars and make thousands a month back with no effort?
Of course, I haven't seen banks use them r sack their dealers yet in favour of them and the reason is they don't work and the track records are not real.
Read the disclaimer below and you will understand what I mean:
"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. 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".
Now you know why they show great track records - but there not real, there simulated and made up in hindsight and normally fail in real time trading.
A forex robot with a track record with the above on it is not really any indication of real profits that it will achieve.
We all can trade and make profits in hindsight, by 10 year old nephew can do that but I wouldn't trust him to do it in real time!
If you want forex trading success surprise, surprise - you need to make a bit of effort, get the right forex education and do it on your own.
It's not hard to learn and anyone has the potential to be a successful forex trader but there is a learning curve.
Forex trading can offer you huge rewards - but buying an automated forex trading system, with a simulated back tested record is not the way to do it.
Sure the copy is convincing and we all want money for doing nothing - but that's not real life and certainly not the world of forex trading.
If you want to be a forex trader be prepared to learn the basics and get a forex trading strategy you can be confident in, learn to apply it with discipline and you will be well rewarded for your efforts with long term currency trading success. |
