If you are considering entering the world of forex trading, the most important question you should be asking yourself is: “Do forex robots work?” Why is this so important? Because there are essentially two methods used in trading currency markets: manual and automated trading systems.
Now, there is essentially only one concern for any trader: Results. Whether a manual or automated trading system is used, the only consideration should be consistently trading profitably. On the face of it, this appears to be very simple, but many traders do not give enough consideration to what this actually means.
Forex trading is all about consistency and having a system that works over and over again. Manual systems may be lucrative, but require a lot of time and dedication from the trader – hence it is not recommended for the part-time trader. The option that remains is to trade with an automated system – or forex robot. But, do forex robots work or are they just a scam?
The answer is, unfortunately, not as easy as a clear-cut “yes” or “no”.
There are many products available that purport to be extremely successful, but do not produce the results as promised by their creators. On the other hand, there are some systems that produce very good results if the trader sticks to the instructions, the trading settings are optimized and prudent risk management principles (to preserve capital) are followed.
The key, however, is to do detailed testing of the available products. This will include back and forward testing, experimenting with different settings and currency pairs. Trading on demo account for some time is also highly advisable. It is also a good idea to test as many products as possible before live trading is undertaken.
For the diligent trader (or aspirant trader), forex robots provide the advantage of having a system for trading the markets on a 24/7 basis, with preset criteria. At the same time, forex trading robots never get tired or emotional and do not make rash trading decisions. One can leave a forex trading robot to trade markets permanently or simply switch it of if need be – this gives the trader immense flexibility with trading the markets. So, do forex robots work? The answer is that some do and some don’t – so make sure you do thorough homework on the available products.
Detailed testing, reviews and comparison of the most popular forex trade robots are available at FXTradingReviews.com. Click here to subscribe to our regular newsletter and receive a free ebook on “Trading Forex on Autopilot”.
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ABOUT THE AUTHOR
I am a qualified Chartered Accountant (equivalent of a US CPA), forex and stock market trader, business owner and property investor. Finding profitable forex trading systems and strategies to benefit the average person on the street is my passion as forex trading is a very accessible means of earning additional income. I endeavour to provide good, honest and value-add articles and posts on forex trading in general.