Forex robot software?
Mikey asked:
There are some Forex robot software programs and some people say that you can earn more using them. Could you tell me something about it? How does it work? Is it real? I understand that there is no miracle about it but still, I wanna know more about it.
There are some Forex robot software programs and some people say that you can earn more using them. Could you tell me something about it? How does it work? Is it real? I understand that there is no miracle about it but still, I wanna know more about it.
And for guys who sell these programs, please, do not post links to places where I can buy it.
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April 21st, 2009 at 3:20 pm
Doesn’t work.
If you did into the disclaimers, they will say things like hypothetical results which means that nobody has traded in a real market and made money. Their claims are based on running old data through the system and showing what might have happened.
April 21st, 2009 at 7:43 pm
I wrote this articles a couple weeks ago and I think it answers your question perfectly. Sorry that it is so long:
You have probably heard of Automated Forex Trading. The claims of a Forex computer program making you thousands each day without having to even lift a finger. Is it too good to be true? Does a system like this actually exist. The answer isn’t as simple as ‘Yes’ or ‘No’ – the answer is it depends. Ok, so it depends doesn’t work for you. I get it. You want to know, what is the hype all about? Let me tell you.
When you see a company advertising an Automated Forex Trading system they are most likely advertising an expert advisor. An expert advisor is a program, written by a Forex trader, to execute trades on the Metatrader Forex trade platform according to certain trade rules established by the trader.
Most traders use these expert advisors but to varying degrees. One of the partners in our group programs expert advisors for our company. We use our expert advisors to manage trade algorithms that require faster than human calculations. Some traders use them to manage 100% of their trading activity while others may only use them to enter trades or may not use them at all. These expert advisors provide a huge advantage by turning some of the more difficult aspects of trading over to a computer that can calculate and process much faster than a human ever could dream of.
There are problems with automated Forex trading though. The most obvious being that computers have glitches and technology is never perfect. Turning your hard earned money over to a computer to manage is a scary thought. Also, there can often exist bugs in the code of an expert advisor that can only be discovered by trading the program. If the person selling the expert advisor has not done sufficient testing to establish the problems you may be left with an expensive error.
The claim made by the promoters of automated trading systems that you never have to do anything other than turn it on is misleading and reckless to say the least. Forex markets are ALWAYS changing and a Forex Trading System that worked yesterday may require adjustments to be profitable today. Expert advisors have built in options to allow you to adjust these trade parameters to meet the changing markets. But what happens if the purchaser of an automated trading program doesn’t understand what moves the Forex market or why a specific expert advisor works in the first place.
If you are considering buying an automated Forex trading program but have never traded Forex, DON’T. You will lose your money. However, if you understand what moves the Forex market and know how to trade on your own without a computer program – an automated Forex trading program can be a valuable tool in your trading arsenal.