Introduction
With so abounding Forex trading robots around, you ability be afraid back I acquaint you that there are actual few that absolutely work. The internet is abounding with acute marketers that apperceive how to allocution the talk, but hardly do they apperceive how to airing the walk. Back it comes to the Forex niche, the smoke and mirrors are alike added insidious, because it takes absolutely some time afore the scams appear to light, and by again the scammers accept arranged their accoutrements and confused on. However, I'm animated to say that there are the attenuate few Forex robots that assignment out there, and by the end of this article, you'll apperceive how to acquisition them.
A Thousand Monkeys On A Thousand Typewriters...
They say that a thousand monkeys on a thousand typewriters will eventually reproduce the entire work of Shakespeare, but the thousands of scam artists out there are still trying to bang out a profitable Forex trading system. In the meantime, they're not going to stop trying to sell you their latest system to quadruple your money with no losses and become a millionaire yesterday. I know we're all optimistic and have a positive attitude and everything, but sometimes if it sounds too good to be true, it probably is. Never, ever trade with real money with a system that you bought based on claims made on some website alone: test it on a demo account for at least a month and on minimal capital for the next month, and if it passes the test, then you can invest yourself fully.
One of the biggest lies of the Forex robot industry that I hate with a passion is the "beta tester." You know, the person who is sending you email after email telling you that he has made a million dollars trading this system for the last 6 months. Now I don't know about you, but if I had a million dollars I wouldn't be emailing you - I'd be on my yacht sailing to some sunny island in the Caribbean. The "beta tester" has probably never even traded the system, and wouldn't know the difference between a spread and a swap. That's why I never, ever buy any system until six months after the "official launch", because it takes that long for the fake reviews to die down and the real reviews to come to the surface.
Forex Robots That Work
So am I saying that Forex robots that work don't exist? Far from it! There are the rare few (and I'm talking literally a handful of them) that actually work, and finding them is like looking for a needle in a haystack if you don't know what you're doing. If you want to sift through the dirt and find the gold, then you need to first know what the gold looks like. Sounds obvious I know, but most traders wouldn't know a profitable Forex trading system if it hit them in the face.
A famous trader once said that people are good at maximizing the frequency of gains, but not very good at maximizing the size of their gains. In other words, we like to win a lot, but we're not very good at winning big. What that means is that the average Forex trader will be over the moon with a system that wins 95% or even 90% of the time, but doesn't really realize that winning a couple of pips every trade isn't that fantastic and blowing hundreds of pips in the rare event of a loss isn't good for business either. In short, even a 99% winning system isn't good enough if your 1% loss is bigger than your 99% of wins.
It might surprise you to learn that Forex robots that work actually lose money on a lot of trades. In fact, there's one system I have in my portfolio right now that loses just under half of the time, and yet because it makes double of what it loses, it's a heck of a profitable Forex trading system. That's how you've got to train yourself to think: not just in terms of the number of winning trades, but how much each of the winning trades make in comparison with the losing trades. If you understand this vital concept, then you'll have no problem picking the needle like you have a 20,000 kilowatt magnet.
In a nutshell, it's easy to find Forex robots that work if you can avoid the monkeys. Beta testers don't exist, and do you really think that the seller is only going to sell 100 copies? They'll sell a million of they could, and it's fine to be one of the million as long as it's a profitable Forex trading system and not some piece of junk that's here today and gone tomorrow. If you know what you're looking for, and you understand how to balance the number of wins with the size of the wins to losses, then you'll be trading profitably with Forex trading robots in no time at all.
I've been a full time Professional Forex Systems Developer since 2007. Forex trading is my passion, which is why I really love helping anyone to overcome their challenges and become profitable in their own Forex trading. If you're just getting started in trading Forex, or if you'd like to take your trading to the next level, I'd love to help!
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