Question by ossie: how genuine is automated forex trading? or is it another scams on the net?
i intend to buy automated forex trading software to use for online forex trading but i am having doubt it may be another internet scams.
Best answer:
Answer by echan
If you know how to trade by yourself then automated forex trading may help, but if you don’t know what you are doing better learn how to manual trade first.
Add your own answer in the comments!
4 Responses
-
Misaki Says:
First, you should know that Forex is not that easy. Do not believe those who may say it is!
There are some good robots that MAY help you. Some are scam. Others are for real.Simply put, a Forex robot is a program that attempts to take the guess work out of trading currencies. Currently there is a lot of information floating around the internet about these products. Like any other tool, it needs to be used properly in order to be most effective.
Like I hinted, in order to use this tool the right way you need to understand a little bit about how it works and where it is best applied.
A Forex robot is a computer or computer program that monitors currencies and does calculations to figure out the best time to buy and sell. These programs help to take some of the guess work out of buying and selling and can help a trader to identify currencies that meet certain criteria, or when certain currencies perform in certain a way. Most of the selling points of Forex robots state that you can simply set them and watch the cash come pouring in. While in some cases this may work, in most cases you are going to need to carefully monitor the program and make sure that it is adjusting to trends in the market. While they can be very profitable they may require a certain amount of intervention to be run effectively. Used properly, and if you have the patience to get to know the programs, they become a powerful tool.
For this automatic approach, this website has worked wonders for me: http://www.forexapt.com/ – forex auto pilot turbo. It offers, among other features, high spread protection system and automated risk scaling. They say “95% winner”. Well, only the bottom line counts (you may be a “95% winner” and still lose money!). In this regard, it has really delivered for me.
I had been watching the forex robot market for months, waiting for the right software to come out. I believe I have found a great one.
All the best!
-
Fred Says:
Hi Ossie,
Well, it is not all black or all white. Some are scams, others are not. You have to take into account that a robot requires a minimum of knowledge. So someone who does not have a clue may fail and call it a scam when all they would have needed was just to devote sufficient time and be more patient in order to succeed. That was what happened to me. I actually tried forexapt.com too. It took me a while to setup my own routine. Took me almost 3 months! But now I have reached consistent results.
Do not give up. Have a system and stick to it (obviously, you would have to test it and backtest it before going live). Being mentally strong is key in this business. So be strong, resilient, persistent.
Good trading!
-
Huge Says:
There is a huge number of forex advisors/robots out there. they all work, but they all require you to know a little about how automated forex trading works. They are not scams, but there is a lot of hype associated with their releases and many people are disappointed when they don’t make a million bucks straight away. I have had a bit of luck with a few other EA’s.
-
Suzane P Says:
Hi,
I wish this type of software was around when I was starting out as not only can you practice on Demo accounts and with monopoly money but it trades on autopilot within the margins you specify, which:
a) Eradicates any subjective behavior.
b) Scours multiple ever changing complex markets 24/7 getting you Pips while you sleep, shop or go on holiday.c) Cuts out many long hours in front of the monitor and hours of studying graphs and market patterns.
This type of software really is a Godsend which is still in my dreams.
Anyways i prefer automated trading as it can be done from any computer or mobile phone.
