Forex Robots

Many people have asked me what my stand point is on Forex Robots.

First, lets take a look what at what Forex Robot aka Automated Trading Software is and I’ll share my experience with you.

Forex Robots are trading rules that have been automated thanks to software you either install on your computer or add to your existing trading platform. The basic premise is that when certain conditions are met, for example moving averages cross, the software automatically places a trade for you.

In contrast, Forex Signals and Alerts may be generated manually by an actual person that bases their trade recommendations on Fundamental or Technical Analysis. You get an email alert telling you the entry and exit point and can chose whether to carry out the trade.

You’ll find dozens of Forex Robots and Get Rich Quick Schemes that promise to make you a millionaire overnight. Some of the more commonly known ones are Fap Turbo and Megadroid. Is this marketing hype or can you too benefit from Forex Robots? In my opinion, Forex Robots do not work well enough for consistent profits. In my experience these Robots tend to come with all sorts of supporting data that promises lots of pips but often the automated trading software falls short.

Put it this way, I have asked for my money back on every single Forex Robot I’ve ever purchased and I can guarantee you that the results didn’t impress me.

Should you consider a Forex Robot?

Forex Robots and Automated Trading Software

It’s worth a shot. Just be realistic and don’t put all your money in one basket, as with all trades, especially with automated trading software be sure to test with a demo account first and only when successfully making reasonable gains consider using a real account with real money and be prepared for your investment to disappear.

I’m neither against for nor against Forex Robots. If you can get one to work for you and make you rich then send me a postcard from the island you purchase! In my opinion you’re better of taking a Forex Trading Course and learning a system that works for you.

Do you know what works best? Combining your manual trading system with a way to automatically place trades. This is doable with ActFx and I’ve been writing several scripts that work gangbusters. I call it semi-automated trading. You see I found that while my system works, it takes alot of time and effort to monitor for optimal trading conditions. So I wrote my first ActFX script to automatically alert me when the market showed signs of a good entry point. I then review it and make my decision on whether or not to place a trade. Since then I’ve gone on to write more complex scripts that based on my entry criteria will place my trades for me an alert me, I then monitor them and as they say, cut my losers and let my profits run. My record thus far is 72 successful trades in a row and 100 pips.