Trading Forex on Autopilot Finding the Best Forex Robots
Automated forex trading has advantages you can simply follow your system and if it is based on sound logic it should give you a big profit over time for minimal effort and this has fueled the huge rise in forex robot trading lets take a look at how to find one just right for you…
To start with let’s get rid of well over 95% of them by looking for this statement below
“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading.
And there is an obvious conclusion to draw from the above and the statement makes it crystal clear
“No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.
Now you don’t have to wonder why the track record is so good, yet the forex trading system is so cheap.
These systems make big claims but of course they are claiming to make money yet they haven’t don’t it, made money and that’s the benefit there selling! All you get is a back tested simulation, well that’s not to hard problem is you don’t get this advantage in the real world.
They come with lovely packaging and catchy names and no backup. Most of these systems are supposed to be from traders but I have yet to know a trader who makes money 90% of the time and no the traders I know haven’t rushed out to buy these packages, they’ve got more sense.
These packages give forex trading systems a bad name as there not likely to ever produce the results they claim and its ridiculous to claim they can. Most also say you can start with $100.00! This is ridiculous NO ONE trading on a systems should consider less than a few thousand.
Forex is an odds game and you need a cushion to ride out periods of loses, that’s just the way it is. But get a good system and its one of the best ways to seek long term gains
Finding A Proven System
Now we have got rid of the vast majority of the software packages we need to find one with a real time track record and there are a good few about. Depending on the risk you want to take, they will return 50 – 100% annualized over 3 year periods but expect drawdowns of 3 – 6 months.
If you use a forex trading system losses of weeks or months happens to the best and it will happen to you that shouldn’t worry you if you make big profits long term but you also need to keep two other points in mind before buying one.
First don’t just follow the system read the logic and check the rules to see if you agree with it – if you don’t have confidence in them you will never follow your trading signals with discipline and this is a must to win.
You also need to look at the track record and pretend you entered on the worst day (the worst peak to valley drawdown) and check how long until a new peak is made. Normally, your looking at minimum drawdown of 20 – 30% and 3 – 6 months until recovery, always assume your worst drawdown is around the corner.
If you want to engage in automated currency trading with a system be careful, there are lot of systems that have never made any real money and you have to hunt around.
Even when you do find a good one, you need to know its logic and be prepared to follow it through long losing periods – without straying from your course.
That all said though, for traders looking for solid triple digit gains with minimal effort a forex trading system is for you.
Hello world!
Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!