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Can you make money with a Forex Robot? The answer is yes - but most traders lose with even a good robot! Here we will give you the 4 reasons traders lose and how to find the best automated Forex trading system for you...
First of all most of the Forex Robots sold are junk and lose money because they base their track record on logic that is not correct.
1. Do Not Expect Simulated Back Tests to Repeat
Most Forex robots present a simulated back test on historical back data as evidence that you are likely to make the same going forward!
This is of course not true, as anyone can make money knowing the closing prices but in the real world of trading this key advantage is not available to you.
All vendors do is - bend the rules of their system until it fits the data and gives a profit. Of course as no two pieces of historical data ever repeat, the system breaks in real time trading and the system losses.
Bending rules to fit the data is a bit like shooting at a barn wall and then drawing a chalk circle, around every shot, to make it a bulls-eye, after the event!
If you expect a simulation to give you profits in real life, you will end up disappointed and with a wipe out of equity.
2. Not Enough Cash to Start with
Most Forex robots claim you can start trading with $100 or so well even with a good system this simply is not enough money to give you any staying power and the account gets wiped out.
Now let's say, you have a good Forex trading system with a real track record of profits, you still have to keep two key points in mind when trading it or you will lose.
3. Learn the Logic and get Confidence
I often see the phrase you can trade and not know what you are doing - but you can't! Even if you are following a proven system, you need to know the logic on which it is based, or you will not have the confidence to trade through a losing period and stay with your system.
All systems have drawdown and you need to have, rock solid confidence to keep going until you hit a home run and this is based on knowing what you are doing.
4. Ignore the Short Term Focus Long Term
Most Forex traders want to make a short term killing but you must focus long term and ignore the short term. Most automated Forex trading systems will face drawdown periods of a few weeks to a few months and drawdown from peak equity is normally at least 25%, you need to ignore this and focus on a 2 or 3 year holding period and be patient.
A FREE Robot for Big Gains
Forex robots can and do, make money for patient disciplined traders who focus on the long term. The naïve, greedy traders, (who are the majority) look for a quick killing in the market and trust simulations and they lose.
If you want a good Forex robot that's free and works look up the 4 Week Rule.
This excellent system was devised by trading legend Richard Donchian and only has one simple rule which is easy to understand and apply and it's been making money for over 25 years - Use this as a starting point in your quest for automated Forex profits and you will see how profitable a Forex Robot can be.