Posted June 3rd, 2010 by sharkdancer
So, what is the secret to winning in the Forex market? Some say that hard work, training, education and some luck are the factors that lean toward Forex success. For some, the way to take advantage of all this is to make use of an automated Forex robot.
An automated Forex Robot is a computer based program that will make your trading life easier to manage.
Since some traders cannot be in front of the computer to monitor the market twenty four hours a day, this computer program will be able to take over your thinking for you, everything from analyzing to trading. It is a software that runs on autopilot to trade foreign currencies and the results from its trades are consistent.
Although this doesn’t guarantee you millions of dollars in one day, it will surely be a huge improvement in your trading career, and all you have to do is set it up which takes about five to ten minutes a day. You can then go about your daily business and you can watch the money role in.
When looking for an automated Forex robot, there are things that you should consider first like the manufacturer or the writer of the program. It is important that the person who created this program should be a successful trader him or herself so that you know that you can trust the software.
Another important thing to think about is the success rate of the program that the manufacturer is saying. An automated Forex robot can say that it has a success rate of over ninety percent but perhaps, in reality, this was only tried in simulations or backtests and not in actual trading. Make sure you see actual trading results showing profits before you buy anything.
Lastly, do not immediately believe anything a forex software robot site may say on their website because this information and so called user comments are biased. To obtain an unbiased view, you should visit other websites that are dedicated to reviewing such products. Getting information from unbiased reviews of several automated forex robots will give you a better understanding of which software will be suitable for your needs.
When it comes to trading the Forex, it is true that these programs can help you earn more and faster but you have to give time and effort in to looking for the right robot so that you get your money’s worth out of it.
Posted June 3rd, 2010 by sharkdancer
An automated Forex software robot is a computer program that trades automatically for you on the Forex market. The computer watches the market 24 hours a day for you making trades for you when the timing is right. A robot is a great way to trade, but there are 10 things you need to know before choosing a program.
An automated Forex software robot is a computer program that trades automatically for you on the Forex market. The computer watches the market 24 hours a day for you making trades when the timing is right, even when you’re sound asleep. And you don’t get ulcers from all the stress either since the computer is making the hard decisions. An automated Forex software robot is a great way to trade, but there are 10 things you need to know before choosing a program.
1 – Installation – installing the program should be quick and easy. The better vendors allow you to download the program and get started right away. Problems encountered installing the program are a bad sign that could indicate trouble ahead.
2 – Quick Start – does the program have a quick start video to get you up and running right away? Short video or audio clips are a great help in explaining areas that might be unclear.
3 – Ease of Use – the program should be intuitive and simple. Does it make sense to you? Is it easy to navigate through the different screens? Do you understand the features quickly? Are the functions and controls grouped in a logical manner?
4 – Quality of the program logic – logic is the brain, the most important part of any computer program that makes the decisions. These decisions are based on a set of rules built into the system. Who developed these rules? Will these rules work well in a volatile market?
5 – Cost – Developing high quality software requires a staff of experienced professionals. Expect to pay well for quality software. Remember, you’re using this system to make money so good quality software means more money in your trading account.
6 – Demo Accounts – does the automated Forex software robot allow you to do real time trading with a demo account? You need this feature to get comfortable with the system. Here is your chance to experiment with all of the different trading options before committing real money.
7 – Your Computer – Will this program run on your computer? Does the software require Windows XP or Vista installed on your computer?
8 – Your Internet Connection – Will the program run on your internet connection? What are the bandwidth requirements? Are you able to leave your computer running for 24 hours a day? If not, is there another option such as a hosted account to allow you to run the program without a connection to the internet?
9 – Support – What support is available if you run into problems? Some vendors offer live chat and are able to resolve any problems immediately. Other vendors offer email support or an 800 number. Are all of your support calls free?
10 – Refund policy – You want a 60 day refund policy that offers complete satisfaction or a refund with no questions asked. A 60 day refund policy means 60 days to see for yourself whether the automated Forex software robot is for you.
And now it’s your turn to have some fun. Get a robot at http://www.getwealthyslowly.com and give it a real workout. Then for the ultimate test – how much money did you make in your demo account?
Posted June 3rd, 2010 by sharkdancer
Forex robots are the choice of most novice traders and here, we will look at some facts that you need to know before buying one…
Forex robots are a great way to lose money, so let’s look at the claims the vendors make and the facts about robot trading which means you should avoid them.
“You can Double your money Each month”
If you could double your money each year, you would be up there with the best traders in the world, no robot makes gains like the above except in paper back tests.
“You Can trade with 90% accuracy”
The robots claim you can predict the future with their algorithms but of course no one knows the future and prices cannot be predicted. Markets don’t move to mathematical certainties, they move to probabilities so you can forget trying to predict them.
You can trade with less than 1% drawdown
If you are trading Forex and aiming for triple digit gains, this is impossible. It’s an investment fact with reward goes risk and double figure drawdown is inevitable.
“You Don’t need to know what you’re doing to trade with a Robot”
Now this statement is true! You don’t you follow the signals but what’s the point of following something that loses? Go to the casino if you don’t mind losing, at least you will have more fun.
“The Cost is just a few hundred dollars”
You get the hype about how cheap they are and they are so cheap because they don’t make any money. If they really did make the gains they claim, they would be worth hundreds of millions of dollars.
So it’s no surprise to learn that the easy money the vendors of these systems claim you can make is not the reality for the users of these systems. All the heavily hyped robots make no money and never will.
If you want to make money at Forex trading, get a decent education and learn skills and you will be well rewarded for your efforts and enjoy currency trading success.
Posted June 2nd, 2010 by sharkdancer
The forex market is attracting many business-minded people all over the world because of its enormous earning potential.
Not everyone who got into the forex business, however, has succeeded in achieving their desired goal. There are just too many obstacles that beginners encounter that prevent them from moving on. Fortunately for beginners nowadays, there are softwares that would help them in overcoming whatever obstacles that come their way.
One such software is an automated forex robot. It enables a beginner to trade like a pro.
An automated forex robot is a program designed to help people trade automatically based on simple settings that the trader would set up. The software does not require too much knowledge from the trader. He only needs to follow instructions and the software will do the rest for him.
There are many robots out in the market today. Each has its own settings and functions but their goal is basically the same. That is to help traders trade successfully using an efficient tool that takes away difficult manual tasks. This makes trading a lot easier for beginners. They don’t need great knowledge to start out. They would eventually learn in the process and would develop knowledge as they keep on using the program.
Don’t get me wrong every forex trader needs to learn the system as much as they can. But for beginners, they don’t have to fear that lack of knowledge would lead them to failure. They can start out immediately given they know how to follow instructions carefully. But knowing the system is a big advantage. Setting the system would require some basic knowledge from the user. The free trial account would work in favor of the beginners though. They could try different settings without fearing to lose their money. That privilege would give them ample time to discover mistakes and adjust settings.
An automated forex robot is also great for advanced traders. Though the forex robots are advertised as great for beginners, traders with prior knowledge about the system would benefit more from it. Besides the fact that they already know how to set the system to work efficiently, they would be unloaded with tasks that they are doing manually before. Automation is a good thing for those who want to live a happy life while earning more. Whereas before, traders have to sit around and wait for the right signals to come, now they can set the robot to look for signals and complete a trade.
Automated forex robots are helpful both for beginners and advanced users. It’s called robot because it does tasks that could have been done by people but is somehow difficult to do.
Are they created for comfort? Maybe so but they are developed primarily to help forex trader simplify the complicated system.
Are they effective? If you ask people who’ve already tried the software, the answer would be “yes!”
Posted June 2nd, 2010 by sharkdancer
Forex trading robots are popular, the theory is you can simply plug and go then sit back make money and let the trading system do the work for you. It’s a great idea and you can make money but you need to consider the vital points below to win.
Most forex trading robots have one vital flaw – they have never been tested real time and never actually made any profits! Forget the clever enticing advertising copy these systems will wipe your equity quickly. Look for the disclaimer below (or similar one) and you will see what I mean.
Look for This disclaimer and ignore the System!
“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading….Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.
Of course after reading this you will see why they don’t work and the odds are stacked against you. Would you trust a driving instructor who couldn’t drive? Well thousands of forex traders trust vendors who have never traded. These forex trading systems have all been tested knowing the past price history and the track record is simply a simulation on paper and I wouldn’t trust it and neither should you.
Find one With a Real Time Track Record and …
Make sure you understand how and why it works and you are confident in its ability to deliver forex trading profits longer term. If you don’t, you won’t have the discipline to follow it through periods of losses and stick with it through these periods of drawdown to make longer term gains. Keep in mind that if you don’t have the discipline to follow your currency trading system – you may as well not have one!
If you want one with a great record of success long term check out Richard Donchians 4 Week Rule, we have written on this frequently and its Keep in mind the above system is free and you can use it as you wish and it has been the basis for many a successful trading system.
A Forex trading system with a real time track record doesn’t come cheap and you’re looking to pay in the region of at least $1 – 2,000 upwards in price, so the 4 Week Rule which will out perform most sold robots anyway and is a great place to start and of course it’s free.
Tip 3 – Robots are programmed by Humans!
There is this image that a robot works on its own but it can only work within the limitations of the programmer.
Humans think robots can think for themselves like some robot from Star Trek (but this is rubbish the markets have to many variables) and a forex trading system can only react not think independently. While they are programmed by humans, this doesn’t mean they can’t be successful they can – but there not perfect.
ALL Forex trading robots will lose for periods of time that’s life but this doesn’t mean to say they can’t make profits over the long term, they can but you must be patient and disciplined.
The right forex trading robot can and will make you money. Just keep in mind there not perfect and you will need to have confidence in the logic of them, to follow them to long term currency trading success.
Get the right one and follow it with discipline though and you could make a lot of money.