Forex robots if you believe the advertising copy means you can pay a miniscule amount of money normally a few hundred dollars and then get an income for life! Does anyone believe this nonsense? Yes loads of traders but its obvious they will never make you money for the following reason...
Never Traded - Never Proven
The aim of these systems is to make you money but they have never done this - when you strip through the copy and delve a bit deeper you will see this!
"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading.
Umm, so it's made no real money and of course that's what you're hoping it will achieve and really you should pay attention to the last bit of the disclaimer kills all the hyped advertising...
"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".
So what is the point in having great copy and colorful packaging, when the forex robot has never done what it is claimed to do i.e. make money in the markets?
Exactly - no use at all.
You will find lots of people online claiming they have made money - but they are normally affiliates for the system and they are looking to make a percentage of the sale.
As a trader I get bemused by some of the comment they make trying to get you to buy them like...
It's a robot but be cautious, you need to practice with it otherwise you will lose.
Well, a robot means it should just give you buy and sell recommendations and make money, or am I missing something?
Furthermore, many robots say you can make money by investing just $100.00 or so, well try that with any system ( even a good one ) and you are relying on luck and luck, wont get you anywhere - your account will get destroyed.
You can practice in a demo account for a few weeks. Well this is no use any forex trading system needs to be tested over a 2 year period as a minimum really and most serious traders know this.
You also hear these so called users saying you don't need to know what your doing, or you can make money with your feet up, sleeping or on the beach but that's rubbish.
Even with a good system, you need to know how and why it works so you have confidence in it and can follow it in a disciplined fashion. If you don't know the logic and why it is likely to work you will never stick with it through losing periods.
Ask yourself this question:
If the forex robots really worked, people would all be trading and not working and your local bank, brokerage or investment house would sack all the high paid dealing teams and rely on them.
Strange I haven't seen this happen yet and nor is it likely to happen, for the obvious reason - they don't work and they never will.
Call me a skeptic ( or realist is a better description) but its obvious that these systems will blow your account up and do it quickly.
Surprising ! I am completely shocked to know that Forex robots are of no use but everyone suggests to make use of these automated system to increase the chances of success. All the reasons which you have stated made me to think about it again.
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