If you want to buy an automated forex robot you have a lot of choice but the fact is most are junk with made up simulated paper track records. There are a few good ones out there and this article will help you find the best forex robots.
Here are some tips to help you find a forex robot that works
DON'T Buy Simulations!
Most forex automated robots are rubbish and claim to be able to make big money but you look at the risk warning on the track record and see the words in "hindsight" and "simulated" Of course, this is easy and anyone can make up a track record knowing all the facts.
You have to think to yourself if the robot works, why hasn't the vendor traded it?
By discounting all the forex robots which don't have long term results in real time, you are getting rid of well over 90% of them.
Get REAL TIME Results
Now lets look at what you need to look for to find a good one.
You won't be surprised that the first thing to look for is a real track record over several years that has been independently evaluated. Of course past results never indicate future profits - but it gives you confidence in the system and at least the logic is soundly based.
Understand The System!
If you want to follow a system (even if it's made money in the past) you need to how it generates its trading signals, so you can have confidence in it. If you don't have confidence, you will never be able to execute the signals as their generated and if you don't do this, you don't have a system at all!
So unless the logic is revealed to you and you agree with it, don't trade the system.
Be Realistic
The automated robots with the fake track records say you can make a 100k a year and trade with $100 but this is fantasy, not reality.
In the real world, this is what you should expect from the best forex trading systems:
- Gains of between 30 - 100% per annum
- Losing Periods of a few weeks to a few months
- Losses of between 20 - 50% of your equity at some point
If you are trading a system then stick with it and judge it over a 2 year period.
Short term performance means nothing and all systems will have a losing streak, it's the long term that counts.
If you get the right system, you can make the cost of it back many times over and you have a tool which will in 30 minutes a day give you a fantastic second income.
Take your time and shop around and you will find an automated forex robot that's just right for you in terms of risk to reward and you are then all set, to enjoy long term currency trading success with it.
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