If you participate in forex trading, then you have probably seen an automated forex robot advertised online. However, these should be viewed and considered with caution.
Most of the time, they don’t deliver as promised and sometimes even wipe you out. However, there are some free ones out there that are worth looking into that can be effective.
Sometimes, an automated forex robot that is heavily advertised online relies on simulations or back tests. Why is this bad? Because when you are trading in “real time” you don’t know the closing price up front. If you did, then trading would be a lot easier and everyone would be making money.
Sometimes, a system using an automated forex robot might produce track records that are real, yet they are not tracked independently. When this happens, you have to take the vendor’s word for it.
That is kind of like only reading positive reviews on a product’s website-it’s going to be a little biased.
So what can you expect to gain with the best automated forex robot?
That will be dependent on the risk that you are willing to take. However, the best automated forex robot will net you 30-100 percent annual profits in solid gains.
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From time to time, you can find a free automated forex robot. How does it work? The user would purchase a currency on a break to a new 4 week high and hold it there.
On a 4 week low, close the trade and go short. Continue doing this on a regular basis. By using this system, you should be able to get in all of the big market moves and trends.
It is important that when you choose an automated forex robot that you don’t get one that relies on simulations. Look for words like “hindsight” when comparing them. Anyone can work well when it comes to hindsight. After all, hindsight is 20/20!
What you want are real time results. Proof of a track record that exists over several years and has been audited by outside evaluators. While that is no indication that it’s going to work well in the future, it does give you something to go on.
Understanding how the system works is also important when choosing an automated forex robot. Don’t use it if you don’t understand it because then you won’t be getting the most out of it, or even using it correctly. You want to know the logic behind how it works, as well as agree with the logic.
Lastly, try to be realistic. Be wary of big claims based on little evidence to support those claims. You will probably have anywhere from a few weeks to a few months of losing periods, you might lose as much as 50 percent of your equity at some point, and you might have short term success but long term loss. Anyone who tells you differently is not being honest.
If you can, try to find reviews and feedback of any system that you are considering. In addition, finding those reviews on third party websites is important as they will be less biased than those that you find on the website that is offering the automated robot. The more informed you are, the better chance you have of making a good choice.
Check This Out – Low Maintenance Trading
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The GPBUSD price tested the 1.6144 resistance target and reversed. The pair is back down, looking to test the 1.6101 low for the day. A break below will target lower levels with the 1.6088 low for the week and the 1.6076 low from last week as the obvious next targets. Longer term a more substantial move lower can not be ruled out given the break back below the 200 day moving average today.
The GBP fell against all of the majors after Prelim GDP did not meet its forecast forecast of 0.4%; coming in at 0.1%. Additionally, BBA Mortgage Approvals were 45.9K versus its forecast of 46.0K and prior reading of 44.7K. Lastly, the Index of Services 3m/3m was 0.1%; also not meeting its expectation of 0.4% but better than the prior reading of -0.2%.
The JPY lost nearly 70 pips against the USD after Standard and Poors released a statement saying they see a poor outlook for Japan.
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