Choosing Forex Trading Robots

By: Kelly Price

Forex trading robots are exactly as they sound automatic forex trading systems where all you do is follow the software and execute your trading signal in line with the signals it gives - but how do you find one for big long term profits - lets find out...

There are huge numbers of them sold on the net and 99% are junk and will wipe your equity out - the reason? They have never actually been traded in real time and normally carry the disclaimer below or similar, read it and you will see why you will lose:

"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. 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".

You can see the problem already - the track record is simply made up; you can make up anything in hindsight and the vendors who sell these do!

Lets face it making money in hindsight is easy and you will see massive gains from these forex robots on paper but you wont see them in the market, you will get wiped out.

Are there are good ones?

I have found a few but they always have real track records and are independently tracked of course, they don't guarantee you will make money but if you are like me, you like to see some evidence that a trading system has been proven in the market.

Ask yourself a question:

Would you take golf lessons off someone who had never played? Of course you wouldn't and it's the same with buying a forex trading robot.

Never trust any track record that carries simulated disclaimer look for real time track records but you generally have to look quite hard to find one!

Here's a FREE Robot that will work!

If you look up our other articles you can read about "Richard Donchian's 4 Week rule" Now this can be put in any charting package or you can do it on paper, its one rule, its simple to understand, robust, generates automatic trading signals and has been used by some of the top traders of all time and it's free.

Longer term it will beat 99% of the forex robots sold which have simulated track records so, look it up and see for yourself - You need discipline to follow it but it works.

The rise of online forex trading has seen the rise of the "free lunch" automatic forex robot and while they existed before online trading - marketing companies saw an opportunity to make money:

Create some good sales copy, make up a track record and appeal to naÃ?ve or greedy traders. It's a great deal guaranteed profit for selling the system and what the heck the trader can take the loss.

Steer clear of forex trading robots UNLESS They have a real time audited track record and even better why not make your own free one, based upon the one we outlined earlier? It's a very profitable free forex robot.

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