The Forex market is changing. Long time ago there was only room for the major players in this industry, the large banks and big companies with significant funds to trade with. As the internet revolution has entered this market also, the currency market has become much more available to anyone. The former financial challenges to enter this market are almost gone now, although trading Forex has so far largely been associated with lots of manual work, analysis, and years of education and knowledge for profiting in this market.
This is about to change. As several automatic robots with increased quality hits the market, even beginners in this industry can do quite well. However, there are a lot of people on the internet warning about such robots, and that that robots can not predict the market well. The reasons why these warnings are made are:
- A major point criticized by mature players in this industry is that vendors of the robots are overselling their products and referring to back tests and demo trading as their only proof of profit. I will accept this as a very good reason for not using some of the robots. However, the people behind some of the new software available also include live trading data in their sales pitches. This is quite new, and give customers increased confidence in what they are often going to buy. My advice is to only consider robots with references to continuously updated live trading data.
- Experienced traders often have years of either…