You'll see lots of Automated Forex trading systems online and they grandly call themselves forex robots or Expert Advisors, they sell for a hundred dollars or so and offer you an income for life with no effort but they all have one fatal error which turns user accounts to dust –. Lets take a look at it.
The problem with the cheap Forex robots is they claim big gains but have never made any in real time and not one of them can produce an audited, track record over the long term to back up the claims they make.
They either just say they've made gains and paste up account statements. Produce meaningless simulations going backwards, knowing all the closing prices. Of course, when you know where every high or low was, it's not hard to make money but in live forex trading you don't know this key information!
I've seen almost every Forex robot and when you look at them, the algorithm is normally crude, trades to short a time frame and because the system has been bent to fit the data going backwards, to make a profit, the area that suffers is money management. The result in real time trading for the user, is a quick wipe out of equity.
Its a nice fantasy, paying a hundred dollars or so and making money while you sleep, play golf etc but it's nothing more than a dream. The reality is you don't make money in a market where 95% of traders fail with no effort. You can win at forex trading but you need to learn skills and the good news is anyone can learn to…