I see forex robots that if they worked, would be producing more than the top fund managers but as yet, haven’t heard of banks using them and the reason is obvious they don’t work – here’s why…
Ever seen that track record that looks to good to be true? Well you will see this as well in the small print -read it:
“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”.
So there you have it – the forex robot you see hasn’t even got a real track record – just paper money, made in hindsight, well that’s not real dollars and that’s how I judge a trading system.
Anyone can make money knowing all the data and make a track up but of course that’s not real life.
I trade and I know a lot of bank dealers and as yet have not seen any of them sacked in favor of any of the forex trading systems I have seen advertised and the reason is simple, paper profits, do not get translated into real time profits.
Today, everyone is looking for easy money from forex trading – but trading is not easy and you wouldn’t expect it to be, with the rewards on offer.
Like in any venture, where there are big gains to be made, you need to pay your dues and get the right education.
If of course you do and you get the right forex education, then you can make big long term profits. So my advise is – leave the forex robots with paper track records to the naïve and lazy traders and get yourself a proper forex education, which can set you on the road to long term currency trading success.
If there is big money to be made then its never easy and this doesnt just apply in forex trading, it applies in all money making ventures. Accept this fact, bnow get the right tools and forex education for success.