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Trading Robots 

For great tips about forex products check this out: http://bogdan-greattipsaboutforex.blogspot.com

 

 
 
Tags:  forex  forex software  forex robot 
Views:  43
Published:  May 15, 2012
 
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Slide 1: ==== ==== For great tips about forex products check this out: http://bogdan-greattipsaboutforex.blogspot.com/ ==== ==== Whether you are a novice or veteran online forex trader, there's no doubt that you are aware of the literally hundreds of programs being sold that promise to make you millions of dollars trading forex! What about these claims? Is there a program available that can make your fortune for you while it trades foreign currencies, and you go off and do what you like to do? It is a very alluring prospect, to be sure. I would like to address this question by briefly covering one type of software trading system, as well as give you what I believe to be your best choice. The forex trading programs that I am talking about here are called Expert Advisors or "Trading Robots". These are small buy and sell programs that run in the popular MetaTrader4 software platform that many brokers, both forex and equities, make available for free to their clients. There are scores of these available right now on the market, and as long as there are traders wanting a "sure thing" program, they will continue to be developed and sold. I have tested 4 of the recent ones myself, and make this observation. While some will show a profit for a time, they are destined to eventually fail, since there is no trader discretion involved, and market conditions change constantly. These "robots" give the novice trader a false sense of security, making it very easy to risk too much of their equity on each trade. Many of the robots on the market today are "scalping" robots. This means that they target many small gains during the trading sessions. Typically they will take 1 to 10 pips (some actually target up to 20 pips) per trade. This has actually caused some forex brokers to say "no" to these programs, since many brokers are not fond of traders "scalping" the markets for a few pips. Right or wrong, that's their decision. The ones I have recently tested would have a string of winning trades (1 to 8 pips), and then a losing trade of 90 pips or more. You do the math! With those numbers, you need 90% plus winners just to break even. If you feel you must use an Expert Advisor, for whatever reason, it is wise to set the risk level at a very low percentage. Your goal should be to learn to be an independent trader and eventually develop your own system. One final point worth mentioning. If you have ever seen pictures of major banks' currency trading rooms, you will be surprised at the hundreds of traders that they employ in their forex trading divisions. If these robots were the "holy grail" of trading as they are advertised, wouldn't these banks be using them? They could fire these employees and save hundreds of thousands of
Slide 2: dollars! A good fundamental knowledge and continuing education about forex trading are the keys to your long term survival, and eventual profiting, in the forex markets. Shortcuts are tempting, but not necessarily healthy to your trading capital. Are you tired of losing your hard-earned money to the forex market? Would you like to start making serious profits? Grab your FREE E-book: "Insider Tips and Techniques on How to Trade the Forex Market Like a Pro". Click here [http://yourfxsuccess.com] We're dedicated to your success! [http://yourfxsuccess.com] Article Source: http://EzineArticles.com/?expert=Barry_Hines ==== ==== For great tips about forex products check this out: http://bogdan-greattipsaboutforex.blogspot.com/ ==== ====

   
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