There are numerous systems that will tell you that you can follow the signals they generate and make similar gains to the track records they show. There is a problem with most of them and that's curve fitting which, means most forex robots lose - lets take a look at it.
Curve fitting is when a vendor simply runs system rules across back data and bends the rules to make a profit.
It's of course easy to make a profit in hindsight, as you know what happened and we can all make money if we know the prices in advance however, it's much harder going forward not knowing them!
Most systems worth their salt, will have been traded and have a real time track record presented with them. This doesn't mean the system will win in future, as past performance never guarantees future results - but it at least it gives you confidence the system is on soundly based logic.
If you see any forex robot that has track record that looks good, look for the disclaimer below and if you see it pass it by - it's unlikely to make you money and about 99% you see will have it - here it is:
"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".
Many traders simply don't bother reading the above, or ignore it totally.
Keep in mind if you are putting your equity in the hands of a forex robot or automated trading system, surely it's a good idea to at least make sure someone has traded it?
The problem is most vendors who sell these robots curve fit them and as no two portions of data ever replicate themselves exactly, there doomed to lose in the real brutal world of trading.
Forget hyped copy and simulated track records and look for one with a real time track record.
Once you have found one, make sure you know how it works and that you have confidence in its ability to make money. If you don't know how it works and have confidence, you won't have the discipline to follow your chosen forex trading system with discipline and without the discipline to follow your system, you don't have one!
There are some good systems out there will real time track records (or at least independently tracked ones) which can and do make money. You're probably looking in the price range of $1 - $10,000 for a decent one and they will pay for themselves many times over if you do your homework on them.
Trading forex on autopilot is great idea in theory - but beware of the curve fitted, simulated track record ones that are cheap with track records that look to good to be true - they are. Be realistic, be sensible and take your time choosing the right forex robot for you.
Curve fitting is when a vendor simply runs system rules across back data and bends the rules to make a profit.
It's of course easy to make a profit in hindsight, as you know what happened and we can all make money if we know the prices in advance however, it's much harder going forward not knowing them!
Most systems worth their salt, will have been traded and have a real time track record presented with them. This doesn't mean the system will win in future, as past performance never guarantees future results - but it at least it gives you confidence the system is on soundly based logic.
If you see any forex robot that has track record that looks good, look for the disclaimer below and if you see it pass it by - it's unlikely to make you money and about 99% you see will have it - here it is:
"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".
Many traders simply don't bother reading the above, or ignore it totally.
Keep in mind if you are putting your equity in the hands of a forex robot or automated trading system, surely it's a good idea to at least make sure someone has traded it?
The problem is most vendors who sell these robots curve fit them and as no two portions of data ever replicate themselves exactly, there doomed to lose in the real brutal world of trading.
Forget hyped copy and simulated track records and look for one with a real time track record.
Once you have found one, make sure you know how it works and that you have confidence in its ability to make money. If you don't know how it works and have confidence, you won't have the discipline to follow your chosen forex trading system with discipline and without the discipline to follow your system, you don't have one!
There are some good systems out there will real time track records (or at least independently tracked ones) which can and do make money. You're probably looking in the price range of $1 - $10,000 for a decent one and they will pay for themselves many times over if you do your homework on them.
Trading forex on autopilot is great idea in theory - but beware of the curve fitted, simulated track record ones that are cheap with track records that look to good to be true - they are. Be realistic, be sensible and take your time choosing the right forex robot for you.
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