Automated Forex trading has been around for many years and is available to the retail trader through the MT4 platform. Most brokers now offer MT4 as a means of trading the currency market through them as a dealer. The MT4 (Meta Trader 4) platform enables traders to install Expert Advisors which consist of a series of code that tells the dealer to trade on the market when certain conditions are met. There are so many indicators available to the programmers that almost any rule can be programmable. So, is automation the future of Forex trading? The answer is simple; it is going to play a major part in any successful Forex traders' tool box.
There are many things to be aware of when it comes to Forex trading software and these so called robots. Since the growth of the retail Forex industry there has been an explosion in people selling automated software that stakes claims of people making hundreds of thousands of dollars in short periods of time. What one needs to remember is the money made is relative to the investment and one should expect no more than 30% profit in any one month.
Beware of the huge sales pages that you read with the buy now button at the bottom and results tables showing trades carried out by the robot. Anybody can go through the forex charts and right a results table showing outstanding results. The only thing you should except as results is either an investors password to the account, with this you can log into the account with read only privlages and see the account details first hand for yourself. The other method is the vendor uses a third party verification service such as; Mt4i or MyFXbooks. These are both very respected and trusted companies that publish in depth statements to linked MT4 accounts and most importantly the vendor cannot tamper with the results.
So many people are being burned purchasing automated forex software that simply doesn't work. A big clue is in the price. Ask yourself; would you sell an automated Forex trading system that could generate 100% profit month on month for $147 or even $250? I doubt it very much as a vendor you would want to be selling for at least $1000+. There is no point purchasing anything for $147 that doesn't work or is going to empty your account, which is a very real possibility.
There are many things to be aware of when it comes to Forex trading software and these so called robots. Since the growth of the retail Forex industry there has been an explosion in people selling automated software that stakes claims of people making hundreds of thousands of dollars in short periods of time. What one needs to remember is the money made is relative to the investment and one should expect no more than 30% profit in any one month.
Beware of the huge sales pages that you read with the buy now button at the bottom and results tables showing trades carried out by the robot. Anybody can go through the forex charts and right a results table showing outstanding results. The only thing you should except as results is either an investors password to the account, with this you can log into the account with read only privlages and see the account details first hand for yourself. The other method is the vendor uses a third party verification service such as; Mt4i or MyFXbooks. These are both very respected and trusted companies that publish in depth statements to linked MT4 accounts and most importantly the vendor cannot tamper with the results.
So many people are being burned purchasing automated forex software that simply doesn't work. A big clue is in the price. Ask yourself; would you sell an automated Forex trading system that could generate 100% profit month on month for $147 or even $250? I doubt it very much as a vendor you would want to be selling for at least $1000+. There is no point purchasing anything for $147 that doesn't work or is going to empty your account, which is a very real possibility.
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