Do Forex Robots Really work?

[defemz]

Forex Trading Robots are designed to automate the process of Forex trading. They are also called Forex Trading Software, Forex Trading Systems, EA etc.
A Forex robot is a software that has a trading system programmed into it. These robots have grown in popularity for a number of reasons. One big reason is that the robot itself performs it's duties exactly as it was programmed to.

Another reason trading robots have grown in popularity is that individuals want to be able to trade profitably while gradually and safely learning how to develop their own trading system. As a result many are searching for the best Forex trading robot programs with expert advisors that can consistently make them money.

So, should you use Forex robots to trade? In reality only you can answer that question as you best understand your trading goals. You should understand, however, that all Forex robots are not created equal. In fact, there are huge differences between them and it will be important that you evaluate any trading robot very closely before buying them.
Based on what I have seen out there, it would be safe to speculate that a great many of the Forex robots on the market today don't have what it takes to help you become successful. After buying most of these products and putting them to the real test of an actual forex trader, I can tell you that only few forex robot products I tried actually worked.

Forex Currency trading can be very rewarding if you approach it like a business and take it seriously. Every good business realizes that they need the proper tools to do the job at hand. Forex trading is no different and you should arm yourself with every available tool that you can find to make your business more successful.

[JohnsonG]

Yes you can use it, but should you trust it? But again its not for everyone, some people lose a lot from these softwares.

[mmgateway]

Well I would recommend this EA. It so far had brought me much success to my trade. It profited me 8 out of 11 trades.

Go check it out at accurateforex.info/lmt/

[nadine]

From my experience (and I'm certainly not famous by any means), most automated trading systems aren't very good. The best ones are usually scalping systems that are in and out in seconds, and they usually don't work for very long. On top of that, when they lose, they sometimes lose BIG, which can wipe out the smaller gains that you made.

I used a few automated systems before out of curiosity, and I wrote my own at one point. A couple that I tried were freebie deals, and they didn't work at all. One was trying to scalp 100% of the time, and it ended up losing. Another one kept trying to select GBP crosses, and it just got killed. There was one that I got from a Chinese friend that basically automatically hedged itself in cross currencies on the platform, but the exits didn't work very well.

The one I wrote was based off of Bollinger and a lot of technical indicators - it also had some coding which watched the spread and bailed when it saw significant widening (I wanted to try to avoid a lot of announcement trading using the system, and since spreads tend to widen the most around then, it was an easy way to do it without me watching it all the time).

In the end, mine was slightly better than the freebie traders, but not by enough. I still prefer to watch my entry points very carefully and try to have a feel for why the market is doing something. My background is from banking and economics, so the trade has to "feel right" to me to be a comfortable trade for me.

I think a risk-reward ratio based on a system would be an asset. I've been trying out one I've seen on another forum to see if it merits consideration. At the end of the day, it only really decides trade size based on past history, but that might be helpful to know.

[modi1]

I have never heard an Forex Trading system creator claim that his system can give 100% accurate forex signals. However, this rule seems broken by Forex Ambush 2.0. The developers say they are the first and only service to give 100% accurate forex signals.

[Somya Gabriel]

If you take emotion out of trading, your success is much more likely.

Exactly! Emotions and Ego are the two main enemies of a trader. If you can eliminate these 2 things, i am sure you can earn a good amount of money in Forex without using an automated software.

[Probafix]

Forex Robots definitely work and they can make you a lot of money. but make sure that you choose your product carefully and understand the risk involves.

[Thomas]

The majority of Forex robots will only come prepackaged with one specific way to trade. They only have one set of rules they follow, no matter what the market conditions could be, they’re built to trade strictly currency pair. So be careful using robots! As for me - first I lost my money.

[mrsoftpro]

Exactly! Emotions and Ego are the two main enemies of a trader. If you can eliminate these 2 things, i am sure you can earn a good amount of money in Forex without using an automated software.

Good. I like it

[alex]

I have heard that it don't work too long..