The Top 3 Reasons to Stay Away From Forex Robots

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It seems like everybody in the forex trading world is absolutely fascinated with forex robots. People are either spending thousands of hours trying to create one or thousands of dollars buying one. After all, who would not want to make money forex trading, without having to do the actual work. But there are a few things wrong with forex robots:

1) The markets are just too complicated . The forex market is just not (for a lack of a better word) programmable. You can not insert a piece of software to trade for you on autopilot and expect to become rich overnight. Trading is a little more intricate than that. More traders need to start getting off of this „mechanical“ mindset.

2) Do not You Think There Would Be More Success Stories? It seems to me that if most of these forex robots worked, there would be a higher percentage of traders having success in the market. As it stands right now, 95% of forex traders are losing money. If there were traders who were using the same trading robots and using the same parameters for entering and exiting a trade, would not it stand to reason that more people would be successful? After all, there are no emotions involved, and everybody is trading off the same entries and exits.

3) You Can not Trust Your Broker . Let’s face it. We all need our broker, but I would not trust mine as far as I could throw them. When you use a trading robot, you are not in control of your own trades. This means that you have to be able to trust the broker to enter and exit trades according to your automated robot. That is what I like to call a giant leap of faith. In fact, I suggest you look at all the forex forums that are out there and see how many traders have demoed a given forex robot, and had a lot of success, but when they used that robot to trade for real money, all of a sudden they were losing pips. It’s funny how that works, does not it?

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Source by John Templeton

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