Best Forex Robots of 2010
Every few days, a new forex robot is being launched. Are these forex robots up to the snuff? Do they really work? Can a forex software that costs not more than $100-$150 make you rich? The real truth about these forex robots is that some are real good while most may not be good. There are many forex robots that can easily wipe out your capital in the trading account if you are not careful.
How do you know this is a good forex robot and not some piece of junk software? Can back testing and forward testing give you any clue about the live trading performance of a robot? Backtesting is done with historical data. It simply ignores slippage, one of the most important facts that a trader has to face while trading live. So, the back testing results are no accurate indication of a robot doing well under live market conditions. Plus, markets keep on changing, so historical data may not be an accurate depiction of the present market conditions.
Forward testing is done on the demo account. There is a difference between the demo account and the live account. There is no slippage in the demo account again. When you trade live, your broker has to take an offsetting position against you as a market maker. Now, there are times, when the market is highly volatile and the broker may not be immediately able to offload all these offsetting positions that retail traders have taken into the interbank market.
What this means in essence is that a trade might get executed in a demo account but may not get executed in a live account. So forward testing also gives you not an accurate picture of how the robot is going to behave under the live market conditions. There is no substitute for live trading results.
That is why most forex robot vendors are now turning towards showing live trading results on their websites. Recent, a robot with the name of Forex Legend was launched. The vendor is showing the live trading results of Forex Legend on 52 live trading accounts using $115,000 of their own money.
Forex MagaDroid is a very good forex robot developed by two professional forex traders who have more than two decades of experience trading forex. Their website shows the live performance of Forex MegaDroid since it's launch in the beginning of 2009. The performance of Forex MegaDroid has been exceptional. It has been more than 2,300% NET PROFIT since 2009.
Forex Automator Pro turned $50,000 into $1.5 Million giving a return of over 3,000%. Not bad! The developer shows his real account statements. Similarly, Forex Trading Scalper made 738% NET PROFIT on a live trading account.
What this means is that vendors have also realized the people want live trading results now not some back testing results or forward testing results. So, if you are interested in trading with a robot, you should carefully study it's performance on a live account.
Don't get duped by back testing and forward testing results. These results do not give an accurate picture of the performance of a robot on the live trading account. Now, if you have a robot that has performed very well on the live account but when you trade with it, you don't get the same results? What can be the reason?
The performance of a robot depends on it's settings. If you want to get the most out of a robot then you need to learn how to optimize it's settings. When you buy a forex robot, try to understand it's trading strategy. Some, robots use scalping as their trading strategy. Now, in scalping, you don't put a stop loss. This makes the robot dangerous and you can get your account wiped out in one wrong trade made by that robot. So, you will have to put a stop loss and see if it gives good performance on the demo account, if not then don't trade with it.
Similarly there are robots that use swing trading strategies. The point is that understand the robot and try to optimize it so that it works for you too.
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You can do the research or talk to anyone you might know that has experience with forex and they will all have different ideas on what is the best forex platform to use. Although in the end, it is you that will have to make the choice on what will be the best forex platform for yourself.
There are thousands of Forex robot traders out here in the market, so how do you differentiate between the best Forex robots and the ones that are pure junk?
If you read enough advertisements, reviews and sales pages for forex robots, you're probably thinking that the only way a forex robot can help you out is by trading on autopilot. That's an easy assumption to arrive at. After all, the developers behind forex robots are always touting the ability of their products to make us tons of pips while we're away from our computers. Go to work, go to sleep, but leave your forex robot on and you can make some pips.
FOREX: Robots Vs. Humans, Automated Trading Vs. Manual Trading
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