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Forex robot trading is very popular but most traders make the key mistake enclosed when buying one and lose their money. Let's take a look at this key mistake...
If I walked up to you in a bar and said:
Give me 200 dollars and I Will double your money each month and give you an income for life and you don't have to do any work, you would think I was lying, mad or both!
Traders who buy the heavily advertised Forex robots, as they make claims such as the above and the trader pays his small fee, trades and loses more money.
It's pretty obvious the claims the robot vendors make, sound too good to be true and they are. They all lose money long term, none have a track record of real gains, verified over the long term and most are not even designed by traders.
I have seen them all and the so called complex mathematical algorithms, they proudly say will bring your forex trading success, are in reality nothing of the sort and have no chance of winning furthermore, the systems have no concept of equity preservation or money management and that brings disaster.
Many of these robots, grandly call themselves Forex Expert Advisors but the only thing there expert in is destroying equity and doing it quickly.
There are automated Forex trading systems out there, with real track records and they can give you currency trading success long term but they do have drawdown in the short term and have to be judged over years not weeks or months.
Today, online forex trading is open to anyone with a few hundred bucks and the Forex robot industry appeals to these naïve traders. Of course, it would be nice to make a fortune with no effort but that's a fantasy, not reality the reality of Forex trading.
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