Have Forex Robot Users Lost Perspective?

Who doesn't want to make a fortune overnight using a Forex robot? But is that really the expectation Forex robot users have? I feel that the lack of manual trading knowledge by some robot users lead to crazy expectations and a lack of perspective as to what is a successful Forex robot.

If you've ever tried to trade Forex manually, then you know it is a skill that must be learned and practiced. Like anything else worth learning, you need guidance and must practice the SKILL of trading currency until you can execute the trades profitably. And I understand the allure of trying to skip this step completely by using a Forex Expert Advisor that does everything for you.

Forex Robot Users Are Losing Perspective.

I fear that without any practical knowledge of trading manually, robot users are losing perspective. It really is a matter of expectations. Since they don't know trading Forex can be challenging at first, they expect huge gains every day. Since they don't know that you need to take what the currency markets give you, they don't understand why the robot isn't trading like crazy every day of the week. And even when the robot is making profitable trades, they expect more.

Are Forex Marketers To Blame?

In defense of the Forex robot user without any practical Forex experience, marketers should shoulder some of the blame. They hype up the Expert Advisors on the sales page to the point that the buyer is expecting to get rich in a very short amount of time. After all, who doesn't want to make a fortune overnight? But the truth is, Forex in general and specifically automated robots should not be look upon as some "get rich quick" method.

A Common Sense Approach To Using Forex Robots.

I trade both manually and use expert advisors. I think a mixture of manual trading and using automated trading solutions is the way to go. And I'll be honest, when I trade I DON"T expect to win every day. Hey, some days things just don't go my way... but I'm learning. And the same goes for robots. What I look for is profits over the long haul.

Let's use an example. Let's say I got an automated robot and expected my account to triple every month (because I didn't have any experience trading currency and thought this was a reasonable expectation). Well, that is a tall order. So, when the robot fails to reach that expectation, they believe it is not worth using.

In the above example, let's say the robot was pulling in a nice 10 pips per trading day. And let's say it only trades 15 days out of the month (because it doesn't trade on Fridays, weekends or when market conditions for trading are not optimal), That is 150 pips in a month. That is 1,800 pips a year... for doing NOTHING but setting the thing up.

I know a lot of manual traders that would LOVE to be up to the 10 pips per day trading level. So, while the trader without any manual experience might feel the success of this robot is not substantial, the experienced trader knows this is an excellent find. I mean, I personally love seeing an extra 10 - 20 pips added to my account without lifting a finger. Commons sense says that a Forex robot that makes consistent profits is a really great find.

In conclusion, I would just like to say that I believe a combination of manual trading and automated trading is the way to go. When you trade manually you gain a perspective that keeps you away from hyped up robots that play on your greed. You really do appreciate those extra pips in your trading account for doing nothing when you know what it takes to become a successful manual trader.