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Do automatic FX trading systems really work, or are they just scams? These automated trading software machines, otherwise known as forex robots or EA’a (Expert Advisors), have attracted a lot of attention recently. Most people are very skeptical about them as the promises they make seem too good to be true, such as making money automatically while you sleep. So is it possible to really make money automatically with Forex auto trading robots?
There is no better way to find out than to try one for yourself, so I set about months of testing using many different trading robots. I will admit that most did not work well or at all, and resulted in big losses when doing the tests. But out of all the systems that were looked at several did produce consistent results and monthly profits which are still being used.
With the most up to date automated forex trading software, losses are still unavoidable and will be made occasionally just like any form of investment. However, it is that the risk-reward ratio of currency trading, especially with robot trading, that make the risk of making losses on some weeks is well worth taking, because of the massive potential amount of profits that can be made.
All of these trading systems work a little differently in regards to how they seek to trade, some are very risky others seek small increases everyday. I found that the ones that seek small increases were much more likely to succeed than the ones that take positions and wait for the market to move in their direction. They also suffer quit small losses compared to the huge losses that trend systems can go through.
One good way to check whether any auto forex trading software is too risky would be to look at how much maximum it has lost on its back test results. Back test results are usually available on the robot’s main website. The really good ones also have live trading results the update daily or every several hours.
An important feature would be, does the currency trading software detect changes in the spread of the currency pairs? If so does it take that into account for the positions that it takes? This means if the strategy is based on taking 10 pips a trade and the spread moves from 3 pips to 8 or more, does the trading robot know this and stop taking trades?
Does the software you are looking at provide live trading results? Most of these systems show back testing data, but when you buy it and try it live, your results are nothing like what they show. The few systems that I found that can produce profit month after month, have live trade results listed on their sites, that updates at least daily. A new era of forex trading has begun, with automated trading systems that actually work.
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