Newcomers to Forex trading may be tempted to purchase Forex trading robots in hopes of getting rich quick with minimum input. In reality, many experienced and successful Forex traders actually discourage the practice of using Forex robots within trading platforms. As the Forex market is volatile, Forex traders must use speculative trading in order to predict the direction of the markets. Forex robots cannot do any more than this and often lack the adaptability of adept and disciplined human Forex traders that are employed by banks worldwide.
Designed for the personal Forex trading market, many amateur Forex traders are lured in by the prospect of leaving their Forex trading decisions to an expert robot that does all the hard work for them. These robots often cost around £100 (which is around $160) and are sometimes sold in a misleading manner. We strongly suggest that you steer clear of any vendor offering their Forex robot software with promises of huge profits. It is important that you realize that there is no winning formula to Forex trading and as such, any of the Forex robots that are offered can never be considered to be foolproof. Many retailers will sell Forex robots offering up all sorts of very convincing data wherein they have back-tested their trading results. However, you need to know that this can only ever tell a trader how a Forex robot acted at that specific moment in time and not necessarily how it is going to perform under any future market conditions. It’s sort of like when you read “past performance is no guarantee of future results.”
Overall, trading with Forex robots can never replace the profitability that is possible with manual trading. Beginners to Forex trading can often purchase these products in fear that they simply do not have the knowledge to trade Forex successfully and want to rely on a robot that appears to go by tried and tested methods. Any experienced trader will tell you that if you do not have the knowledge to trade Forex, don’t trade Forex.
Should a beginner ever be tempted to purchase a robot, ensure you use the risk free trial period to see how it works for you. Look for customer testimonials in forums and find out how easy it will be to claim a refund in the event that you are unhappy with the product.
So stop looking for the best Forex robots. We believe that you really don’t need to purchase Forex trading robots. There is no need to put your cash in the hands of unreliable products when you can take your time to learn the markets, the currencies and trading methods from a variety of online resources. A good Forex broker like Alpari will often offer a wealth of educational information and learning platforms online. With access to demo accounts, tutorials and expert advice, there are better ways to trade Forex successfully and to develop your knowledge of Forex that will inevitably serve you well in future trading decisions.