3 Comments on "Is it true forex robots need monitoring the market for days before starting trading themselves on their own?"
Jerry on Sun, 15th Aug 2010 2:01 am
Forex robots are a total scam. All of them. Without exception. Including any you have examined. Including any which someone has recommended. The results are no better than random, which means you will lose consistently after spreads and commissions.
The usual scam is that there is a free demo version. The original system costs a modest amount. Then they want to sell you updates, training, or optimal settings. Anything to keep you paying.
Think this through. Forex is an enormous market. If someone had a reliable automated system to profit in it, the system would be worth $millions. The owner would be trading like crazy, not trying to scam you out of small amounts. References : retired portfolio manager
Gary Sharp on Sun, 15th Aug 2010 2:12 am
Not sure if they are ALL a total scam, however, I will say that considering the vast number of robots on the market I do not see an equivalent number of forex millionaires!
In my experience trading financial markets (since 1983), preservation of capital and a robust money management plan are the number one priority, and of equal importance to picking correct market direction. Unfortunately, forex robots are unable to program a money management plan that is able to provide the level of intuition that only us humans possess. Hence, robots may perform well for a period of time, but can crash and burn quite dramatically just when everything seems to be going well.
There is no such thing as 100% robot trading in my opinion. A robot, or expert advisor, can be of assistance to the trader in the form of providing trade alerts, but the final decision must be a human one, and backed with good money management practices.
If you intend to trade forex I would suggest you read all you can about money management, learn to apply a system like the IKH Chart Trading System using a demo account, and go live only when your demo account is consistently showing profitability. References : http://ikhchartsystem.webs.com/
Freedom of Choice on Sun, 15th Aug 2010 2:56 am
An EA is built to enter trades when certain conditions are met in the market. If those condition are met than the EA enters the trade. If those conditions aren’t met the EA doesn’t enter the trade. Depending on what conditions the EA is built there are days when it doesn’t have trades and days when it haves.
Having said that it is true that the EA needs to monitor the market all the time (meaning you need to leave your computer runing in order for the EA to work) and depending on the EA, the number of trades varies and there are days without trades. Don’t forget that forex trading is about having patience to only take the best trades. References :
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Jerry on Sun, 15th Aug 2010 2:01 am
Forex robots are a total scam. All of them. Without exception. Including any you have examined. Including any which someone has recommended. The results are no better than random, which means you will lose consistently after spreads and commissions.
The usual scam is that there is a free demo version. The original system costs a modest amount. Then they want to sell you updates, training, or optimal settings. Anything to keep you paying.
Think this through. Forex is an enormous market. If someone had a reliable automated system to profit in it, the system would be worth $millions. The owner would be trading like crazy, not trying to scam you out of small amounts.
References :
retired portfolio manager
Gary Sharp on Sun, 15th Aug 2010 2:12 am
Not sure if they are ALL a total scam, however, I will say that considering the vast number of robots on the market I do not see an equivalent number of forex millionaires!
In my experience trading financial markets (since 1983), preservation of capital and a robust money management plan are the number one priority, and of equal importance to picking correct market direction. Unfortunately, forex robots are unable to program a money management plan that is able to provide the level of intuition that only us humans possess. Hence, robots may perform well for a period of time, but can crash and burn quite dramatically just when everything seems to be going well.
There is no such thing as 100% robot trading in my opinion. A robot, or expert advisor, can be of assistance to the trader in the form of providing trade alerts, but the final decision must be a human one, and backed with good money management practices.
If you intend to trade forex I would suggest you read all you can about money management, learn to apply a system like the IKH Chart Trading System using a demo account, and go live only when your demo account is consistently showing profitability.
References :
http://ikhchartsystem.webs.com/
Freedom of Choice on Sun, 15th Aug 2010 2:56 am
An EA is built to enter trades when certain conditions are met in the market. If those condition are met than the EA enters the trade. If those conditions aren’t met the EA doesn’t enter the trade. Depending on what conditions the EA is built there are days when it doesn’t have trades and days when it haves.
Having said that it is true that the EA needs to monitor the market all the time (meaning you need to leave your computer runing in order for the EA to work) and depending on the EA, the number of trades varies and there are days without trades. Don’t forget that forex trading is about having patience to only take the best trades.
References :