How to find a profitable Automated FX Trading Software?
March 31st, 2009
You may have heard one of these stories where people tell you that you only have to turn your computer on, login to your trading account, start your trading robot and the money rushes in your account. Does this actually happen in real life, or are we just being fed a line by con men? The individual has thought it to be correct, like every time, and the truth exists somewhere in between.
So what do you have to do to find such a profitable Automated FX Trading Software?
Generally you have to test many systems before you can find one that will bring profits. Also, it’s not only lucrative in the short haul yet over a longer period of time too. Do not get me wrong here. Forget about the hype in the ads and sales pages, the truth is mostly very sad. Trading for 3 years now and 79 tests of Automated Online Trading systems later, I can honestly say that the majority of them are pure crap when it comes to Return Of Investment (ROI) and Risk To Reward Ratio (RTR).
The majority of the Automated FX Trading Systems are working based on the Metatrader 4 platform which is very common in the industry. Within the platform, these Forex robots are generally known as “Expert Advisors” (EAs). Such an EA is nothing more than a software code, that gives the MT4 platform precise instructions what, when and how tor trade.
You can find tons of material on that subject on the internet. But I don’t want to overwhelm you with too much info. Let’s move on to the important facts:
The 5 Rules to find an Automated FX Trading Software that really works
1. Any advertiser of an EA that only shows you so called “back test results” isn’t worth your time and money. Back test results are mostly informational checks. There are too many things involved that can falsify the results. By using back test results, you can present trading results in a better light than by using live feed. This is a common ploy.
2. You should be depending solely on “forwad trading/testing results”. So forward trading results are simply actually taken trading results.These are direct tests of the system under actual market conditions, rather than testing with stored data, like back testing.
3. There should always be a live stream provided by the merchant. In this manner, a person can follow the trades, understand the methodology of the EA, and whenever needed see all trades taken by the EA.
4. With the help of predefined settings and having a working update service, it is simple to utilize the EA/robot. That’s important, because otherwise you could spend a whole lifetime to optimize the settings and never get it right.
A Money-Back-Guarantee. That way you can test it, demo first and if it’s not that good or you can not get it profitable, simply request a refund and you gained some experience but haven’t lost any money.
That is really all that needs to be done. A person who looks out and adheres to the main simple rules, he/she will be 95% ahead of the other traders in the market. Isn’t that what you want anyway?
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Excellent advice,
Is there any that u would reccomend or i am fighting an impossible battle to find one that actualy works. A fully automated system that does not require expert knowledge and that u can limit ur win / loss ratio if u wish