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Avoid the pitfalls of forex trading robots

Discussion in 'Forex' started by sakura, Oct 12, 2017.

  1. sakura

    sakura Registered

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    Forex trading robots have become a popular tool in the personal forex market. Theyre often attractively priced and are marketed as Expert Advisors that can operate on many of the favoured trading platforms. However, an increasing number of traders have been left disappointed with the purchase of their automated forex trading program that ends up performing well below expectations, which leaves them feeling cheated and even results in claims of fraud.

    Sold on profits

    Anybody with a product to sell will focus on the products most attractive features to get you to buy it, and that is especially true about automated trading products. Often, theyre presented as offering the path to financial freedom and being easy to use; claims that are backed up by historical trading profits and glowing testimonials from seemingly satisfied users. In reality, the evidence of their success is just a small sample of trading when the software enjoyed a profitable spell and leaves out the less impressive other periods which more accurately reflect its true capabilities and how it performs for most of the traders who buy it.

    The disclaimer makes it alright

    Every forex trading robot is sold with a disclaimer (sometimes well hidden) that denies any responsibility for how it will perform in the future. The words may be different each time, but the message always amounts to the same thing: theres no guarantee this software will trade profitably based on its historical performance and is there to protect the vendor from potential fraud claims.

    Get a refund but not your money back

    In an effort to placate customers who were unhappy with their trading robot purchase, many vendors would simply offer a refund. But while the purchase price of the forex trading software would eventually end up back in their bank account, the money they lost using it was gone.

    Trawl through any online trading forum and it wont be long before you come across a thread full of unhappy traders who feel theyve been misled by false advertising about forex trading robots that fail to deliver profits.

    For more detail :Avoid the pitfalls of forex trading robots
     
  2. Cecil Marshall

    Cecil Marshall Registered

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    Robot just takes after an arrangement of standards in view of technical indicators or price action and can execute trades consequently. For a ton of forex traders who'd get a kick out of the chance to benefit from market developments amid a specific trading session however are stuck in an alternate time zone, utilizing a specialist counsel implies that they don't have to stress over trading rest for pips. Be that as it may, there are a few brokers that don't bolster EA trading. That is the reason I trade on FXPM. They bolster robot and auto trading. I use my own robot with them.
     
  3. bluemac

    bluemac Registered

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    Trading with EA requires monitoring because they are usually coded to follow the technical analysis so those who really wishes to go fully automated should read the EA manual before implementing them to live accounts.
     
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