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Mechanical Forex Trading Systems - Why Most Forex Robots Will Wipe You Account Out Quickly!
07/12/2008 - By KELLY PRICE
I keep seeing forex robots online for sale and the vast majority, (well over 95%) will wipe your equity out. There is one main reason for this and you can read about it in this article...
The reason is - they have never been traded and the track record is simply a paper back tested simulation! Would you trust a golf instructor who had never played golf to teach you?
Of course not! However, thousands of traders, trust these systems that are not proven and never made any real money. Look at most of the mechanical trading systems online and they have the warning below written on them:
"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".
Well that's doesn't exactly inspire confidence does it?
Seriously, if you see a forex robot with the above on it, you have to wonder about your chances of making money with it are - not much in my view.
Also if it's as good as the testing why the vendor doesn't trade it?
Well the reason is of course the vendor knows it won't work. Chances are he is not even a trader, just a clever marketer, who knows greedy or naïve traders, will fall for some clever sales copy.
As a trader, I actually find some of the mechanical forex trading systems sold are an insult to my industry with there ridiculous claims and track records Warren Buffet would be proud of!
There is no easy money, this is a game for big boys and girls, who know success is not easy - but know that if they get a good forex education and have the right mindset, they can make a lot of money.
When there is a lot of money to be made its not easy and you don't get thousands of dollars per month buying a worthless simulated system for hundred bucks or so that's not the real world.
You can make a lot of money so get the right forex education and get the right mindset and get started on the road to success, in one of the most challenging but exciting businesses in the world - global forex trading.
Trust your future success to you and don't put it in the hand of a mechanical forex robot however enticing the copy is - remember its not real just simulation on paper, that's all
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