Do forex trading bots really work?
Question by Christopher: Do forex trading bots really work?
I have been looking into the foreign exchange market & saw there were a lot of different types of softwares called “Forex bots”. I wanted to know if they really work, or are they just a scam? I don’t want links to the answer, I just want it in your own words, or experiences on how the forex bot works.
Best answer:
Answer by VoodooBear
In short? It depends. I’ve used a good 4-5 forex robots myself and they DON’T all work. I used the product recommended settings on all of them, and of 5, only 1 or 2 managed to turn a profit.
Forex robots are not a ‘scam’. They’ve been used for many years now, however it is only recently that they are gaining popularity with the general public. Forex traders often refer to them as EA’s (expert advisors) – as they are plugins to the MetaTrader4 Platform.
That said, there are a lot of shady products out there. Keep in mind that different forex robots will have different applications. For instance, some robots are tailored for accounts with over $ 10k in deposits, whilst others work in micro $ 500 accounts.
Another thing is – be careful with ‘review’ sites. These are often biased and try to push the product and you may find yourself with a product that does not work.
I know you don’t want links – but I’ve just launched a website which I hope will address the issue of biased reviews by allowing customers to outline their experiences.
Hope I helped!
Give your answer to this question below!
Your instinct is correct. Forex robots are scams, despite your other answer to the contrary. Results are random noise, which will lose you money after spreads and commissions.
A reliable forex robot would be worth millions. Its owner would be using it to trade like crazy instead of trying to scam you out of small amounts.
Several spam on yahoo answers regularly. If that is all the advertising they can afford, does that sound legit? Of course not.
I bet this is your only answer that doesn’t try to sell you something or get you to click somewhere.
Yes I used Forex Bots works to me Some times good and some times Bad. All time my favorite is Forex Ivybot Automated Robot
hi
some robots work and some dont.i have tried afew and one of the good ones is ivybot.i prefer forex signals to robots. you can fnd some really good signal providers for different times,whether morning,evening,night,after work etc.
ive got some good information about automated trading and advantages and disadvantages about them etc.you can check it out if you like at http://www.onlineforexinfo.com.
also to find good robots,reviews and ratings you may want to look in the forex trading community at http://www.forexpeacearmy.com.
best of luck
regards zak
I have been doing forex for 3 years, its work. its can give me some profit and can support my life
I use some strategy and software
If you want to learn and practice forex, you have to learn some strategy first
http://www.winningforextradestrategy.com
The truth is that The ones who are saying forex robots works are affliate sellers or product sellers.
If forex trading bots really work. And you can do nothing while it earns money for you. How much is it worth? Millions? and will they be so easily found on the retail internet market?
If you want to master forex, price action is king.
14 years of full time forex trading experience
Asia Forex Mentor,
Ezekiel Chew
http://www.asiaforexmentor.com
Most Forex robots never work, and some of them work for some time, but then stop working once the market changes.
If you go to any Forex review website, you’ll see this for yourself. Nothing beats a good trading course and your own experience.