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.
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!
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