Forex trading robots are all the rage and you will find loads of them for sale online all promising you instant riches - the truth is 90% or more will lose you money. You can find ones that will make you profits but you must be careful - Here are some tips on getting a profitable one.
Below, you will see a warning that accompanies the vast majority of forex robots, as soon as you see it DON'T BUY IT! Read it and you will understand why.
"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".
It's pretty obvious you shouldn't trust a trading system that has never been traded! Anyone and I mean anyone including my 9 year old niece can make money looking backwards the problem is you have to look forward.
You never see profitable track records that have broker account statements or are audited. The best I have seen was the personal bank statement of the vendor however, bet that's not from trading that's from selling systems!
So are there any good ones out there?
Yes there are but there not cheap. If you get one with a real time track record that's reasonable expect to pay from $1,000 - $20,000 or more. Always make sure when you check a track record it's independently audited and is at least 3 years long.
Even when you have done this you need to know how it works so you can follow it with confidence and discipline. You also must be comfortable with the draw down and how long it lasts for in terms of recovery time.
Another alternative - Get a FREE One!
We have written frequently on a great trading robot you can get for free called Richard Donchian's 4 Week rule its simple to understand ( one rule), is based on timeless logic and you don't even need a computer program to trade it.
Before you say it's free and simple it won't make money, look it up or read our other articles and remember - simple forex trading systems are best, as they are robust, in the face of brutal ever changing market conditions.