Posts from — December 2009
Forex Robots – When Choosing One Look at This Key Point to See if it Will Make Profits
What you need to do is look at the track record and see if it’s real and it’s a fact that most Forex Robots do not have a real track record of gains. All they have is a back tested, simulated track record over historical data. This means they can buy and sell where they want to (and they do) and make a profit!
Of course in the real world going forward, you don’t know the closing price in advance and these Forex robots lose money quickly. There are some robots that put out (what they claim) are real results but these should be treated with extreme caution, as there never independently audited.
Of course, the only way the automated system traders can come up with track records that beat the world’s best fund managers for $100 is to make them up.
It’s pretty obvious that if you could pay a couple of hundred dollars and double your money each month, there would be no credit crunch, as the whole world would be trading and making a fortune!
There are some automated Forex trading systems that make money but they are a minority. They do have good solid track records and don’t make the ridiculous claims that the Forex Robot vendors do and these systems are a good choice. Take a look at them and you will find some good ones with real, solid long term track records.
by Samuel Leslie Berkovits
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NEW! 2 X FREE ESSENTIAL TRADER PDFS
FREE PROVEN FOREX TRADING SYSTEM
For free 2 x trading Pdf’s, with 50 of pages of essential info and a PROVEN FREE Forex Trading System visit our website at: http://www.learncurrencytradingonline.com
December 30, 2009 No Comments
Forex Robot Myths – if You Believe Them They Will Lose You Money
1. Back Tested Track Records Will Repeat in Real Time
So how can a Forex Robot have a better track record than the world’s top fund managers, who are paid millions in salary and you get it for a mere $100.00 – Why so cheap?
Most track records promoted are simulations backwards, knowing the closing prices! Well that’s hard let me see…I know EXACTLY where prices went so lets just buy and sell at the highs and lows and make a fortune. We can all do this but problem is can’t spend paper profits.
Of course a back test means nothing in terms of future profits, as you don’t have the advantage of knowing the prices in advance when you trade in the brutal real world of Forex trading.
2. Periods and Size of Losses will be Minor
Not only so you get huge gains you don’t even see many losses or losing periods that last long well that’s not the real world and can only be done in simulation. In the real world, even the best Forex trading systems lose for weeks or months on end and I have never seen a drawdown of less than 25% on even the top systems.
If you want to trade an automated Forex trading system, you will need to appreciate losing periods are part of the game and you need to focus on long term results.
3. You Don’t Need to Know Anything About Forex
You need to know how and why your system will make money and this means you need to know how Forex prices move and how the logic of the system works.
You will with any Forex trading system have losses and you need to have discipline to trade through a losing period, until you hit a home run. To do this, you must have discipline and this is based on knowledge and confidence so you need to know what you are doing to stay with your system.
4. Robots are Better than Humans
Robots are only as good as the human who has programmed them! Both trading with an automated Forex trading system or doing your own analysis, have their merits but a Robot is not superior at all.
There is a lot of rubbish written about complex mathematical formulas being the route to success but as the markets don’t move to mathematics it’s of limited use. When trading an odds market, simple systems work better than complicated ones. If you see a system by a nerd, talking about how he has cracked the code of market behavior, move on.
How to Win With Forex Trading Software
Get a simple system, which has a real time track record you understand, can trade with confidence, be realistic that you will face short term losses and judge your system over the long term.
If you do this you could soon be making big profits in under 30 minutes a day.
by Kelly Price
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FREE ESSENTIAL FOREX TRADING PDF’s! + FREE PROVEN FOREX ROBOT!
For 2 essential free trading Pdf’s and for more on the Best Forex Robots and an exclusive RISK FREE Forex Trading Course visit our website.
December 29, 2009 No Comments
How to Find the Best Forex Expert Advisor
The first thing to remember whenever looking for a Good Forex expert advisor is to always check if the vendor provides any “real proof” that their Expert Advisor makes money. Essentially what you are looking for is live forward test statements, these tests are conducted on real money accounts in actual live market conditions and their results are posted up on the vendor’s website on a regular basis. Live forward tests are the closest things to letting you know if the expert advisor is profitable or not and if it can actually make you money. Do not purchase any expert advisor that doesn’t provide Live forward test statements. An expert advisor that only provides backtest records on their site is most likely a scam and won’t make you a single dime so do your best to avoid them.
Next thing to look for is contact details. If the seller is 100% legit then they should have contact details on their website and these can be usually found under a “Contact Us” Tab. Check out the contact details and do not hesitate to actually contact the seller. One way to find out if they are fully legit would be to ask a specific question about their product, if the seller responds appropriately without pushing for a sale then it is most likely that they are running a proper business.
Lastly make sure the seller offers regular ongoing after sales support. This way you are ensured that you will be in good hands should something go wrong with the expert advisor itself or if you are having technical problems. Also you should remember that the Forex market is continually changing and expert advisors need to be regularly updated in order to adapt and remain profitable, so any vendor that doesn’t provide regular updates on their EA’s should be avoided.
Therefore if you are looking for a Good Forex Expert Advisor to help you make some easy money off the Forex market, then stick to the basic rules above and do your research before rushing into things, otherwise you will be losing easy money rather making anything. Any EA that can make you consistent pips off the market with low drawdown is a Good expert advisor, there is no such thing as the Best Forex Expert Advisor. You just have to find one that is suited to your style of trading and one that makes regular profits and your set.
If you wish to automate your Forex Trading Decisions by using a Forex Expert Advisor then check out this Collection of The best Expert Advisors available for Forex Trading.
by Vikram Singh
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For a Collection of The Best Forex Expert Advisors Head over To http://www.squidoo.com/topforexexpertadvisors
December 29, 2009 No Comments
Forex Expert Advisors – Finding the Best Forex Expert Advisors to Help You Win
The problem in finding a good one is – anyone can claim they are a forex expert advisor (and they do) but very few are. The way I am going to judge a forex advisor is on being able to deliver what they say. Now let’s get rid of 90% + of the forex advice that WON’T help you.
Beware of the Back Tested Simulation
Most Forex advisors present track records as evidence that they can lead you to success but in most instances these track records are not real. They are normally a back tested simulation. This means they take some data and make up a track record knowing the closing prices and put done in hindsight or simulated on the disclaimer and this of course proves nothing in terms of you achieving success.
Ever wondered why those forex robots can have such great track records and there sold for only about $100?
Well look at the track record and you will see it’s a back test! Same goes for all the forex scalping and day trading systems you see. It’s pretty obvious this methodology doesn’t work and that’s why they have to make up track records.
Keep in mind that you cannot spend paper dollars, only real ones. Many traders are naïve or greedy, or both and fall for these hyped, unproven systems, don’t make the same mistake.
So where can you get good advice?
There is plenty of free advice online and if you intend using forex charts you can find everything you need to build a forex trading strategy for success. We have written on the best searches to use so look them up.
Your Online Bookstore
You can get forex trading experts who have walked the walk, rather than simply talk the talk, these are the true greats and many share their wisdom in investment books. We recently did a top 10 of the best investment books for forex traders and they cost around $100 – now that is a good investment!
Currency Trading Courses
The best currency trading courses are by traders. There are some good ones around and they will come from the angle of they can teach you the tools and cut your learning curve but its up to you to apply them for success. Look for one with a money back guarantee.
Remember this!
You don’t get rich with no effort and in forex trading you need to learn all the basics, because you are going to need to have confidence in your forex trading system to apply it, with discipline, through losing periods, until you hit a home run.
You are unlikely to follow any system with discipline unless you understand it.
If you want to get good forex expert advisors, there is plenty of free material, some excellent books, from the top traders and some good solid currency courses, with money back guarantees.
Use these sources and they can help you enjoy currency trading success.
by Kelly Price
About the Author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf’s, with 50 of pages of essential info and a RISK FREE Forex Trading Course visit our website at: http://www.learncurrencytradingonline.com.
December 29, 2009 No Comments
What You Need to Know About an Automated Forex Robot
An automated Forex Robot is a computer based program that will make your trading life easier to manage.
Since some traders cannot be in front of the computer to monitor the market twenty four hours a day, this computer program will be able to take over your thinking for you, everything from analyzing to trading. It is a software that runs on autopilot to trade foreign currencies and the results from its trades are consistent.
Although this doesn’t guarantee you millions of dollars in one day, it will surely be a huge improvement in your trading career, and all you have to do is set it up which takes about five to ten minutes a day. You can then go about your daily business and you can watch the money role in.
When looking for an automated Forex robot, there are things that you should consider first like the manufacturer or the writer of the program. It is important that the person who created this program should be a successful trader him or herself so that you know that you can trust the software.
Another important thing to think about is the success rate of the program that the manufacturer is saying. An automated Forex robot can say that it has a success rate of over ninety percent but perhaps, in reality, this was only tried in simulations or backtests and not in actual trading. Make sure you see actual trading results showing profits before you buy anything.
Lastly, do not immediately believe anything a forex software robot site may say on their website because this information and so called user comments are biased. To obtain an unbiased view, you should visit other websites that are dedicated to reviewing such products. Getting information from unbiased reviews of several automated forex robots will give you a better understanding of which software will be suitable for your needs.
When it comes to trading the Forex, it is true that these programs can help you earn more and faster but you have to give time and effort in to looking for the right robot so that you get your money’s worth out of it.
by Bernice Eker
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December 29, 2009 No Comments
Forex Robot Software – Why Traders Lose With Robots
Forex Robots fail in real time trading because the vast majority are based on unsound logic and have never made any money in real time trading sure, the track records says they have but look a little closer and you will see the reality which is:
The track record is a simulation in hindsight or presented by the vendor with no independent verification.
The claims are extraordinary and are obviously not true:
Double your money each month, little or no drawdown, trade with over 90% accuracy etc and you can get access to these systems (which beat the best traders in the world) for the cost of a night out.
If you listen to the sales copy, you have to make no effort and simply make money while you sleep. Common sense tells you these systems don’t work, they simply look to good to be true and they are.
Now I am not saying you cannot make money with automated Forex software because you can – but let’s look at the reality of trading robots and leave the fantasy behind.
The reality is there are some good solid programs you can use which have made real gains and the best normally make about 50 – 100% per annum with drawdown being around 20 – 50% depending on the risk profile of the system and a typical drawdown period will last for a few weeks.
So great long term gains, if you can ride out short term drawdown with discipline.
So if you buy a Forex trading system, look for real gains and check the logic so you can follow it with discipline.
You can buy a system and surprisingly, there are a few great free trading systems you can use that work (we like Richard Donchian’s 4 Week Rule) and they can if applied over the long term, lead you to currency trading success.
by Sonia Kristina
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NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf’s, with 50 of pages of essential info on Successful Forex Trading Strategies visit our website at: http://www.learncurrencytradingonline.com
December 28, 2009 No Comments
Forex Robots – Curve Fitting is the Reason 99% Sold Don’t Win
First of all let’s reveal the truth about all those stunning track records you see with huge gains that look to good to be true well, they are. The reason they look so good is they have been designed looking backwards, testing over price action that’s happened!
That’s it – there actually made up on paper and never been traded. Track records normally carry this standard warning.
“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading….”
It then goes on for bit longer, explaining how these track records don’t indicate future profits – but that’s obvious, they are worthless – like most forex robots.
Now let’s look at why simulations never work in practice.
Some vendors don’t care if the system makes money or not – but others do and genuinely try to make it work and simulate a system but they make they end up bending the rules to fit the data and this of course wont work.
Data never repeats exactly the same again so the fact that you have bent the rules to fit one piece of data doesn’t mean it will work on another piece of data and of course, when your trading you can’t change the rules.
Any trader if they are looking at forex robots or building their own system needs to be mindful of curve fitting.
To avoid it look for the following in a track record to prove its not curve fitted. It should only have a few rules and they should be the same all the time, for all market conditions and work on all currencies in the same way.
The above will ensure a robust system but you wont find this in most of the robots you see for sale online.
Finally
Forex robots have a bad reputation – but there are some real track records out there, with good solid real gains and this means they have some results you can look at and see there potential. Don’t ever trust a forex trading system with a simulated track record, as its probably curve fitted, go for the evidence of real cash made.
by Kelly Price
About the Author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
CURRENCY RESEARCH and SYSTEMS
For free 2 x trading Pdf’s, and more on the best Forex Robots visit our website at: http://www.learncurrencytradingonline.com.
December 28, 2009 No Comments








