I checked a forex trading robots track record the other day and if I ran my trading account size on its track record I would be making $324,000 a year! Not bad for an outlay of a few hundred bucks. People fall for these track records, yet they always lose why?
Because their greedy, think forex trading requires no effort or they simply don’t read the disclaimer which is tucked away in the small print.
If you see a track record of a forex automated trading system on the net with this disclaimer then it probably spells a wipe out of equity here it is:
“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”.
So they are not real time profits there paper profits made looking backwards! Would you trust the above?
I know I wouldn’t!
It amazes me how many people buy these unproven systems.
Most of the track records are so good, you wonder why the vendor even bothers selling it – he could make enough money by trading it. Of course he doesn’t, because he knows it won’t win and that’s why you never see a real time track record.
Do savvy forex traders use them, do you see them in bank dealing rooms or do you ever see anyone who has made long term money with them – No you don’t.
Today there is a huge industry in these trading systems and they appeal to the naive and greedy traders, who won’t to make money with no effort.
Of course in life you get out what you put in and forex trading is no different.
Forex trading can offer you the ability to make huge profits and even a life changing income – but you must have the right mindset and get the right forex education.
A forex trading robot probably will destroy your equity – but you don’t have to take the lazy path!
Forex is a challenge, an exciting one, with huge rewards so accept the challenge, get the right forex education and you can enjoy currency trading success.