Forex robots, expert advisors: how do they work? Should one buy it?
hey, have you guys heard about fabturbo robot. I would like to know more about forex robot: basicly what it does, how it makes money for your while your computer off.. I am new to forex market and i would like to learn more about forex robot.. if you could tell me what you think would be very nice..
thank you
romish
Hi Romish,
There are thousands upon thousands Forex trading robots nowadays. Forex robot is called an "expert advisor". It is a program, as a rule created for Metatrader 4 Forex platform, which is able to execute buy and sell orders, set stops, trail stops, take profits automatically without trader's intervention.
What you basically do with a robot, you upload it to your trading platform directory, open a live (or demo if you want to test it) account and enable the robot. That's it. You can then go away from the charts and the robot will manage your trading account - trade for you.
This all sounds very good and why not, but there is a dark side of this too. First of all, there is no guarantee that the robot you bought will make profits, it can lose all your money too. You can spend thousands on Forex robots, try hundreds of them and still earn no money...
The Forex industry is very tough, mainly because it evolves around finance. People always wanted to be able to make EASY money. Forex field became an easy field for scammers. They would come promising big profits, showing testimonials from other customers - they would do all it takes to sell own product.
We don't want to make you think there is no truth in Forex and scammers are everywhere, we will simply tell you one fact and you can make own conclusions:
"Why someone would ever sell a system, or even better - a robot, which is able to pull huge profits? Why bother with sales and customers if your trading robot is making thousands or millions for you month after month? Why share it for a couple of hundred or even a thousand dollars with others?"..
We've heard about fabturbo robot, but none of us have ever tried it or heard anyone who tried it. It is all up to you how you approach Forex trading. Just remember, there is no easy money in Forex, like in any industry we know, otherwise every single person would already be a millionaire...
We hope you understood our point, if it was a bit rough, we're very sorry, we just wanted to show you the real face of Forex and the real situation behind Sales of various trading systems, strategies, robots etc.
Good luck!
THANKS I WAS PLANNING TO BUY BUT I UNDERSTAND THERE IS NO EASY WAY OF GETTING MONEY
CAN I DEPEND ON FOREX AS MY CARRIER?
Yes, but it'll take you years of practicing.
Forex involves serious financial risks, in order to fully rely on Forex trading as your main source of income, you should have a lot of experience behind: strict limited-risk trading approach, solid money management and a cool head to survive losing days and stick to your trading plan.
Good luck!
Hi,
I have spent three years investigating the FOREX market and building Expert Advisors software. My strong oppinion is that EA can work, but need to be periodically updated (adjusting their settings), oterwise you will see scarry crashes and your account dissapearing. As a staring point, open a demo account and do back testing (1, 3, 6 and 12 months back) and don't even consider opening a live account if you see major crahes killing your demo account during those periods!
Good luck!
How can you be of help in fast learning forex within a short period of time.
Hmm.. fast learning.. how fast do you need it to be? Take 1 month free of work, 8 hours a day 5 days a week and you'll learn a lot of information about Forex, but it won't be possible for you to digest it all at once. You also need to practice on a demo account. Practice combined with continuous learning and letting the information settle in your head takes good time.
Go to http://www.babypips.com/school/ for your first lessons about Forex. From there you'll have an idea of what to do next and how long it'll take you to achieve your first goals.
Thank you verymuch i suppose to buy a robot now i understand thank you sir so kind of you
good