Avoid the pitfalls of forex trading robots

[sakura]

Forex trading robots have become a popular tool in the personal forex market. They’re often attractively priced and are marketed as ‘Expert Advisors’ that can operate on many of the favoured trading platforms. However, an increasing number of traders have been left disappointed with the purchase of their automated forex trading program that ends up performing well below expectations, which leaves them feeling cheated and even results in claims of fraud.

Sold on profits

Anybody with a product to sell will focus on the product’s most attractive features to get you to buy it, and that is especially true about automated trading products. Often, they’re presented as offering the path to financial freedom and being easy to use; claims that are backed up by historical trading profits and glowing testimonials from seemingly satisfied users. In reality, the evidence of their success is just a small sample of trading when the software enjoyed a profitable spell and leaves out the less impressive other periods which more accurately reflect its true capabilities and how it performs for most of the traders who buy it.

The disclaimer makes it alright

Every forex trading robot is sold with a disclaimer (sometimes well hidden) that denies any responsibility for how it will perform in the future. The words may be different each time, but the message always amounts to the same thing: there’s no guarantee this software will trade profitably based on its historical performance and is there to protect the vendor from potential fraud claims.

Get a refund but not your money back

In an effort to placate customers who were unhappy with their trading robot purchase, many vendors would simply offer a refund. But while the purchase price of the forex trading software would eventually end up back in their bank account, the money they lost using it was gone.

Trawl through any online trading forum and it won’t be long before you come across a thread full of unhappy traders who feel they’ve been misled by false advertising about forex trading robots that fail to deliver profits.

For more detail : Avoid the pitfalls of forex trading robots

[Cecil Marshall]

Robot just takes after an arrangement of standards in view of technical indicators or price action and can execute trades consequently. For a ton of forex traders who'd get a kick out of the chance to benefit from market developments amid a specific trading session however are stuck in an alternate time zone, utilizing a specialist counsel implies that they don't have to stress over trading rest for pips. Be that as it may, there are a few brokers that don't bolster EA trading. That is the reason I trade on FXPM. They bolster robot and auto trading. I use my own robot with them.

[Bill Lawry]

I don’t think robot trading system is a standard trading policy. Robot trading may bring to temporary success but in long run it won’t work perfectly as market is changing and we need to change out trading way. But robot is a fixed program. It also kills our trading skill. I always prefer self-trading. For expert advice I take help of my broker AAFX. It provides free trade analysis every week with proper explanation.

[bluemac]

Trading with EA requires monitoring because they are usually coded to follow the technical analysis so those who really wishes to go fully automated should read the EA manual before implementing them to live accounts.

[Willem Hesselink]

Each forex trading robot is sold with a disclaimer that denies any obligation regarding how it will perform later on. The words might be diverse each time, however the message dependably sums to a similar thing: there's no certification this product will exchange productively in light of its recorded execution and is there to shield the merchant from potential extortion claims. 
In any case, there are a couple of brokers that don't support EA trading. That is the reason I exchange on Forex4you. They reinforce robot and auto trading. I utilize my own robot with them. Trading with EA requires checking in light of the fact that they are generally coded to take after the specialized examination.