Let’s be clear most automated Forex trading software won’t make you money for one simple reason which is explained in this article. There are however a few trading systems that can make money and this article is about finding them…
Before we start lets get rid of the vast majority of automated for trading systems and forex robots that will NEVER make you money and here are 3 steps to doing it.
1. Look for a track record that looks to good to be true
2. Look for hyped up advertising copy promising you financial freedom with no effort
3. Look at the disclaimer on the bottom of the copy and look for the words - “back tested”, “simulated” and in “hindsight”. If you see this on the copy, leave the system alone and move on - Why?
Because this track record is done knowing all the price data! It’s not real profits the system has made in trading, its paper profits made up knowing all the price history!
Let’s be clear we can all make money knowing the prices in advance but in automatic forex trading the hard part is of course, having to trade not knowing what will happen next.
It’s ridiculous to say a system will make you money, because it worked when the vendor bent a system to the data in hindsight and present this as evidence of future profits - it’s meaningless.
Avoid simulated automated forex trading system track records at all costs! They will simply wipe out your account and do it quickly.
Now you have 3 options to find a good forex expert advisor.
1. Look for one with a real time track record
These will cost but you get value and all you need to do is, make sure they fit your risk criteria and that you understand the logic, so you can follow them with discipline.
2. Get One for NO Cost
This may come as a surprise but there are a few that wont cost you a cent and one i am huge fan of is - “the 4 Week Rule” which was devised by Richard Donchian.
3. Build Your Own
This may sound hard but it isn’t.
We have in other articles shown how to put together a long term forex trading system based on breakouts. You can do this quickly and easily and because it’s yours and you have built it, you will have the confidence to trade it with discipline.
Whatever system you choose, you will need to understand how and why it works so you can follow it with discipline.
Any forex expert advisor will have a losing period at some point and it may last weeks so you need to keep trading through the period until you hit profits.
You can win if you stay on course and this requires patience and discipline.
Judge it Over the Longer Term!
Once you have an automatic forex trading system, judge it over years not months, understand how it works, trade it as the system rules dictate, with discipline and you could be making long term triple digit profits and enjoy currency trading success.