Perhaps you've been told that all you have to do is turn your PC on,log into your account, and presto! -- you'll be making tons of money on your trading account. But is this a real scenario or just a fiction and those who proclaim this are just scammers? Like everything else in the world, it's not a matter of black and white.
Where can you find such an amazing Automated FX Trading Software?
Normally, you have to test dozens of systems to find one that is really profitable. Also, it's not only lucrative in the short haul yet over a longer period of time too. Don't get me wrong on this one. Of course, everyone claims that theirs is foolproof, and will make you rich, but the truth is something else again. In fact after testing 79 Automated FX Online Trading Systems over the last 3 years myself and losing some of my hard earned money trading them, I can honestly say that 95% of them are pure crap when it comes to ROI (Return Of Investment) and RTR (Risk To Reward Ratio).
The majority of the Automated FX Trading Systems are working based on the Metatrader 4 platform which is very common in the industry. Within the platform, these Forex robots are generally known as "Expery Advisors" (EAs). To make it short, such an EA gives the exact orders to the MT4 platform on how, when and what to trade.
You can find tons of material on that subject on the internet. But I don't want to overwhelm you with too much info. Let's move on to the important facts:
The 5 Rules to find an Automated FX Trading Software that really works
1. Software advertising only "Back Test Results" are a sure "no go". That’s the case, because back test results are only an informational source for programmers to get an idea if their system works in general or not. There are a lot of potential things involved that could make the results false. By using back test results, you can present trading results in a better light than by using live feed. This is a common ploy.
2. Only rely on the so called "forward trading/testing results". So forward trading results are simply actually taken trading results. Those are direct tests of a system under real market conditions and not tests with stored data, like back tests.
3. The Programmer/Trader/Advertiser should have a live stream of the trades. That way you can follow the trades, get a feeling for the trading methodology and you can look at all trades the EA takes and has taken whenever you want to.
With the help of predefined settings and having a working update service, it is simple to utilize the EA/robot. This is very important, if you don't want to spend a lifetime optimizing the settings.
A Money-Back-Guarantee. So you can test the EA and if it doesn't work out for you, simply request a refund. That way you have accumulated some experience, but did not lose any money.
It's that simple. A person who looks out and adheres to the main simple rules, he/she will be 95% ahead of the other traders in the market. And isn't this exactly what you want?
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Jack Stein, Trader and Webmaster of fxtradingsoftware-org
