- Forex robots look like a way to riches if you read the copy but really common sense tell you are unlikely to win here's why. Most are sold on the basis invest 100 or so dollars and you get an income for life - obviously there is something amiss here and you will see why in the next point.
- No Track Record All the robots you see rely on back testing. To clarify, this is not real money made just paper profits simulated. Trading forward and trying to make money is somewhat more difficult. These forex trading systems are not proven in the cut and thrust of real trading and here lies the problem. Would you trust someone to teach you to drive who hadn't passed their test? No. Would you trust someone to make money who shows no evidence of having done it themselves - exactly.
- Minimum Investment Is normally a hundred or few hundred dollars well first drawdown period will wipe you out on even a good system, let alone one that has not been proven. Leverage will destroy the account when a drawdown period is hit and there will be one as there is on every system.
- You don't need to know anything About Forex Well if you don't how would you have the confidence to give you the discipline to stick through losing periods? You need discipline and that comes from understanding what you're doing and if you do get the right forex trading education, you will realise a forex robot with a simulated track record is unlikely to make you any money. You Can Make Money But Be realistic and be sensible and don't get taken in by hyped advertising copy. Get the right forex education and learn currency trading the right way and you can build your own forex trading system and seek long term currency trading success. You will understand what you are doing and why it will lead you to success and have the discipline to stay on course to ride out losing periods and hit home runs and make profits.
Source : Leslie Berkovits article