If you are familiar with Forex, I bet this is one of those questions that got your brain juices running.
At the start of my trading career, I spent countless hours looking for what I believe would be a perfect Expert Advisor. One with small draw-downs, good returns and that could make consistent profit in any market conditions. To cut this story short I had set myself for a never ending quest. The word "holy-grail" simply does not exist in the Forex world and it took me a lot of time and a large amount of wasted cash to realize this fact.
What makes Expert Advisors so attractive?
Below are some of the main reasons why traders are attracted to Automated Expert Advisors:
- No stress
- Less emotion
- Stress free
- Less stress
- Easy to use
- No thinking required
- Help documents available
As a trader, those are the benefits you will be exposed to having an Expert Advisor trading on auto-pilot. Those are great features indeed but not so great when you take into account the negative side of it. The fact is that more that often Expert Advisors do not deliver on their original promise leaving your trading capital in ruin.
There are thousands of automated Forex providers on the net nowadays. This number is increasing day by day and funnily enough they all seem to have insane winning rate some even with a 100% success rate (hmmm). The common sales pitches used by those providers are:
- Make a killing trading with this robot
- No experience needed- start making money in minutes
- Make $1000 on autopilot every day
- Robot with 100% success rate turns $100 to $1000 in a month
All those sound great to the new comers looking for a mean to make some quick and easy cash, but sadly the reality is that many of them end up losing their hard earned money in the process. Those systems that supposedly can make you thousands of dollars in no time are more than likely going to help you lose money in a relatively short amount of time.
I do hope you are lucky enough to have come across this article before making any hasty decisions in purchasing a Forex Robot that promises to make you 500%+ return a month. If such a robot existed all the major banks and financial institutions would sack their FX traders and use those systems instead. They will save a colossal amount of money on man power and on top of it all will be making astounding returns every month.
Well, the truth is that Banks and the other major institutions rely solely on their experience FX traders to make money on the Forex market. Compared to FX Traders, automated robots do not take into account the changes in market conditions, they simply follow a set of rules whatever the market throws as them. The Forex market is so unpredictable and volatile that trading heuristics do not apply most of the time.
No mathematician or engineer can outperform the market with mere Forex robots that do not take into account change in market conditions. Above all, results generated from back testing are not in no means a reliable way to assess how good a system is.
Here are some of the points to take into account when investing in a Forex Robot:
- Is the developer a successful Forex Trader (make sure he is well-known and has authority in the Forex arena)
- Live account results of the system (very important as the basis of your decision will rely heavily on that point)
- How long has the system been in operation?(2+ years)
Potential monthly return
- Maximum draw-downs on each trade.
If all the above questions are ticked then you got yourself a potential winner.
I have spent a large sum of money over the years trying all sorts of Forex robots. The result was that I lost as much hair as I lost money! Quite frankly, I was quite disgusted with all those Experts advisors until the day I came across a guy named Ashkan Bolour.
Ashkan Bolour is a highly successful professional Forex trader and a money manager who has featured in well-known trading magazines and books. I started looking around to learn more about Ashkan and his automated trading system.
Well the results were quite amazing. It was not a system making 500% or even 100% return each month but it was making some very consistent profits with small draw-downs. If ever you are looking for a proven system backed by consistent profit made on live accounts, Ashkan Bolour's system, the FXprofit Mountain is a must.
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To see this system in action go to the Forex Expert Advisors section of Forex Trading Domain for a review of all the Forex Systems.
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