Automated trading strategies also known as Forex robots have a degree of success, unfortunately the cheap counterparts that are available on the internet for a few hundred dollars have a reputation for eventual failure. Sure, it is a fact that even the best traders in the world will automate a degree of their trading but what they won't do is completely rely upon their decisions. It is this ethic that you should search for in a Forex signal provider.
With human intervention or at least 24 hour surveillance to ensure up and coming times of volatility it will give a more secure signal performance. A signal provider can work in two different ways; they can either send information for the trader to place the trades themselves through SMS or Email or they can work on a more automated basis by sending electronic signals straight into clients MT4 accounts. Both have advantages and disadvantages which we will look at now.
A signal provider may also have a set and leave trading strategy in place, where you receive the details at the beginning of the day that you can set up on your account as pending trades. With a message service that is time sensitive it will depend on you accessing your trading platform momentarily to get a good price on the trade.
The advantages to this type of signal service is the fact that you get to choose the trades that you think are more profitable. Unfortunately with the volatility of the market it is unlikely that you will gain access to your account quick enough to get the same price as the signal which could mean the difference between a winning and losing trade.
Having a completely automated signal service is great for inexperienced traders and people that want a completely hands free investment. The obvious disadvantage for experienced traders is that fact that you cannot vet your trades before they are placed, although some of the latest systems do give you options on which trades to except.
There is a lot to be said for signal providers if you get one that has a good trading history. You should always get a trading history from a provider before you sign up to their service and make sure that it can be checked by an individual verifier such as My FX Book or MT4i, these companies give you a completely transparent view of the traders history and strategy that they use.
You can of course buy an automated trading system out right for a few hundred dollars, but be warned they have very clever sales pages with results that do not always match what happened in the real market. Make sure you do your due diligence on any Forex robot that looks like a good buy you could be setting yourself up for a fall.
What you should ask yourself is this, would I sell a robot that turned my $5000 account into $50,000 in 6 months for $125. I think we know the answer to that question. In summary I would look at any robot tongue in cheek and steer more towards forex signal providers.
With human intervention or at least 24 hour surveillance to ensure up and coming times of volatility it will give a more secure signal performance. A signal provider can work in two different ways; they can either send information for the trader to place the trades themselves through SMS or Email or they can work on a more automated basis by sending electronic signals straight into clients MT4 accounts. Both have advantages and disadvantages which we will look at now.
A signal provider may also have a set and leave trading strategy in place, where you receive the details at the beginning of the day that you can set up on your account as pending trades. With a message service that is time sensitive it will depend on you accessing your trading platform momentarily to get a good price on the trade.
The advantages to this type of signal service is the fact that you get to choose the trades that you think are more profitable. Unfortunately with the volatility of the market it is unlikely that you will gain access to your account quick enough to get the same price as the signal which could mean the difference between a winning and losing trade.
Having a completely automated signal service is great for inexperienced traders and people that want a completely hands free investment. The obvious disadvantage for experienced traders is that fact that you cannot vet your trades before they are placed, although some of the latest systems do give you options on which trades to except.
There is a lot to be said for signal providers if you get one that has a good trading history. You should always get a trading history from a provider before you sign up to their service and make sure that it can be checked by an individual verifier such as My FX Book or MT4i, these companies give you a completely transparent view of the traders history and strategy that they use.
You can of course buy an automated trading system out right for a few hundred dollars, but be warned they have very clever sales pages with results that do not always match what happened in the real market. Make sure you do your due diligence on any Forex robot that looks like a good buy you could be setting yourself up for a fall.
What you should ask yourself is this, would I sell a robot that turned my $5000 account into $50,000 in 6 months for $125. I think we know the answer to that question. In summary I would look at any robot tongue in cheek and steer more towards forex signal providers.
About the Author:
Adam had been looking for a home business for over 7 years. He has been through the learning curve and come out a very successful entreprenuer. In the last year Adam has been sharing his best money making strategies through his automated income online business which you can try completely free for 30 days.
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