Forex Trading Systems - Finding the Small Minority of Forex Robots That Work

If you want a forex trading system you have hundreds to choose from advertised online and most will see your account equity lost if you trade them. Here are some basic pointers you need to consider when choosing any forex robot and if you do you will find the one that's just right for you.

Here are the main criteria you need to consider.

Track Record

Most forex robots claim they can make money and have a track record but they also have this which really makes the track record worthless - read it.

"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading.

So this is not real trading its back testing knowing the closing prices what use is that in terms of indicating future profits/ none and the disclaimer also says correctly so take note:

"Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".

Probably 99% of robots sold online have this on them and they have NOT been proven to work and don't work. Forget them, if you want to spend a few hundred dollars, you will have more chance at the casino and have more fun.

Never ever trust the copy if it has the above warning, the CFTC is there to protect and warn and this statement will bring anyone crashing back down to earth who was thinking of packing in the day job and thinking they can trade for a living by forking out $100.

Results!

If someone claims they can make you rich with something they should provide proof that's what your spending money for so you need a real track record and not a made up one.

Only consider a system that has made money as proof the logic is on a solid base.

Beware Of Dips

If you get a real time record and its successful you may think you can trade it with discipline and win but you first need to look at the worst dip and time to recovery. A system may make 100% in a year and dip by 50% and if you throw in the towel in these dips, because you can't take the loss, you won't see the gain!

Make sure the system fits your risk criteria and that you're comfortable with it.

This many sound obvious but if you have a system you have to follow it through bad times, to get your overall profit.

Does it Make Sense to You?

The logic and parameters of the system that is. If they don't you won't be able to trade with discipline.

Discipline comes from understanding what you're doing and you should always read the logic. Never consider a "Black Box" system where the logic is not revealed.

You need understanding and confidence to get discipline so make sure you take time to study your system.

Time Needed

Make sure you have the time needed to execute the trading signals as the system dictates.

For most people, the best systems are long term trend following which deal one a day and take less than 30 minutes or so to generate and execute the trading signal.

Keep all the above points in mind and shop around and ask questions and get a system that's right for you.

If you spend time you will find one and avoid all the junk ones and get one that is based on sound logic and proven to make money.

NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE

For free 2 x trading Pdf's, with 50 of pages of essential info on Currency Trading System visit our website at: http://www.learncurrencytradingonline.com.

Related Articles - forex trading robot, forex robot, forex trading system, automatic forex trading system, forex,