Forex robots... Are they legit?

[PierceW0]

Forex trading robots are special automated trading systems based on a set of trading signals that help to determine the moments of entering into trades automatically without human meddling. If they were as easy as they say they are, wouldn't every trader be a millionaire by now? People who sell them aren't completely honest with their consumers

 

[will lou]

u probably wont make millions but profibable

 

[spyboy023]

I think, robots may work, but it's very hard to find the right robots (robots that really works for a long term) and it will take long to make a nice amount of money. It isn't as easy as they say / as some sellers promise.
Personally I would never invest $2000 or $10.000 as some sellers recommend. I always start with a small deposit and let it grow. (because I don't want to loose that much money).
Many ea works today, but will they work tomorrow is the question. (better think of will it work the next years).
Finding a technique that is working for many years is pretty hard.
However, if you keep the risk very low,you will not earn that much, but at least the risk is low, and it is profitable, for me it's better to have very low risk and earn a little, than high or medium risk and loose all.

 

[PierceW0]

u probably wont make millions but profibable

Noted, thanks a bunch!

 

[GeorgeFxtrade]

There is absolutely NOT a single automated system that makes money on the long run. Can you imagine, everyone will be millionaires. There is no magic indicator , magic expert adviser or robot or even a magic strategy to make you rich overnight. Trading is a marathon not sprint. Find a strategy with higher win rate than 50% and higher than 1:1 risk to reward and you will be profitable on the lung run. Make sure you backtest it and trust it before you put your hard earn cash into the market. Good luck

 

[pippin]

u probably wont make millions but profibable

I find that simple bots based on RSI, ATR or Golden Cross work much better than sophisticated brokers. Momentum is still alive on the FX market

 

[kan74700]

yup they are if you made yourself or you have find a unique combination settings

 

[arg]

Forex trading robots are special automated trading systems based on a set of trading signals that help to determine the moments of entering into trades automatically without human meddling. If they were as easy as they say they are, wouldn't every trader be a millionaire by now? People who sell them aren't completely honest with their consumers

i think one need to understand that retailers trade in where banks, financial institutions and other big players are in the market. and teh bankers play through software.. which they flex it every fortnight.. so a robo is just temp solution as they know exactly who are the top 10 earners and how the retail earners made money any depending logic etc and fine tune their forex base... so robo could be very temporary to make money
bttm is a good example though manually implemented last few years now you see not 3 levels as standards but 4 to 5 or even 1 to 2 levesl only

 

[ForexBoyzWW]

The robots that I have used have been really useless, they blow accounts, but you can try for yourself and see.

 

[kgobemoses]

The robots that I have used have been really useless, they blow accounts, but you can try for yourself and see.

so true, they are not always accurate, best to do your own analysis

 

[Sherverty]

Forex robots may be helpful to make good profit but you can not always depend on them.

 

[LuckyMac]

You need to keep an eye on them for sure. I havent found one that works long term to be honest but i have seen some that make a lot of money before going bust. I think a lot of it is timing and getting out before they do

 

[fartkontrol]

They are effective but not as effective as they are believed to be. The forex market constantly moves, and bots are designed to trade in a certain market situation or function in a specific way. They fail when the market situations change. Moreover, a bot can’t predict the volatility of the market.

 

[Xie Yuanjun]

Forex robot trading is a trading method in which you use algorithms and programming to trade. In this you rely on the algorithms based on the previous market fluctuations and trends. It may be beneficial if you don’t have much market understanding or don’t have enough time to follow the market. But sometimes it may be counterproductive as it is solely based on trends and previous successes and losses. You can also use a mix of manual and automated forex trading.

 

[mlawson71]

Robots have their use, but it is limited and only in concrete situations. One has to be an experienced trader to be able to recognize when it's a good time to use their robot.

 

[DWight]

Yeah They are legit. Just the Good ones are hidden and rare. Take my suggestion and learn how to code them for yourself. you'll be more succesful then.

 

[Diagraph]

If you’re asking whether trading is possible with the help of bots, then the answer is yes. You can trade with forex robots. But are they effective? Then, it depends. Forex robots are pre-programmed and they perform the task very well they are designed to do. However, beyond that, they have limited scope.

 

[drake_grazer]

I think, robots may work, but it's very hard to find the right robots (robots that really works for a long term) and it will take long to make a nice amount of money. It isn't as easy as they say / as some sellers promise.
Personally I would never invest $2000 or $10.000 as some sellers recommend. I always start with a small deposit and let it grow. (because I don't want to loose that much money).
Many ea works today, but will they work tomorrow is the question. (better think of will it work the next years).
Finding a technique that is working for many years is pretty hard.
However, if you keep the risk very low,you will not earn that much, but at least the risk is low, and it is profitable, for me it's better to have very low risk and earn a little, than high or medium risk and loose all.

Many thanks

 

[Ashlan]

I'm also curious on the topic, i know guys that were profitable for a month or 2 then the robot blew their account. Are there any bots that actually work long term

 

[Jingoism]

As they are not foolproof, so there is no such guarantee of getting long term profit out of it. So according to me they are not legit.