Automated Forex trading systems are based on trading techniques utilizing both technical and fundamental indicators. They are intended to operate like a human, entering and exiting trades using a certain set of rules, but without the indecision, uncertainty, fear and greed that prove to be so financially harmful. They can figure out the best deals, study and interpret various kinds of signals, and execute automatically to make profitable trades.
These incredible programs offer people an excellent way to start making money from the Forex market, especially those who do not have the knowledge or time to spend on learning the ins and outs of Forex trading. They are ideal for people who have busy full time jobs and are looking for a way to make additional income online and automatically. Automated Forex trading programs can be an excellent way to make money from the vast Forex market. With this type of trading software, also known as "forex robots" and "black boxes", a computer program will trade for you, automatically, allowing your online money-making dreams to come true.
There are literally hundreds of these robots for sale on the web and the great majority of them are worthless or total scams. But some are legitimate. How do you tell the difference?
Simple back-tested data as proof is no proof at all as it is all to easy to fit the settings to produce stellar results from a known set of historical prices. Documented "live account" proof, that is invariably shown on their sites, can easily be portrayed as "iron-clad" proof that the system works. But many times the marketers of these robots opened up 20 or so live accounts with a nominal amount of money- say $250 or $500. Just one account may make it big over a relatively short-term run of 3-6 months, but the rest of them lose everything. The settings on the winner may just have been lucky enough to work over that particular time period but that’s no proof it will continue to do so.
You need to carefully review the robot seller’s website, look for third-party reviews of the product that are not from the people trying to make money selling it. Find out how good the technical support is. Scammers are not going to put resources into manning a technical support system. Also, check out the money-back guarantee. They should give you at least 60 days. That will give you enough time to run the program on a demo account before trading with live capital.
But as is always true when you buy anything- do your "due diligence" until YOU are satisfied that you are getting your money’s worth. No one else will do that for you.