Your Questions About Forex Robot Trading

Donald asks…

Is it true forex robots need monitoring the market for days before starting trading themselves on their own?

That’s a feature I would dislike if so

kenspong answers:

An EA is built to enter trades when certain conditions are met in the market. If those condition are met than the EA enters the trade. If those conditions aren’t met the EA doesn’t enter the trade. Depending on what conditions the EA is built there are days when it doesn’t have trades and days when it haves.
Having said that it is true that the EA needs to monitor the market all the time (meaning you need to leave your computer runing in order for the EA to work) and depending on the EA, the number of trades varies and there are days without trades. Don’t forget that forex trading is about having patience to only take the best trades.

Thomas asks…

Does all these Forex robots work that claims to be auto-traders work ?

If you did a search on all these Forex robots for sell .. they put up videos on how they made so much money thru Using their Robots for their Forex trades. Anyone has any REAL experience of using these robots and it actually works ? Does Auto-Trade for Forex really exist ?

kenspong answers:

The Federal government warns there are a lot of Forex frauds out there, and these Forex robots appear to be one type of these scams. If these robots really worked, there would be scads of articles about them in the Wall Street Journal and other financial publications talking about them. When I do a web search, I can not find a single reputable news article encouraging the use of Forex robots. The link below is a Federal website warning you about Forex fraud.

There are a lot of people on the Internet claiming they have done very well using Forex robots. These appear to be of two types. One is the outright liars. For instance, you might meet a person called “Zboy227” who says “I made a lot of money using ScamRobot2000, go to their website at ScamRobot .com/Zboy227.” The “/Zboy227” tells the website that Zboy227 has referred you. If you buy the product, Zboy227 gets a commission. He is only lying to you to get a commission.

There is a lot of luck in Forex. Sometimes you will run into people on the web who have tried a robot for a few days and have had some beginner’s luck with it. They start bragging about how well they have done. Later, they start to lose money, but they rarely get back on the web and talk about how much money they lost. People like to brag about their successes, but rarely talk about their losses. The result is that much of the feedback about these Forex robots is positive.

I may point out that websites that sell Forex robots admit there are a lot of scams out there. Of course they claim the other guy’s robot is a scam, but their robot works. If you do a web search on the words “forex robot” and “scam” you will find a lot of sites saying their competitors are scams.

I will admit I have not personally tested every robot out there, and I can not prove they are all scams. But I would be very hesitant to spend a lot of money on a robot without clear proof it really works.

James asks…

Can someone recommend the best forex robot(EA)?

I would like to trade forex but I am scared to do it myself because it is too complicated. I have been going through forex robots, there are so many out there and it is hard to choose the one that really works.

kenspong answers:

I’m not going to lie to you when I say that most “forex robots” are actually scams.

Because people know we are a “hungry crowd”, they figure that they can easily make a quick buck byselling products that don’t actually work…

So I was very pleased to find http://www.fxsystemscompared.com which reviews only LEGITIMATE forex robots.

I personally use one called “Forex Autopilot” which is a software tool and comes with several guides too. The review for that tool is here: http://www.fxsystemscompared.com/rev_forex_autopilot.html

Daniel asks…

Can anyone recommend a good forex trading training course?

I’m looking for a course to actually learn trading myself. I’m not interested in robots or signal services. What I would really like is a course that teaches me to understand the markets and be able to trade off my own ability. Anyone had any experience or found a course like this that you’ve actually used yourself?

kenspong answers:

You may be interested in http://www.fxpmclub.com

It’s a forex course and mentoring at the same time, so it’s got the basic course materials that you can learn in your own time, just like most other courses out there, but you can also get training and help and advice from the trader who runs the site.

The course is all video based which is accessed from a members area, and the videos teach you everything from the basics all the way up to actual trading methods on live charts. I’ve been trading for about 2 years on and off, so I am by no means an expert or anything like that, but this has been the most useful site I have personally come across. The best part for me is the contact with James, who is the trader who runs the site. I’ve been able to talk with him directly on the phone whilst he walks me through real charts on my computer and answers my questions. So far I’ve had 3 phone calls with him. The course and videos on their own are far better than most things I’ve seen, but the personal tuition you get with this, makes this the best course I’ve ever taken in forex. I always learn better when I’ve got a teacher. I’m not sure if that’s what you’re after, but I’m sure you’ll find the video course on it’s own very useful if you’re starting out.

The course itself is teaching how to trade by reading price action without the use of lagging indicators, so it’s quite discretionary and can’t really be used as a mechanical system. James likes to teach how to adapt to and read the market instead of relying on buy and sell signals generated by indicators. He uses candlesticks and not bar charts.

There is a free option to try the course before you decide to join, so it’s definitely worth a look. You can access all the materials and contact James for help without making any payment, and if you don’t like it, you don’t have to worry about trying to get a refund. If you’re a sensible person and have realistic expectations about forex, I think this course could suit you very well.

Hope that helps.

Carol asks…

What is the best forex or any trading training course to buy?

I have been into forex for a month or so trading with forex robots, well only one actually but I want a complete course so I can skip ahead or change my learning curve. I am learning by trial and error now, the errors cost a bit and I want to find a quicker route to more trial and less error. Any suggestions?

I am thinking very hard about the Forex Triad Formula http://forextriadsystem.info but it costs like $2000, I am not sure about purchasing it. I have heard good things and also read the hell out of the website information, but a real live testimonial would go a long way in my decision. Please no competitor down talking. I really need to settle this and move on. The money is not a problem yet neither do I want to throw away $2000 bucks.

I found out i could sign up through a friends link and get it at a discount, i also heard they give an automatic discount when you purchase of some where around 30%. Any help would be greatly appreciated.

kenspong answers:

Oldyoung, what if you bought the triad system and found out it’s not for you, or maybe it’s not really that profitable? I’m just saying that with forex one is almost bound to go through the errors as much as you’d do the trial. Good thing you thought of the money back guarantee.

The triad method is a mechanical strategy leaving out discretional input. However, it is generally known that mechanical methods are inferior to certain strategies involving human discretion. That means more profits are made with the latter.

If the triad course brings in enough profits i’d say to stick with it, but experience tells me when it is to good to be true, it probably is. Weigh out what you really want and what your goals are since the Forex WILL NOT make you rich quickly.

Trading the currency market is relatively simple with simple setups. Unfortunately people have the tendency to get emotional whenever money is involved. It’s amazing how something relatively simple can become a living hell for some.

Being successful at trading currencies can mean as much as knowing the traditional technical indicators and applying them correctly … Too bad, most are always searching for more thinking that some day they’ll find some kind of holy grail when there isn’t one.

Common sense goes a long way…. Because there are many roads leading to Rome … I mean Forex profits!

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