Forex trading is not everyone’s cup of tea. If you are not ready for the risk, your money is better off in the bank; it is safe even if it doesn’t grow much. On the other hand, with proper forex trading tools you can earn almost 5% a year. Only when you have complete knowledge of trading should you invest your hard-earned money in forex. But if you are bitten by the forex bug and have read about forex robots which claim to generate positive results in no time, hold on a moment. There is a huge outcry that these bots are scams. Let’s find out.
What are Forex Robots
They are automated trading systems based on complex mathematical rules which are derived after intense technical analysis. How good a robot is will depend entirely on the programmer’s skills. Most of these bots are programmed to perform within a specific time period and for a specific market. How a market will perform is just an educated guess from the creator of the bot and no magic.
Things you must know about forex robots
- No live testing of the robots has ever taken place. Invariably it is back tested which means that the robot is tested on data of the past but never on live markets.
- The actual issues of connectivity can render the best robots useless.
- The bots have no intelligence of their own; they work according to a set of rules and cannot adapt to a volatile market where change is the only constant. For all money management issues and for placing stop-loss orders this automated system must be tweaked
- They are best suited for those new to trading and require a pair of eyes that will keep a watch on the market and behave in a rational manner and not give in to emotions.
Without completely understanding the working of a forex robot do not invest in it; you will not see any profits. A reliable forex bot will be one that can be seamlessly integrated with your own trading strategy. The latest forex trading bot that is gaining in popularity is the Q Profit System designed by a former trader. With binary scams, galore we conducted our own Q profit System Scam test to verify if the system is legit and authentic. We found that this bot is genuine and has an easy to use interface and can be used on any device. It can be used online without downloading thereby not occupying any space on your system. Once you register a personal broker is assigned to you and you can start trading.