Today we are seeing more people than ever try and make a living in Forex, but sadly the majority of traders lose huge sums of money and give up before the magic can happen. I have been there myself so I know how frustrating it can be when you see losing trade after losing trade with no understanding of where and why it all went wrong. But I was determined to make it work and stuck with it until I was able to trade with confidence and more importantly with success.
Today the Forex market gives me a very good and flexible lifestyle and I only need to work for a few hours each day to achieve the level of return I desire. During the last few years the Forex market has grown so quickly and has never seen so many people getting involved, but despite the huge interest it is arguably harder than ever for new Forex traders to be successful.
Why is this I hear you ask? The answer is down to the so called Forex guru’s who claim to have the best system, robot or method available. The problem is that most of them do not which, is not to say that all Forex products are a waste of time and money, but the majority of them most definitely are. The difference between success and failure is often going to be whether or not you pick a robot that works, or a Forex course that really does cover the important aspects of trading.
If you are new to trading then choosing the best Forex trading robot or course is not going to be easy, given the huge number of products being released each month. So I decided that I would start my own Forex site to help guide newbie traders through a number of products that do work. Of course, I cannot buy and test every product that is released to the market so I will be looking at those that I believe are the better products, testing them for myself and writing my no nonsense reviews here.
So why do most Forex trading robots fail?
The major flaw with most robots is the fact that they cannot predict what will happen in an ever changing and highly volatile market. They are each designed in a precise way with specific preset instructions and rules and cannot adapt if market conditions change. When they are first released they will often make winning trades as the market is the same or very similar to the market they were tested in and designed for, but as the market changes the robots keep applying the same rules and end up losing more trades than they win.
What makes a successful robot?
The first thing I look for when reviewing a new Forex trading robot is whether or not the software will be updated by the developers. This is so important. As I have already mentioned, the Forex market can change very suddenly and robots need to be able to adapt to keep up with these changes in order to continue trading effectively. Software updates are an indication that the creators will be around for sometime so you can be sure that they want to get it right. Some product owners will release a product to make a load of quick money, then disappear leaving their customers on their own with a piece of software that doesn’t work.
Some of the better robots are owned by people who not only send free updates but also hold free webinars to discuss various strategies and settings they use with their robot. It is also imperative that you only ever look at robots that show you live results. Designing a robot that works well on back testing is not difficult, for when you know what happened in yesterday’s market it’s very easy to predict. We can all win huge amounts of money betting on horses when the race was run yesterday as we know the winner, so why would we trust people who show us how their robot performs in old market conditions?
In summary the three main points to look at when deciding on a new Forex trading robot are: regular software updates, customer support and live trading results.
Forex Trading Courses
Forex trading courses are another investment you can make if you are serious about becoming a full time trader – for me this is a better investment than buying a robot. While I do use robots I believe that you should know exactly how things work if you want to trade full time. It is too risky to try and make a living in an industry that you know nothing about.
Education is vital if you want to be a successful trader. I started with robots, lost money left right and center and decided to enroll in a Forex trading course to learn how to trade for myself. Initially I was worried that Forex was too complicated for me to learn and would take too much time out of my day, but I was totally wrong. You can find courses that are laid out so well that you cannot fail to learn quickly and easily with help from well written step by step instructions and guides.
We would recommend FAP Turbo if you’re interested in checking out the state of the art robots today.
The cost of such courses are a lot more than your average robot but you are normally offered a payment plan to help spread the cost over a period of 3 to 6 months. When I first bought in I opted for a 3 month payment plan and actually paid for more than half the cost of the course using money I made using knowledge that I had gained from the course.
In addition to the Forex broker reviews and reviews of FX affiliate programmes on this site you can also find lots of helpful Forex information covering everything from the basics of the Forex market through to some of the more advanced trading methods used by the pros. Learn everything from technical analysis and who the best Forex brokers are, as well as lots of other Forex news to help traders be successful at online Forex trading. I will even be sharing some of my favourite Forex strategies.