Anyone setting foot in the forex industry for the first time should know that there is a lot of false information flying around. Much of it is based on what dealers are earning. There is no doubt that many successful forex dealers do earn tremendous fortunes, yet the hard facts are that 80% to 90% of dealers don’t make it, and withdraw from the market within less than a year. The other big lie in forex is the reliability and culpability of the many forex robots that are available for purchase on line.
While there is a fairly high percentage of forex robots that are good products and a worthwhile investment, there are many others that are no more than a rip off and not worth a penny of your money. The purpose of this article is to help you identify which software does what it claims and which software autopilots are a scam.
As the saying goes, beware of snake oil salesmen! Any software that claims to bring you 100% results every time is simply making claims that cannot be upheld. A reasonable target to expect is between 60% to 70%, with a consistent 80% being a major achievement. These figures are believable, especially if the software developer is prepared to validate them.
However, records and statistics, no matter how positive they have shown to be in the past, do not mean that they are guaranteed to continue in the future. Forex trading is a very volatile business, where many outside influences can play a part. Any reputable forex robot trading system or program cannot, by nature, offer any guarantees of continued profits, let alone at the levels they have previously achieved.
Always place your trust in software where the producer is prepared to stand by his product. Always look for forex robot software that you can return if you are dissatisfied with the results over a reasonable time frame. If the software is clearly marked non-returnable, then this has to tell you something. If there is no clearly defined policy marked or mentioned in the reviews that you might find, ask the company which produces or distributes the software what the returns policy is. If the answer is vague or non-committal, then keep looking.
The best piece of advice we can give we have kept to the last. No matter how much trust you place in the forex robot that you have chosen, place even more trust on yourself. Take the time necessary to learn how foreign exchange works and how to understand it. That way you will get the best out of the software and the business.