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Abstract:Expert Advisors (commonly known as EAs) and other automated trading systems are included in Forex robot frauds.
Expert Advisors (commonly known as EAs) and other automated trading systems are included in Forex robot frauds.
What is the definition of a forex robot?
A “robot” in the forex business is a program that enters trades exclusively on technical signals and allows the human to sleep in a hammock on a beach while he “makes” money.
The forex robot operates continually with the push of a button, making trades based on mathematical formulas applied to prior price history.
In other words, whether or not the user is in front of the computer, they run automated mechanical processes.
The issue is that forex robots and their pre-programmed thinking are unable to account for constantly shifting market conditions.
Market behavior is dynamic, always shifting between three possible directions: up, down, or sideways.
Most robots aren't programmed to work in all situations or to notice when the trading environment changes. As a result, losses occur, and if not constantly monitored and managed, they can be significant.
The swindle here isn't with the forex robots themselves, but with how they're advertised. Scammers will frequently promote these robots and automated systems as the “holy grail” of trading, assuring you'll be retired next week.
They also sell them for “humane” prices ranging from $20 to $5000.
OMG!! For just $20? For the chance to make astronomically large sums of money? That appears to be a good deal!
Okay, now come to a halt. Listen and collaborate.
Why would the developer try to sell the system and split the profits if he or she is making a lot of money with it?
What's more, why is it only $20? With $20, you can barely purchase a nice supper for you and your sweeties at Chick-fil-A!
The cash obtained through the sales of their own “R2-D2s” is the only actual profit for these con artists.
The con artist will use past data and back-testing logs to tempt you.
It's been tried and true!! It has to work!! It's also only $20!! That's less than the price of a PS4 game!
Okay, now come to a halt. Listen and collaborate. Again.
Sure, it appears to be a very prosperous venture. However, there is no such thing as a constant market in the currency market.
The situation is always shifting. In a changing market, the past has little bearing on the future.
We cannot be assured that what has occurred in the past will occur again in the future. There are really too many variables to take into account.
Plus, you have no way of knowing if these con artists are fabricating the results. They could just type in random numbers into an excel file because most people won't bother to double-check them.
What is our recommendation?
Until you've mastered both trading and programming, stay clear from automated systems and robots.
Beginners have no knowledge of trading or how forex markets operate, therefore they will be unable to comprehend how the robot operates, what environments it is most suited for, or how to tune and adjust it.
Before you decide to let a software trade for you, it's best to understand how to trade consistently yourself.
Consider this: Would you entrust your hard-earned money to a complete stranger (with no brain to boot!) to invest without knowing what he or she was doing?
I don't believe so!
Forex robots can be a useful tool, but let's face it: there is no such thing as a perfect “one” that will function in all situations, all of the time.
Even Wall Street quant funds and algorithmic traders can lose money, yet their systems are written by Ph.D. mathematicians and financial engineers!
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
These champions have one thing in common: they not only work their butts off, but they also enjoy what they do.
"Patience is the key to everything," American comic Arnold H. Glasgow once quipped. The chicken is gotten by hatching the egg rather than crushing it."
Ask any Wall Street quant (the highly nerdy math and physics PhDs who build complicated algorithmic trading techniques) why there isn't a "holy grail" indicator, approach, or system that generates revenues on a regular basis.
We've designed the School of WikiFX as simple and enjoyable as possible to help you learn and comprehend the fundamental tools and best practices used by forex traders all over the world, but keep in mind that a tool or strategy is only as good as the person who uses it.