4 Reasons to Start using Forex Software
This is about to change. As several forex trading robots with increased quality hits the market, even beginners in this industry can do quite well. However, there are a lot of people on the internet warning about such robots, and stating that robots cannot predict the market well. The reasons why these warnings aremade are:
- A major point criticized by mature players in this industry is that vendors of the robots are overselling their products and referring to back tests and demo trading as their only proof of profit. I will accept this as a very good reason for not using some of the robots. However, the people behind some of the new software available also include live trading data in their sales pitches. This is quite new, and give customers increased confidence in what they eventually aregoing to buy.My advice is to only consider robots with references to continuously updated live trading data.
- Experienced traders often have years of either education or trial and error, before they eventually have started to master this market. These traders do probably not welcome the fact that un-experienced traders, with little or no effort, can be as well as profitable as they are. This make their knowledge, built up over several years, not as worthy as earlier. And a lot of these actors often unfavourable comments on the robots and their users.
- Experienced manual traders and their companies may profit from the beginners lack of knowledge. Either directly from manual trading, as beginners often loose moneywith manual trading, or by offering expensive educational or advisory services to the beginners. Of course, these experienced actors don’t welcome automatic robots, as successful robots will make much less need for their services, and as the beginners are getting profitable quite early. And who looses? Yes, it may be themselves, as they are still doing their manual trading.
- At last, there are people claiming that all software solutions for automated forex trading are scams, of course except from their own or the one they are promoting. You don’t want to listen to them, as they have economic interests in making false negative statements about their competitors.