The past few months have seen a spike in the number of international forexpreneurs who are holding workshops in Kenya. First there was Gregg, and then there is Edward, who is set to hold a free one-day forex training workshop on January 30, in Nairobi.
While some of these forex mentors have a genuine need to help emerging traders get off their feet, most are only looking to generate sales for their expensive forex trading software and robots, which brings me to the question, Can robots make money in the forex market?
What are Forex Robots?
We don’t want to run ahead of ourselves. If you are new to the forex market, you must wonder what forex robots are? Are they a set of cybernetic humanoids that you buy and place at your desk to monitor, analyze, and place trades for you?
No. They are not even close to that. A forex robot is a software. A software that has been programmed with instructions on what to do if certain conditions are met or are not met.
These software are designed to monitor, analyze, and actually open and close trades on your behalf.
Do they work?
Hundreds of forex robots aka Expert Advisors are released into the market every month, and as if that was not enough developers are at work creating more. Some are free. Others will cost you the price of opening a Standard Forex Trading account with one of the prime time forex brokers. Each one of the forex robots claim to be better than the others. It is a wild, wild world, if you ask me.
It is utterly confusing for a new forex trader to choose one over the other. Usually, newbies will end up buying more than one software, and hope to sit back, relax, and watch their trading accounts grow astronomically.
But they are usually disappointed.
The forex software does not perform as well as the vendor said it would perform. It is actually losing more trades than you’d lose trading manually!
It does not take long for the newbie to realize that they’ve been taken for a ride! If s/he is critical enough, they will realize that more money is made selling the forex robot than the robots are making. After a while, the trader starts wondering whether there are any forex robots that can actually make money, and if there is one, where do they find it?
What’s Our Stand?
We believe that some robots can make money in the forex market, some of the time. There are few critical factors to consider if you want to go the robots way.
Some robots will be released into the market with a lot of fanfare. However, their performance starts to dwindle as the market changes. Look for a software that is periodically updated. Don’t get shy to ask the vendor how often their fancy forex robots are updated.
However, regardless of how good a forex robot is, you cannot leave your trading station unmanned.
Have you had experience trading forex with EA’s? What’s your opinion about automated trading? Kindly leave a comment.