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Trading With Forex Robots

There is perhaps no topic that is as controversial as the issue of conducting forex trading with expert advisors, otherwise known as forex robots. When the first forex robots hit the market, a situation that resembled the California gold rush was created. Snazzy and enticing sales pitches, backed up by glittering masterpieces of web design drove an ever-hungry crowd of retail forex traders into a point of near-insanity, thronging the sites of these forex robot vendors with their hard-earned dollars, looking for a piece of the pie of the forex market. After all, with the likes of George Soros earning a reported $1.1billion from a single position against the British Pound in 1992, many traders felt their time had come. With robots whose vendors claimed earned colossal amounts of money in no time, surely this would turn around fortunes of many. We were hit with stories of “$1,000 being turned into $38,000” and similar lines, and it seemed this new super money-making pieces of short programming code would turn the financial world upside-down.

It did not take long for this to unravel. Just like most other wonder-bank financial products, it did not take long for traders to realize that forex robots did not really deliver on their touted prowess. Online forums were littered with thousands upon thousands of complaints of users, who complained of accounts being decimated, while the vendors smiled all the way to the bank. In all, we can safely say that 95% of forex robots out there on the internet are just junk products. So where did retail forex traders get it all wrong? The answer is not too far-fetched. People simply failed to read between the lines. The popular saying that “if something is too good to be true, it most likely is” typifies the forex robot situation. But is it all bad news?

Actually, it is not. What a lot of people do not know is that there are a few good robots out there, and it gets even better; you can actually own your own customized forex robot.

Owning your own customized robot is about the only way you can be sure you are getting the value of what you are paying for, which in this case, is the expertise of the forex robot programmer. This is how it works.

The first step toward getting your own good forex robot which performs creditably is to get a good strategy. You can develop one, or you can get one for free online. You can also pay an expert to give you a strategy. Getting a good strategy for free is my thing. It is not hard to find one. By the time you visit one or two forex trading online forums, you will literally find a gold mine of information. Online forums are an omnibus; you get all sorts there. You will surely find good strategies that forex trading experts who are looking for a way to give back to society as it were, have put out for the benefit of members.

Once you have got a good strategy (and it is not hard to pick out one as you will find a lot of great reviews) in your kitty, the next step is to extensively test this strategy on the demo. Demo trade the strategy as if you were trading live. Don’t joke with this.

If the strategy passes your own litmus test in terms of the kind of returns you are looking for relative to your account size, with limited draw-downs, then it is time to go to an MQL programmer. There are freelance work sites brimming with good forex robot programmers who will charge an average of $150 to do the job for you. Once you have your forex robot coded for you, hit the demo trading platforms again so that any bugs or coding issues are sorted out. Once you are satisfied, you can go live, When you have gone through all these steps, you can carry out forex trading with real peace of mind knowing that your robot is doing the job for you, just the way you want it.

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