Forex trading robots – do they really work?

Definition by Google: Forex robot is a computer program based on a set of Forex trading signals that help to determine whether to buy or sell a currency pair at anytime. Forex robots are designed to remove psychological element of trading, which can be detrimental.

Wow!! it sounds like a dream right?, unfortunately for the users, it remain just that, a very nice dream. I think they are missing one line in the definition above, which is “Forex trading robots are the quickest way to make money, only if you are a developer or a consultant promoting them”. I have a little problem as soon as I see these words “make money while you sleep, without lifting a finger“, before  I even start to unpack this topic, I have one thing to say, if it was too easy, we would all be opening trading accounts even for our grandparents and purchase a robot, plug it and let it make millions for us while we mind our own businesses. I wouldn’t be here trying to educate you and sharing my experiences, I would be somewhere in a beach with my super robot plugged in and making money for me, I would go to orphanages and donate one robot to make millions for them, and the more it makes  money, I would visit every underprivileged household and open a Forex account for them and donate one robot, now lets stop dreaming. Let me unpack this topic and share my thoughts, I think big financial firms keep their systems locked up and they keep it a secret, but every Forex robot sold online has one famous line “Trade like big banks”. That is another thing that makes me so uncomfortable, and the fact that the promoters make you believe that a”holy grail” has landed on your lap, the promoters are very talented salespeople who cannot even trade.

Who is likely to be a victim of Forex trading robots?

Because these  are too expensive, I cannot say the poor are victims, but the victims are usually middle class citizens who are really trying to open an extra pipeline of cash flow, they are trying to run away from joining pyramid schemes and they are very aware that there is something called financial markets (which appeals more to them because it is kind of sophisticated). What these individuals (victims) lack, is research. I get tons of emails requesting this information about Forex trading robots found online. I am not a software developer or a Forex Robot developer, I am just a lady Forex trader who happened to understand Forex markets, I always tell them what I know (which is trading in currencies), then tell them to make up their own minds, if the robots make sense to them or not. One of the questions that I always ask them is “what would you do if you get to the airport and you are told that, the plane you are about to board has no pilot, but it will be controlled by a super state of the art robot, would you get in?, of course you wouldn’t right?, simply because even though technology has taken  over many things, no robots can replace pilots or human beings, an airplane still needs that human eye, there are things that can only be seen by a human being, super robots have not yet replaced accountants, we can self-service online, but we still need human beings as accountants (which is why I would never encourage people to drop out of school). Forex trading is a human activity business, and nothing can replace human instincts.

Who is likely to make money with Forex trading robots?

There are two people who can benefit from Forex trading robots, unfortunately, buyers are not included.

1. Robot builder/developer
2. Promoter/consultant/ seller

And both of the above mentioned individuals usually do not even use what they are trying to sell to you (Forex trading robots). I am not making up a story here, more than once, I spoke to a software/robot consultants who admitted to me that they do not use the robots, they just promote them, when these individuals came to me for some assistance, at first I thought they were trying to get something out of me or they were just spying on me (because I could see their profiles that they were consultants promoting Forex robots, until they admitted to not using them, they told me that they are just promoting them and providing assistance to the users on how to install). How about the users or buyers?, I do not know, I am still waiting for that one person who can confirm to me that they have been making money using a robot consistently for about a year or so, I tried few robots few years ago, some robots work for few months and just stop, there are people who I went out of my way to warn against using robots, they went ahead and purchased anyway (because they could afford), their excitement was short-lived, they eventually lost everything. I cannot decide for you, I was just sharing, just like I did with Forex trading signals and copy trading. When you lose money trading with Forex robots, there is no way you can know what went wrong, and there is no way you can improve or  fix the mistakes, you cannot become a better or seasoned trader, because you cannot fix what you don’t know, the only solution for you, is to purchase another robot and lose more money, most victims get these robots from seminars which are meant to hype them up. Thank you for stopping by, and if you find this information valuable, please do share with your friends, you might protect them from being victimized.