This is an important question that has had so many mixed opinions and no real consensus.
At the start of my trading career, I spent countless hours looking for what I believe would be a perfect Expert Advisor. One with small draw-downs, good returns and that could make consistent profit in any market conditions. To cut this story short I had set myself for a never ending quest. The word “holy-grail” simply does not exist in the Forex world and it took me a lot of time and a large amount of wasted cash to realize this fact.
What makes Expert Advisors so attractive?
Here are some of the benefits of Expert Advisors to the everyday trader:
- System is on autopilot
- No thinking involved
- Free up more time
- Easy to install and use
- Doesn’t require constant monitoring
- No thinking required
- No experience required
As a trader, those are the benefits you will be exposed to having an Expert Advisor trading on auto-pilot. Those are great features indeed but not so great when you take into account the negative side of it. The fact is that more that often Expert Advisors do not deliver on their original promise leaving your trading capital in ruin.
If you have done your home-work, you would know by now that there are numerous automated Forex providers on the net. They all claim the same thing, to make insane money in no time. Some of their famous selling pitches include:
- Robot turns $1000 into $10000 in matter of days
- No losing Forex Robot that can turn $500 into $5000 in less than a month
- Make $1000 on autopilot every day
- Robot with 100% success rate turns $100 to $1000 in a month
All those sound great to the new comers looking for a mean to make some quick and easy cash, but sadly the reality is that many of them end up losing their hard earned money in the process. Those systems that supposedly can make you thousands of dollars in no time are more than likely going to help you lose money in a relatively short amount of time.
If you have stumbled across this article before making any purchase consider yourself as being lucky. I am among the few people out there that will tell you the truth about Expert Advisors. Most expert advisors are just a waste of money. They don’t and will never work. If they did, all the major Banks and Hedge Funds would sack their entire FX department and use those robots instead.
Well, the truth is that Banks and the other major institutions rely solely on their experience FX traders to make money on the Forex market. Compared to FX Traders, automated robots do not take into account the changes in market conditions, they simply follow a set of rules whatever the market throws as them. The Forex market is so unpredictable and volatile that trading heuristics do not apply most of the time.
No mathematician or engineer can outperform the market with mere Forex robots that do not take into account change in market conditions. Above all, results generated from back testing are not in no means a reliable way to assess how good a system is.
Below are the points to consider when looking for a Forex Robot:
- Who developed the system? (make sure he/she is a well-known Forex trader with substantial experience in Forex trading)
- Live account results of the system (very important as the basis of your decision will rely heavily on that point)
- Live track record of the system (no back testing only live accounts)
Potential monthly return
- Maximum draw-downs on each trade.
If all the above questions are ticked then the product may be worth your time and money.
I spent a lot of money on different Expert Advisors over the many years, and it is fair to say that I lost more money than I made. I nearly gave up on all those worthless expert advisors until the day I was introduced to a product designed by a guy named Ashkan Bolour.
At this point I had no clue who this guy was, so after some research I came to know that he was a highly respected and successful Forex trader. He had featured in many trading shows and books and was a veteran money manager. He had an automated system that had good reviews and which seemed fairly priced. So I decided to give it a shot.
All my skepticism was left behind when I started seeing the power of his system. My profits were consistent and my account was growing gradually. The returns were realistic and the draw-downs low. If you are looking for a good system with decent monthly returns, do yourself a favor and try Ashkan Bolour’s system, the FXprofit Mountain. You may fall in love with this robot.
To learn more about this amazing Forex robot go to the Forex Expert Advisors section of ForexTradingDomain.com for a review of all the Forex Systems out there.