Are Forex Robots Scams, or Can They Really Make You Money?

If you haven’t been hiding in a cave for the past two years or so, you probably know that everyone wants in on the Forex market.

Who wouldn’t want to just skim $200.00 to $300.00 a day off the massive currency market, where as much as $3 TRILLION dollars is traded daily!

Maybe you’re like me, you see the tremendous potential to create this nice daily stream of income in currency trading, but to attempt to wade through the technical jargon and then start in trading yourself is a bit intimidating!

So what about all those crazy Forex Robot Scams you see being hyped daily in your email inbox? You know, the promise that these little uploadable software programs will automatically create you a fantastic income without you lifting a finger.

Is it really possible for the average Joe to upload some software (the Robot) onto a Metatrader chart, turn it on and “presto” it begins to trade profitably for you?

It sounded a bit too good to be true when I first heard about these Forex Robots. I was taught the traditional method of Forex trading, and at one time I even bought a $2000.00 course that came with about 10 DVD’s and a thick manual on supposedly all the tricks of the FOREX trade.

I suppose it helped me see the big picture of currency trading, but the learning curve is pretty steep. I eagerly went through all the materials, and then began trading in the Forex market. But I still struggled to make a profit, even after all the information I stuffed into my small cranium.

I even attempted to find a broker to make the trades for me. Maybe I didn’t find the right one. Although I made a little money, he always ended up with a good percentage of the profits anyway.

Then a good friend of mine, who had been involved in the Forex market for the last 5 years, gave me a call. He had been experimenting with a few of these Forex Robots that had become all the rage in the trading world.

He said he had been as skeptical as I was, but couldn’t resist the opportunity to see if all the hype about these Robots was true, or if they were merely scams. After doing a lot of research and talking to fellow traders, he began to put a few highly recommended robots to the trading test.

The first two he started with were totally worthless, and after several losses my friend quickly shut them down. He told me at that point he figured the Forex Robots were just that…scams.

But he wasn’t ready to give up yet, and as he continued his research, he came upon another Robot that quite a few Forex traders were talking about on a trading forum. It seemed they were able to create some pretty decent profits using this trading robot and were enthusiastically recommending it.

It was time to experiment again. My friend ordered the Robot these traders were raving about, and now, after his first two Robot duds, set this one up to trade with every expectation it would fail also.

He decided he would start trading with $350.00. He set up the robot, and quite frankly he forgot about it for about a week. When he remembered to check his account, he fully expected to see what he had experienced with the other robots.

What he did see made him do a double take. There was $750.00 in his account after only 7 days. He had already doubled his money!

Excited by the possibilities, my friend continued to monitor his account. In two weeks his $ 350.00 seed money had grown to $1400.00. After a month he had a total of $3200.00 in his account!

It was no wonder this powerful robot was all the rage. Of course after this exciting testimonial from my friend, I had to get this little robot and try it for myself. After I uploaded the robot to my Metatrader chart, which was surprisingly easy and only took about 5 minutes, I was ready to go.

I put in $300.00 to trade. I too was astounded at the accuracy of this robot to read the currency trends. To make a long story short, after one month of trading, my robot gained me a total profit of $2500.00! Needless to say I was hooked.

The moral of the story is that not all Forex Robots are scams. In fact, there are a number of these robots that are professionally packaged for profitability, affordability, and effectiveness. All Forex Robots are not created equal. In my next article we’ll find out what to look for in a robot that will make you a profit.

Eric Jacobson
http://www.articlesbase.com/currency-trading-articles/are-forex-robots-scams-or-can-they-really-make-you-money-734842.html

Tags: , , , , , ,

About Matthew Anderson

Matthew Anderson is a 20 year veteran of the currency market, having worked as a senior trader and analyst at some of the world’s leading international banks. In addition to overseeing fundamental and technical research at Software-FOREX.org, Matthew is involved in the Software-FOREX.org blog and video blog. Matthew has also published numerous articles on short-term trading strategies and risk management.

Leave a Reply

Your email address will not be published. Required fields are marked *

*
*