Major problems with Forex bots trading system

[ForexArticles]

When you are a new Forex trader, you will always try to find out a strategy for you that will work every time you trade. There is no strategy like that in Forex. There is no shortcut to money in success. But as this market is bigger than the stock market, it is normal to have a scam in every corner of the financial industry. One popular kind of scam in Forex trading is the Forex bots. Forex bots are also known as the Forex robots or Forex expert advisors. They are not run bu human beings nor is it controlled by humans. It is a software system that runs on your Forex trading platform and calculates the right strategy for you on your currency.

If you consider yourself lucky because you have found the golden goose in Forex, it is not your day. There are many problems with forex bots. In this article, we will discuss the problems of the Forex bots. As new forex traders, you have lots things to learn from the professional trader. All of them are executing live orders in their forex trading account after mastering the major market analysis skills in a manual manner. They simply ignore EAs and Bots in the market.

Problems with bots

Limited software: The Human mind is amazing and it can do a million of things in a blink. When you are trading with your Forex bots, it is nothing but a software. This software has limitation and most of the time Forex bots are not upgraded to the existing market condition. They only calculate the market and between their limited strategies, they are trying to categories the market within that strategy. If your market has a new movement and that does not fall in your forex bot’s category, it can give you wrong strategy. There are many traders who have lost their entire deposit in their forex trading account due to the use of these bots in the market. So make sure that you don’t look for any automated software in the market rather try to do your own technical analysis in the market by using a robust trading platform offered by professional broker.

Can also be a scam: The forex market is very much popular nowadays and many scams have been created centering this industry. One popular scam is this Forex bot. Before you think to take the advantage of your expert advisors and make millions of dollars in the market, think if it is really an Advisor or a scam trying to take your money. They also show you wrong signal to make you trade on the market. If you fall for this bots, you can lose your money. These Forex bots are always a scam to make money out of the Forex traders. If you think that you will make millions of dollar by using forex bots in your forex trading account then you completely wrong. Rather you can lose millions of dollars in the market by using the scam service in this industry. So make sure that you trade in a manual system with proper risk management factors.

Conclusion: Do not trade with a Forex bot. If your web browser is asking to install a Forex application that will give you best strategy of the market, do not install it. It can be forex bot which is a scam to take your money. Try to learn the art of forex trading and develop your own trading strategy in the market and this will make you a profitable trader.

[HockeyWain]

Nice Article, it has now made me clear that my decision of not trading with the bots was right and thanks a lot for that.