No one gets into forex trading without the intent of making money and most traders get into the game with intent of making a lot of money. Forex robots don’t help the situation because they fan the flames of one of the strongest human emotions: Greed.

Just take a look at any forex robot sales page. The developers behind nearly every forex robot on the market are trying to entice buyers by telling them how much money forex robots can make them. Nowhere on the sales pages for forex robots do you see information about how the kinds of losses you may have to endure.

So is it appropriate for traders to dream of lavish trips, fast cars and fancy clothes just because they’ve bought a forex robot? Well, probably not and we see that more as way of tempering your expectations to keep you from getting disappointed with your forex robot. You’ve probably heard the saying that there is no such thing as a holy grail in the world of trading and that is true. While forex robots can be useful tools and some are fairly adept at making you pips, they aren’t the holy grails of the forex world.

Don’t Be Deceived

One thing that forex robot developers do is feature lots of trading results and video testimonials on their sales pages. This tactic is supposed to illustrate to potential buyers just how effective a particular forex robot can be. The video testimonials are usually interviews with the traders that have found a lot of success using that particular forex robot or they can be video of the forex robot actually trading an account.

Potential forex robot buyers can’t get caught up in these gimmicks because forex robots are usually back-tested or tested in simulated or demo accounts. So when you see those outrageous claims of 80% or 90% accuracy, keep in mind that those results are probably coming from a demo account and there are no guarantees that your forex robot will find winners 80% of the time in a live account. This is why it’s always good idea to test a forex robot in a mini account before having it trade a standard account. For one reason or another, forex robots simply perform better in demo accounts.

Big Dreams Don’t Mean Big Results

The bottom line is some forex robots have proven themselves to be winners over time. They consistently generate a decent amount of pips across a variety of market conditions and these are the forex robots you should try to find. The cold reality is that no forex robot is going to make you a millionaire overnight and there probably isn’t a forex robot that will make you a millionaire on its own even over an extended period of time. It’s definitely a good idea to integrate a forex robot into your trading plan, but just don’t get ahead of yourself and think that the forex robot is going to be your ticket to a lavish lifestyle.

Author Bio: Francisco Pizarro G. made a career from Forex and left my profession as a Translator almost 4 years ago; since then I work from home in my small office trading the Asiatic markets during night time, where I found a good niche. I am a fan of Forex Robots

Category: Finances
Keywords: Forex Robots, Day Trading, Forex, Forex Brokers, Finacial Advisors, Expert Advisors