The expanding interest in Forex market brings high demand in educational resources, new innovative trading features and reputable forex brokers with the reliable platforms. The internet is blossoming with wide range of educational material for beginners and expert traders, making currency trading available for each and every one of us. New forex traders emerge from all directions and it doesn't effect your own profits in any way - there is enough for everyone.
Along side with trading education, you might have noticed the raging amount of features, services, apps, signals providers and automatic trading solutions which promise mountains of profits. All you need to do, they claim, is to pay couple of hundred dollars and your life will change in a blink. Unfortunately, most of the promise-makers are generally scammers, but for some reason a lot of newbies get caught into the fraud web via emails, social media, ads, despite the obvious.
Forex scam is as real as day and night. It is lurking in every message you might read on facebook, instagram or your personal email. You see it daily, but for some reason you do catch yourself wondering what if. What if this particular forex robots and auto trading system are the real deal. Are all auto trading software bad? Isn't there at least some legitimate, honest auto trading robots that aren't a spam? The answer might surprise and confuse you even more. No, not all auto trade software are spam and yes, you can indeed make very impressive profits using the legit auto traders. What you must understand is that not everything that shines is gold. You have to review your options, talk to other traders and see what is scam and what is a real thing.
An Introduction to Auto Traders
Before you can review any of the auto trading solutions, you must figure out why would you even want an auto trader in the first place. As we all know, forex trading is best when emotions are put aside. Whenever you get all touchy-feely with your trading decisions, you can right away get ready for the biggest, most hurtful downfall in your entire history of trading. Your account will come crushing down like heavy raindrops during Monsoon season in Thailand.
The key to success in forex is to set a trading strategy right and still to its boundaries, no matter what is happening around you. It might sound easy to you now, but the moment you sit in front of that computer with the chart lines dancing their tunes, while you see loss after loss, your emotions rise high ready to dance of your grave. So you give up and get out of the trade, only to see it jumping back to becoming profitable. Your strategy works just fine, but your emotions make you weak and this is a human factor, for better or for worse ( and in currency trading, it's definitely the worst).
So how to we remove the human emotions and trade like a robot? There are many auto traders that rely on a software to decide when to open or close trades. While market marker forex brokers, for example, make money on your losses, auto traders software doesn't go against you, but rather analyze the available market conditions and make the choices for you, even if you are not near your computer.
It is liberating to give a robot do all the heavy lifting, while you finishing your annual reports, walking your dog, flirting with the girl next door, picking up kids from school or flying to Hawaii for a family vacation. You give the control to auto trader while you enjoy the outcome.
So, we have established that auto traders can be extremely effective and profitable feature for Forex trader, especially the beginners who have no clue about the currency market, different ways to read and interpret charts, technical and fundamental analysis based on economical highlights. Overall, you can make money in currency trading without knowing anything about it. Sounds too good to be true. Is it really so?
Choosing An Auto Trader
We have agreed that Forex auto traders are an amazing tool especially for newbies. The next question you should be asking is how to distinguish fraud from legit. How o you actually choose an auto trader?
There is no black and white way to find a decent auto trader, but there are several pointers that you should pay attention to in order to understand whether the auto trader you are reviewing is legit or scam. First and foremost, you must hear the reviews of other traders. You can find the detailed reviews of the critics and reviews of traders on the net, but try to look at it with open mind. Some online reviews are written by the developers of the software, therefore they are not transparent. When the review is overly positive - be aware that it might be fake.
Other elements of Forex auto trader terms and features you must consider when choosing one are:
- Does your auto trader guarantee money back for the first month?
Best auto traders will promise you the money back for at least 1 month period. During this month you can try out the software and see if it really works the way it is advertised. If the software truly does what it is supposed to, the owners of the auto trader should not be afraid to promise a refund. If you get a chance for a refund, the auto trader you have chosen is likely to be legit.
- Is there free demo available?
When you review and try out a Forex Broker, you expect to have a demo account available for you for a test drive. One of the important things that your auto trader must offer is a demo account. You don't buy a horse without checking its teeth first, so testing out the software before buying it makes total sense. Whether or not demo account reflect the true nature of the auto trader software is, of course, debatable, but at least you have some indication of what to expect.
- How flashy is their website?
I don't know about you, but whenever I see a website filled with flashy ads and "buy now" buttons, I get a turn off. The website which allows annoying popups and promote questionable material unrelated to the trading, such as porn or dating, leave that website immediately before you catch some virus. I am not saying that advertisement is a red flag for scam, however, when it covers your whole screen and forces you to visit pages you were not planning to even if your wildest dreams, it smells like scam to me.
- Don't be naive
Keep in mind that online scammers are pros in catching your attention and wanting what you do not have. They will climb out of their skin to make you believe that by buying their software, you will make your first million within a week. Be objective, listen to other traders over facebook, try to find legitimate reviews of the product and always check before you sign up for 10 years forward. Do a demo, see if there is any long-term requirements, believe in your intuition and shut those emotions down. It always gets you into trouble!