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Have Forex Robot Users Lost Perspective?

By Edward Lomax

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Published: 20Jun2009
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Using a Forex robot to do your currency trading for you is a dream come true for many Forex robot users. Just imagine, without knowing anything about Forex or currency trading, you can extract profits from the market on autopilot. I know, I do it every day. But there is an underlying problem with Forex robot users that don;t know anything about trading Forex... they lose perspective.

If you've ever tried to trade Forex manually, then you know it is a skill that must be learned and practiced. Like anything else worth learning, you need guidance and must practice the SKILL of trading currency until you can execute the trades profitably. And I understand the allure of trying to skip this step completely by using a Forex Expert Advisor that does everything for you.

Forex Robot Users Are Losing Perspective.

I fear that without any practical knowledge of trading manually, robot users are losing perspective. It really is a matter of expectations. Since they don't know trading Forex can be challenging at first, they expect huge gains every day. Since they don't know that you need to take what the currency markets give you, they don't understand why the robot isn't trading like crazy every day of the week. And even when the robot is making profitable trades, they expect more.

Are Forex Marketers To Blame?

In defense of the Forex robot user without any practical Forex experience, marketers should shoulder some of the blame. They hype up the Expert Advisors on the sales page to the point that the buyer is expecting to get rich in a very short amount of time. After all, who doesn't want to make a fortune overnight? But the truth is, Forex in general and specifically automated robots should not be look upon as some "get rich quick" method.

A Common Sense Approach To Using Forex Robots.

I trade both manually and use expert advisors. I think this diversified approach is the way to go. And I'll be honest, when I trade I DON"T expect to win every day. Hey, some days things just don't go my way... but I'm learning. And the same goes for robots. What I look for is profits over the long haul.

Let's use an example. Let's say I got an automated robot and expected my account to triple every month (because I didn't have any experience trading currency and thought this was a reasonable expectation). Well, that is a tall order. So, when the robot fails to reach that expectation, they believe it is not worth using.

Now, let's say that the Forex robot in question was making 10 pips per trading day. And let's say it only trades 15 days out of the month (because it doesn't trade on Fridays, weekends or when market conditions for trading are not optimal), That is 150 pips in a month. That is 1,800 pips a year... for doing NOTHING but setting the thing up.

I know a lot of manual traders that would LOVE to be up to the 10 pips per day trading level. So, while the trader without any manual experience might feel the success of this robot is not substantial, the experienced trader knows this is an excellent find. I mean, I personally love seeing an extra 10 - 20pips in my account with no effort on my part. Common sense tells me this is a really great find.

In conclusion, I would just like to say that I believe a combination of manual trading and automated trading is the way to go. Trading manually really gives you the perspective you need to stay away from the hyped up robots out there that have little chance of living up to your expectations. Knowing that Forex is a skill that needs to be learned and practiced really helps you to appreciate those extra pips in your account for doing nothing.

To see the Forex robot I use to make consist winning trades check out my robot results . If you want to learn a powerful trading strategy simple enough for beginners (and get some perspective), go to Forex Nitty Gritty

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