Forex tools, systems or robots that automatically operate the forex market can be a tempting option for those who are not experts in the subject or do not have the time availability necessary to learn and trade.
A Robot can be used to assist you with certain strategies. People who are successful with Robots generally meet these requirements:
1) The EA (Expert Advisor) developed it themselves or had it developed according to their specifications.
2) The EA does not make all the decisions for them. Knowing what is happening ‘in the black box’, they can better understand, calibrate and most importantly, make decisions for themselves, without depending on the robot.
We must take precautions with the Forex Robots that are offered as the magic solution to be a successful trader on many websites, playing with our desires and our innocence (ignorance in many cases).
To think that an investment of 100 €/$, 500 €/$,… will replace your need to learn to invest in Forex, and by the way, to become a millionaire while you sleep, is a utopia. A couple of trades may work for you (if it does), but it’s not going to work for you in the long run.
Only by training and owning your own decisions will you achieve success in Forex.
Recommendations and precautions
Maybe there will come a day when effectively forex robots, buy a robot for 100 € and nothing after installing it, will make you a millionaire while you sleep.
But for the moment, that day has not arrived and is just one of the many pitfalls into which people who, out of laziness, do not want to understand this market, look for an easy and magical solution, and in the end usually end up failing and losing money.
Again, if it were so easy, we wouldn’t be talking about such high percentages of Forex failure (above 90%).
Success in this market is not measured because you were doing well for a couple of months. It is measured if you succeed in the long term. Only by training, practicing and owning your own decisions can it be achieved.