GBP/USD Mid-Day Outlook
Friday, July 22nd, 2011 at
2:20 pm
Intraday bias in GBP/USD remains on the upside with 1.6177 minor support intact. As noted before, the strong break of near term falling channel resistance indicates that whole decline from 1.6746 has completed with three waves down to 1.5780 already. The corrective structure in turn suggests that the medium term
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Tagged with: currency forecast • forex market outlook • Forex Signal • fx trading signal
Filed under: Action Forex Market Outlook
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I never trust trading robots but the few reviews I’ve read seem to be doing well with it. That said I’ll never buy it since I prefer to trade manually and not rely on a robot. You can try it with a small amount of money for a while and see what you think about it. I’d recommend learning to trade on your own or if you really want to use a robot do as much research you can and read as many reviews as possible.
I hear most of these Forex robots programs lose you money rather than make money.
However according to this site http://www.howtotradeforeigncurrency.com/frequently-asked-questions-about-forex-trading.phpi most experienced traders and investment banks uses automated tools. The question is which the right one is.
The Federal government warns there are a lot of Forex frauds out there, and these Forex robots like Fap Turbo appear to be one type of these scams. If these robots really worked, there would be scads of articles about them in the Wall Street Journal and other financial publications talking about them. When I do a web search, I can not find a single reputable news article encouraging the use of Forex robots. The link below is a Federal website warning you about Forex fraud.
There are a lot of people on the Internet claiming they have done very well using Forex robots. These appear to be of two types. One is the outright liars. For instance, you might meet a person called “Zboy227″ who says “I made a lot of money using ScamRobot2000, go to their website at ScamRobot .com/Zboy227.” The “/Zboy227″ tells the website that Zboy227 has referred you. If you buy the product, Zboy227 gets a commission. He is only lying to you to get a commission.
There is a lot of luck in Forex. Sometimes you will run into people on the web who have tried a robot for a few days and have had some beginner’s luck with it. They start bragging about how well they have done. Later, they start to lose money, but they rarely get back on the web and talk about how much money they lost. People like to brag about their successes, but rarely talk about their losses. The result is that much of the feedback about these Forex robots is positive.
I may point out that websites that sell Forex robots admit there are a lot of scams out there. Of course they claim the other guy’s robot is a scam, but their robot works. If you do a web search on the words “forex robot” and “scam” you will find a lot of sites saying their competitors are scams.
I will admit I have not personally tested every robot out there, and I can not prove they are all scams. But I would be very hesitant to spend a lot of money on a robot without clear proof it really works.
If Im not mistaken a trading robot is nothing more than a program programmed to make trades on your part based on info placed into it. So in theory you are allowing the programmer to enter your trades for you and this program will just do what you would do if you were logged in all that time. They are nothing more than a scam.
Its no different that other programs out there that people claim to follow their trade secrets or buying an infomercial.
Learn to trade and do it yourself. There is no get rich quick in Wall St. If there was dont you think the people selling their secrets would be using them. And if they were making so much money why then share it with others as kindly as they put it. When is the last time that you met a rich person that said hmm let me help you make my money?
Good luck
I trade Forex, and have for 2 years. I am still a newbie, by my fellow traders. They all have the same answer, when I asked them this very same question. The answer was, … its NOT to be trusted.
Even from the trader I have from a Managed Forex account. He said the very same thing. His answer was very similair to what JOE said here.
I trade for profit, but its money, if I lost, it will not effect my life. I own a business. It is some (small sum)… some of the profit from my business.
I am not sure if i can tell you which is the best forex robot or system available but i find this blog has a lot of valuable and great forex articles and also offering free e course and FREE FOREX BOOK guide which i believe can help you decide which robot you can go for
enjoy
Yes I have used FAP Turbo and it is worth the investment. Read my review here.
http://www.automatedleverage.com/fap-turbo-review
http://www.automatedleverage.com/fap-turbo-independent-reviews-of-fap-turbo
All forex robots are frauds. The reason is that bots cant adapt to changin markets over time. A bot may be profitable for a short time but it wont stay that way.