Automatic Forex Day Trading Systems – Choosing the Right One for Profit
There are many automatic forex day trading systems on the net and they appeal to traders as they require little effort – all you do is follow the trading signals and while profits are small, they build up to a large regular income – Let’s look at how to choose a good one…
While automatic forex day trading systems sound great in theory, there of little use in day trading because the logic day trading is based on simply doesn’t work.
Sure you see track records of extraordinary gains – but you also see this disclaimer take a read of it and you will see the track record is worthless:
“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.
If you see an automatic day trading system on the net, you will see the above warning or similar, in simple terms it means the track record is made up.
You can essentially simulate anything you like in hindsight, knowing the closing prices and that’s not difficult to do. If we had the luxury of that in real time trading, we would all be millionaires in no time – sadly, forex trading is not so simple.
These systems are normally sold by marketing companies or failed brokers, who see the chance to make a quick buck at the client’s expense and they are very successful at it.
So why doesn’t day trading work?
1. All volatility in short time frames random and cannot be predicted.
2. In light of the above all support and resistance levels and technical indicators cannot be used.
3. By its very nature day trading breaks the fundamental rule of trading – run your profits and cut your losses. Sure you cut your losses and you have a lot of them but when it comes to profits do day trading systems run them?
Of course not – they snatch whatever they can get so, you have load of small losses and profits that don’t cover them; this with the random nature of short term moves, means a wipe-out of equity.
So if you are thinking about using an automatic forex day trading system don’t, it will end in tears!
Also you can see the video related to automatic forex
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Here some answer the question about automatic forex
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July 11th, 2009 at 1:14 am
Expert advisors have some application
Advantages:
Can generally execute some commands, like entering trades based on one timeframe and certain conditions. Scripts can work well for closing out trades at certain $ profit limits.
Disadvantages
Two people using the same EA can get different results and sometimes vastly different with stops, limits and entries not executing.
You must leave your computer on or an EA wont work, or use 2 or 3 laptops running simultaneously.
If an EA buys the GBP/USD for example and closes it out for +75 pips and ths pair continues up for another 500 pips you missed 80% of the move. This is terrible money management but the EA still did what it was supposed to do.
Possible solutons:
Learn to trade the forex, sounds pretty dumb i know.
Get a server based execution system not one based on an EA.
Get an effective set of trend signals and do some papertrading.
good trading
mark mc donnell
http://www.forexearlywarning.com
July 11th, 2009 at 1:57 am
Forex Fap Turbo is Best Automated forex trding system,you can't get more than this.It's a latest EA in a market.
July 11th, 2009 at 7:06 am
Automated Forex trading is simply using a completely mechanical Forex trading system which Spots Buy and Sell signals and execute them directly in your broker account.
It's like a dream for someone who wants to make money on this market without any work at all….
The problem with this kind of systems is just one: they won't work forever, and when they stop working you're not in your screen ready to stop them.
So if you use a 100% automated trading system you're almost guaranteed to lose all the money in your account. You just don't know when.
The only way to make money in Forex is to work hard on it.
July 11th, 2009 at 1:05 am
Want a MLM system that automatically fills up your downline for you and gives you $2 for every member on your 6th level? View my channel!
July 11th, 2009 at 1:30 am
Probably this offer has expired because I have sifted through the page and could not find any Hull Indicator or this free EA …… well, I don’t much care about the EA …… But I do want to have that indicator. If you see this message, please clarify ….. if it has expired or I have been dumb enough to find it. Because the link you provided in video only suggests that I should buy FapTurbo ……. again an EA that I don’t care much about. Thanks.
July 11th, 2009 at 10:17 pm
I did buy this a few days ago when they launched it on the recommendation of my friends who had a chance to test it out.
So far I have only done paper trades (no real trades yet) and the results are good. In fact, I would have made some money if I played real trades.
It is very easy and really simplified. It's more or less automated. Not much thinking needed.
For now, it works well according to my friends. I just hope it continues to do so.
July 12th, 2009 at 6:26 am
Hi, I could sure use your help, sir. I’ve placed the auto scalper on a metatrader 4 platform, but am unsure how to set the parameters, etc. Would it be possible for you to give me a call @(818)909-9995 and help walk me through it. i’m not too computer literate. Please send me your number and i will call you. Thanks Alot!, Jim
July 12th, 2009 at 9:09 pm
When you are dealing with so much potential of risk and money loss why do you want a free service that is unlikely to give you any support or updates?
I'm not saying it can't be found but the likelihood is there will be strings attached. Free software are always not updated and may have bugs etc and you would have no one to turn to.
The money you spend on proper software is usually quite reasonable compared to your turnover.
July 13th, 2009 at 1:36 am
Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.
Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It's a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It's a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
I have never heard of a automated Forex program for home use that actually works, although a lot of people on the internet try to hawk programs they claim work. However, I am sure the professionals that constitute most of the Forex market have better programs that you are able to buy. Once again, you are playing at a disadvantage.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty.
I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
July 14th, 2009 at 3:21 am
Looks like you have a lot of expectations from Forex Trading.
Anyway I have been trying to buy this hot selling software that came out this week, Automated Forex Cash and below are the specs from the sales page that may meet some of your requirements.
1. Automated Forex Cash is shockingly simple. It takes 15 minutes at most for the average trader to create an account, understand the process, and apply.
2. Mind-boggingly easy. It's easily and quickly understood by anybody from newbie to veteran.
3. Easy to install. Easy to use. It takes at most 5 minutes to get the software up and running.
4. It can't get angry or greedy… so it allows YOU to operate at 100% efficiency
5. You can start with as little as $250 USD on a real account or experiment on a demo account without risking any real money until you're comfortable.
6. It works with absolutely any forex broker.
7. It applies to each and every currency pair and any financial market.
8. Reliable and consistent.
9. It can be tested without having to risk any trading capital!
10. Can be used anywhere at any time because the market is always open!
If you find one that works 100%, please share with us. Good luck !
July 14th, 2009 at 3:24 am
You are smart to ask for input before investing any money.
The best site that I have found for honest reviews of Forex tools is a site that has a weird name but good content. http://www.forexbastards.com
3000% profit in a year sounds a bit farfetched. Perhaps they forgot the decimal point a few digits ago!
Best of luck in your Forex experiences.
May all your guesses be good ones.
Paul