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View Full Version : Forex Robots - An Easy Way To Make A Fortune?



Alan
08-06-2010, 03:04 PM
You will see in your research Forex "Robots" or "Bots" for sale. They will make you a fortune automatically, for the low low price of $199.99 or less.

While I am not going to say these don't work. I will say that from the research I have done, unless you know the Forex markets well and you can get the settings of the "Bot" correct you are putting YOUR money in the hands of something you know little about.

Jim
08-06-2010, 05:34 PM
The worst thing about these so called "robots" (I generally put the word in quotes, because they're nothing of the sort!) is the marketing, that sells you the dream but then fails to deliver it.

The second worst thing is that they don't teach you how trade. Personally I love automated trading systems; some even make me money while I sleep. However you have to learn to trade FIRST. You have to learn to take responsibility for your own trading. If you use a "robot" then you need to understand how it works, and take responsibility for your own input settings. You can't buy that from ClickBank for $199.99 or less.

Jim
08-07-2010, 02:39 PM
You don't need $100,000 to get started in this game any more. These days $1,000 is sufficient. It's not entirely beyond the bounds of possibility that you can start with $100 (http://community.trading-gurus.com/threads/71-Starting-From-Nothing-%28continued%29) and succeed, but to do so you have to learn how to sift out the few nuggets of gold from all the dross you see almost everywhere on the internet these days. You have to learn how to hold on to your seed capital long enough to accumulate the experience necessary to succeed.

It's not actually impossible to get rich quick, just read Nassim Taleb (http://en.wikipedia.org/wiki/Nassim_taleb) then get lucky. Much more realistically it is possible to get rich slowly. Ignore the silver tongued snake oil salesmen who tell you all about the best that can happen, and then some. Work out how to to get a handle on the worst that can happen. Learn how to survive. Learn how to build a "robot" that can survive too, if you're that way inclined.

Jim
08-11-2010, 10:49 AM
I guess winning the lottery counts as "An Easy Way To Make A Fortune", but the odds against succeeding using that method are not very good.

If instead you are interested in putting in the effort needed to "Get Rich Slowly" then I suggest you start experimenting on a demo account with one of the large variety of example automated trading systems (http://community.trading-gurus.com/forums/1-Automated-Systems-Examples) provided free of charge on this very forum.

The odds of success if you choose that route are much better than the 5% often quoted (http://trading-gurus.com/start-your-own-brokerage-for-dummies/) for retail forex traders.

To your success,

Jim