The first time I discovered Forex I thought it was a fascinating world, something I couldn't believe I didn't hear about for such a long time (discovered it 4 years ago). If you're asking why is it fascinating, it means you don't really know what Forex is. Forex, or the foreign exchange market, is the largest and most liquid financial market in the world, because it includes currency tradings between banks, governments and the most part of the traders, which is speculators. Because that's what you're doing on Forex, you speculate which currency pair would have gains for you. Forex involves trading currency but in pairs, for example you buy 100 euro in your account by selling 140 dollars, thinking that in the future the ratio between the euro and dollar would increase so that you could sell back the 100 euro for more than 140 dollars, gaining the difference. Of course that because of its liquidity, the ratio varies by the second. And by the second the transactions happen, bringing the average daily trading volume to a stunning 4 trillion dollars. That's daily, meaning in one year (365 days) it would go up to 1460 trillions. It becomes interesting, isn't it?
Back to my fascination, after reading anything I could get my hands on, and trying everything other Forex traders suggested, I realized after about 2 years that it wasn't for me. I couldn't do it. Even if I managed somehow to win some money, I lost even more after a while. The main rule I didn't follow on trading currency pairs on Forex was that you don't let your emotions dictate what to do next. However, when I was gaining pips, I always stayed near the chart and simply looked how it grows and decreases slightly, until in the end I couldn't take it anymore and stopped that trading pair, to find out the next day that it went up at least two times the no. of pips I settled for. At the other end of the story, whenever I had losing trades (-xx pips), I let them running and running thinking that the market would get back and my pips would return. Most of the times it didn't happen, at least not in a timely matter. That's when I thought Forex trading isn't for me.
Now, 2 years passed by and every now and then when I saw the mention of Forex I felt like going back to see if something changed in my trading behavior. A couple of days ago I've found the first mention about Forex trading robots. A so-called Forex robot (Forex trading robot), would actually trade instead of you, or at least give you suggestions on which pair to buy/sell and when. All sounded well, but the thing is that the websites for these Forex robots are long sales letters with talking characters, a type of website I don't really trust. So here comes the dilemma I'm having these days, do these work or are they Forex robot scams? At first I inclined to think it's the latter one, but then I thought it's not that impossible to have an automated trading system, given that there are already a lot of legitimate Forex softwares that help your trading decisions based on different algorithms of interpreting previous trade charts. Basically such an automated Forex trading system would be triggered by some Forex signals (calculated using an internal algorithm) and place automated bids for you. The programs I've found so far are: Forex Autopilot, Forex Killer, Forex Funnel and Forex Tracer. All with salesletter-type of websites, all with prices around $100. So, since I have my doubts about if they're helping or not I decided to do a test. I've put some banners on this blog hoping that someone that gains a lot from Forex and would like to experience other Forex trading softwares could purchase and test its accuracy and post results in form of comments. On the other hand, I'll purchase it too if the affiliate income pays for the software, being able to provide reviews for these trading programs.
I'm a fan of try-before-you-buy programs, and this is why I have questions on how these Forex programs really work since on their websites you find anything but step-by-step screenshots of how they work. On Forex Autopilot it seems that it will do a simulation of market trend, raising Forex alerts when you should buy/sell certain pairs. Same goes for Forex Killer too, so it seems they're not actually so automated since you're the one performing the trade, but based on the Forex signals you get from them. Anyway, I'll delve deeper into this since any overlooked opportunity is a loss, and I neither want to lose any new opportunities, but I don't want to be tricked either. Worth mentioning, as an example, that Forex AutoPilot has a disclaimer at the end of the website content saying:
All information on this website or any e-book purchased from this website is for educational purposes only and is not intended to provide financial advise
But then again if you start reading the EULA of 99% of your installed programs, you'll see they all deny to offer any guarantees if the program will work or not as advertised.
To sum up, here are the four programs I've started asking myself if they're worth or not:
- Forex AutoPilot - Forex trading advisor (robot), costs $97, offers a money-back guarantee of 56 days
- Forex Killer - same automated trading robot, about $99, offers a money-back guarantee of ... yes, 56 days
- Forex Funnel - Forex automation software, this one costs $137, 60 day money-back guarantee
- Forex Tracer - "expert advisor for the Forex market" as they name it, $97 but it seems they don't offer a money-back guarantee (or maybe I've missed it).