Author: Kelly PriceForex Expert Advisors are seen as an easy way to make Forex profits, simply pay a few hundred dollars, plug them in and hey presto you have an income for life with no effort! This is the myth the reality is losses. Here we will look at why these systems in more detail and why they fail to deliver gains.
Most traders get blinded by greed, when they look at these systems; they simply dont see there is no back up to the claims of profit made by them. Let's take some common claims these Expert Advisors make.
- You can double your income each month
- You can trade with less than 1% drawdown
- You will only have short losing periods of a few days
Well Warren Buffet or George Soros don't do that well and neither do any of the worlds top traders; so do you really think a cheap piece of software can do better than these super traders?
If anyone does their very naïve.
The reality is the track records presented are never verified by an independent source; there either a simulated back test (done knowing the closing prices) or presented by the vendors with no audit or independent verification.
It's temping to believe that you can make money with no effort but that's not true in life and certainly not true in Forex trading. In Forex trading 95% of traders lose money and if it was as easy as the Forex Expert Advisors say, a lot more people would win and they don't.
If you want to win at Forex trading understand this:
You have to make an effort and you have to acquire skills. You then need to apply these skills with confidence and discipline to enjoy currency trading success. You will be well rewarded if you make an effort in Forex trading, as no other business can offer you such great rewards for the effort you make.
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