There are lots of systems and Forex Robots sold online which have the name Forex Expert Advisors but most are not experts at all, because they all have one fatal flaw and we will discuss it in this article. An expert is someone by definition that can accomplish a task in their field of expertise and in Forex trading that means making money.
Look at any Forex robot or system promoted heavily and you will see they have never made any real money – its all on paper!
The track records are simulated backwards, over a segment of historical data and the vendor simply buys and sells, knowing what happened and hey presto – you have a track record that Warren Buffet would probably be proud of, all yours for $100.00!
Of course in the real world, these Expert Advisors get wiped out in the market. The user wonders why he made no profits and the reason is of course, that the system has not been tested in real conditions – just an easy, simulation knowing all the price history.
Are there any good ones?
Yes there are – but most don’t call themselves the grand name of Forex Expert Advisor, its just plain old Forex trading system. They have real track records and not so much hype – but there out there and they can make you money. There are in fact, even a few good Forex trading systems which are free, won’t cost you a cent and they work.
Take a look around and always if you see the world expert, look at the small print and see if the track record is a back test, if it is pass it by.
Look for real performance in the market, so at least you know the system has achieved the aim – making real dollars, in real market conditions.