Friday, November 24, 2017

Is Forex Robots and Forex Signal Service Reliable

November 23, 2010 by  
Filed under Forex FAQ & Latest Post

Thanks for your participation last week as I have received several emails from readers as well as comments on the post.

In this week forex faq, I will be going through this question with you

Hi, Kelvin

Recently, by email I received an offer to purchase an automated trading system by imitating all trades by pro. But this is one is not robot. They said it is controlled by signal from the pro and automatically executed on our trading platform. What is your comment about it? Thanks in advance for your kind reply. rgds,

In recent years, the numbers of forex robots are increasing as these people understand that most people who started out with forex trading are looking to get rich quick and is not willing to put in the hard work. Therefore they design software that claimed to be able to make you money and sell you for $97 or $147.

Do you think a $97 software can make you money? NO

If a software can really make you money, they would have sold it to the bank for hundred of thousands.

I have received emails from readers telling me how badly they lost due to the forex software that they have purchased and decided to learn trading themselves. So dun fall for it, guys.

Making money can’t be that easy, for every dollar you earn, you need to put in some amount of effort be it time or money.

As for the controlled signal by pro, I am not sure as I have never invested in one but to me, I believe that no one is more concern about your money more than yourself. Therefore I believe that if you want to make money from forex in the long run, you have to rely on yourself and not others.

I hope I have answered the above question well and do put in your thought.

Here is the next question by another of our valuable reader.

Thank you for your educative and helpful topics. My question is this: “When you are using trailing stop, say your lot size is 2, how do you close half the position and continue with the remaining half in the trade?”

I am not sure about the trading platform that you are using. For me, if I enter 2 lots going SHORT, I will buy 1 lot back when it hits certain target by clicking on the BUY button and then let the other half remain in the trade to hit the next target.

For my trading platform, it does not allow me to hold 2 trades in opposite direction. If I go long on EURUSD, I can’t go short on EURUSD without getting out of the long trade.

Thanks for all your participation in submitting the question as you guys are really helping other people with the same question.

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