GoMega Review

Of course the theory appeals, plug in a robot and it automatically starts giving you trading signals and you pile up huge profits but this is fantasy land, most will simply wipe your account out and do it quickly…

There are several robots that proudly present back tested track records on what they could have done - but there is a problem here:

You don’t get the advantage of knowing the closing prices in the real world of trading! I can be a millionaire many times over, if I had the future prices today - but I don’t.

Simulated Dollars V Real Dollars

Most of the robots you see (certainly the ones heavily promoted) have track records with simulated and in hindsight written all over them. This proves nothing - its real dollars made, that are the acid test.

Most robots go even further, by presenting there track records better than most fund managers (that’s guys who are paid seven figure fees or more) and yet all you pay is $100! There is no real drawdown (even the best managers will draw down for weeks or months) and 20 - 30% of equity is no uncommon. Doesn’t really add up does it?

I know lots of brokers and as yet, I have not seen a 100 buck robot put them out of a job.

The other thing that always strikes me is the small amounts, you can supposedly turn into large amounts and $100 is often quoted as a minimum.

How do you ride out a drawdown period on that?

Look for Real Dollars

Not all forex robots come with simulated track records and you do get some with long term track records. These have drawdown and realistic gains of between, 30 - 100%, over 3 year holding period. Always look for some real hard evidence that the forex trading system you buy has been applied in the real world of trading.

Anything less than 2 year track record should be discarded.

Most traders want an easy way to make money ( we all do!) but if you are an adult, you know life and making money is not a walk in the park, its hard at times but you can get rewarded if you work at the basics.

Build Your Own Quickly

You can build your own forex trading system and customize it to your risk tolerance; it’s far easy to do, than most people think. If you do build your own forex trading system, you will understand it, have confidence in it and can apply it with discipline for currency trading success.

Reward Requires Effort!

The forex markets offer huge rewards but alas most of the forex robots you see won’t help you win. No effort - no reward in forex trading. So be realistic and get to work, get some proper forex education and your all set to enter the exciting world of global currency trading and win.

If you want to buy an automated forex robot you have a lot of choice but the fact is most are junk with made up simulated paper track records. There are a few good ones out there and this article will help you find the best forex robots.

Here are some tips to help you find a forex robot that works

DON’T Buy Simulations!

Most forex automated robots are rubbish and claim to be able to make big money but you look at the risk warning on the track record and see the words in “hindsight” and “simulated” Of course, this is easy and anyone can make up a track record knowing all the facts.

You have to think to yourself if the robot works, why hasn’t the vendor traded it?

By discounting all the forex robots which don’t have long term results in real time, you are getting rid of well over 90% of them.

Get REAL TIME Results

Now lets look at what you need to look for to find a good one.

You won’t be surprised that the first thing to look for is a real track record over several years that has been independently evaluated. Of course past results never indicate future profits - but it gives you confidence in the system and at least the logic is soundly based.

Understand The System!

If you want to follow a system (even if it’s made money in the past) you need to how it generates its trading signals, so you can have confidence in it. If you don’t have confidence, you will never be able to execute the signals as their generated and if you don’t do this, you don’t have a system at all!

So unless the logic is revealed to you and you agree with it, don’t trade the system.

Be Realistic

The automated robots with the fake track records say you can make a 100k a year and trade with $100 but this is fantasy, not reality.

In the real world, this is what you should expect from the best forex trading systems:

- Gains of between 30 - 100% per annum

- Losing Periods of a few weeks to a few months

- Losses of between 20 - 50% of your equity at some point

If you are trading a system then stick with it and judge it over a 2 year period.

Short term performance means nothing and all systems will have a losing streak, it’s the long term that counts.

If you get the right system, you can make the cost of it back many times over and you have a tool which will in 30 minutes a day give you a fantastic second income.

Take your time and shop around and you will find an automated forex robot that’s just right for you in terms of risk to reward and you are then all set, to enjoy long term currency trading success with it.



Forex Trading