Question by Pedro Hoil: Forex Software Auto-Trading?
Hi
Any body use this software “auto-trading” ??
http://forexcsi.com
Any good program?
Big Thanks
Best answer:
Answer by Common Sense
These programs provide an excellent service to the sellers. Usually not much for the buyers.
The typical amateur trader doesn’t realize that when there’s trading software that “works”…. the only people that are successful with it are the already very successful traders with years of experience.
To believe there’s a software package which will make you money through little to no effort is a dream… better yet a fantasy. If such stuff did work….. everyone would know about it & everyone would be rich.
Don’t let your dreams destroy your portfolio. In Forex (or easier trading situations like stocks) there is no substitute for years of learning & lots of pain.
Know better? Leave your own answer in the comments!
Tags: AutoTrading, Forex, Software
I wouldn’t recommend this, it’s best to go with a strategy that continually posts its actual live trades in real time, and which also does NOT post any backtest results. Backtest results are bad because, they can be tweaked. What happens is each time a strategy has a big loss, the “seller” of the strategy will go back and modify the strategy a little to avoid that big loss. Thus they make it look better, and that’s cheating. And beleive me, they do this.
But the strategies at the website which I’ll post the link below in my sources, it doesn’t allow people to post backtest results. They have to trade in their account one trade at a time, and build their history one trade at a time in real time. This is much safer because they can’t go back and ever edit what happened.
Anyway check our my link below to see this service. It does pay sellers to post their strategies, but it is more secure for you as a buyer because (a) seller’s accounts are audited by the website to ensure that they are placing real trades and not sending backtest results that might had the benefit of hindsight, and (b) real users are there who post comments and ratings, and (c) you can search and sort through the strategies to find ones you like, and (d) it works with many brokers, including FXCM (in fact, FXCM is the biggest broker for the Forex, and FXCM has a page on FXCM.com which allows you to connect your broker account directly to this service – which means that FXCM recognizes that htis isn’t a “scam”, otherwise they wouldn’t be supporting it like this).
I have to agree with common sense. There are programs that you can profit with in forex, but to be able to use them takes just as much skill as forex trading itself. Anyone who tries to tell you different is full of s**t