My Take on Forex Automation
Here is another of my forum posts in answer to someone ranting and raving about Forex Automation.
I admit that there are some good programs that will help you in your search for success in trading the forex market. But beware, they are few and far between. Most automated systems only end up doing one thing. Helping separate you from your money. Experienced traders are able to use a program to help them in their trading, but wise traders will rarely ever just flip the switch to autopilot. They use these programs to enhance their own methods and systems. Because they know how to trade they are more capable of determining when is the right time to use software as an aid.
The biggest problem with trading on automated software is that the market is always fluctuating in and out of different moods and what may work today will probably not work next week or month. A well trained trader can learn to recognize these shifts and apply different methods to compensate, software cannot.
You cannot escape the fact that if you want to become a consistently profitable forex trader you must educate yourself. Once you know the techniques and skills then you have to get your head in the right place. I have worked with many students that knew how to trade, but could not find lasting success because of different mindset issues that many traders face. Trading psychology is a major factor as well. (this usually requires outside assistance i.e. Coach or Mentor)
Good luck trading and stay sharp.
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Yeah, there are some good automated programs out there but there are more bad ones than good though. I think that what it comes down to is a good Forex education as you said. Thanks.