These days, if you search for the phrase 'Automated Forex Trading Software' you'll be bombarded with countless offers that claim to give you instant wealth.
"Make $500 in barely 1 hour!"; "Just set it and forget it!"
Such ludicrous claims are unfortunately believed by many unsuspecting people. Can one really get rich in the Forex market simply by purchasing and using such so-called 'automated trading software'?
Please give me two minutes to explain my views, and see if you agree with me.
Issue #1 - What's the formula?
One of the biggest problems I see with such software is the fact that no one (other than the software developer) knows how it works. You see, with the boom of the internet revolution comes a whole new generation of 'anonymous sellers'. These are people who sell products using incredible claims, and yet hide their true identity behind the anonymous blanket of the web.
Now I don't know about you, but I personally wouldn't trade with any software that I don't know how it works. It simply leaves too much space for scammers to operate.
From another point of view, if there really were trading software that can consistently make money for you on autopilot, don't you think that there would be powerful (and rich) individuals who would purchase this technology and keep it to themselves? I certainly would.
If something sounds too good to be true... well, you know the rest. All the truly profitable traders I know got that way through hard work, persistence and having common sense.
Issue #2 - The dependency problem
Assuming that profitable trading software did exist, and you've been using one for some time now... what happens if it stops working for any reason at all? Where does that leave you? You'd be caught dead in the water.
You see, I'd never advice anyone to put the fate of their finances in the hands of a piece of software. If you're lazy and don't want to spend the time to learn how to trade for yourself, then find a trustworthy friend to trade for you, or put your money with professional traders.
There are no free lunches in life... and trading in the Forex market is no different.
To learn more, Click Here to download my free 26-page guide, "Forex Trading Traps!"
Harold Hsu is the owner of ForexSystemProfits.com where he provides premium Forex trading tips and resources.
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