subject: PROFITING FROM EXCHANGE RATES [print this page] Placing a machine in charge of your financial affairs is a risky business but can pay off if you choose the right software. Avoid being stuck with a robot that loses you money by following a few tips to stop you becoming the victim of a scam and benefit from the knowledge of Forex experts in order to make a profit from fluctuating exchange rates.
While it would probably be a much better idea to become more educated on the subject of exchange rates and the Forex market, many regular people with no real knowledge of economics have been swept up in a tidal wave of hype about the market and how it can make your wildest dreams of wealth come true. For the most part, these tales are exaggerated but this is no impediment to affluence for those determined to become rich. The introduction of Forex robots means that people no longer need knowledge of the market or of a nation's foreign trade status or any other criteria usually needed in order to make an accurate judgement on the Forex market. These robots promise the world to traders but what should you look for when buying one?
If you really want to make a profit from speculating on exchange rates then you need your robot to have several specific features. When a piece of Forex software is being paraded as the next big thing, it usually is accompanied by a bewildering array of facts and figures stating its prior success on the market. However, you shouldn't read too much into this as it is likely that these figures come from demo trading which bears no true reflection on the software's ability on the live market.
So if you see a machine that claims to have a 95% success rate, find out if this was achieved from demos or live trading. Demo results cannot be trusted as dozens of robots with a near perfect demo record failed dismally when it came to live testing. Demos don't take into account the full volatile nature of live trading so are next to useless when dealing with real money. Therefore, only purchase software that has success in the live market and has verifiable data to back this up.
If a product does not offer you a full support system then you are wasting your time. Although installation is supposed to be simple, complications could occur so it is essential to have a support team on hand to fix whatever problems you may encounter. They should also be available to answer any other queries you have and be able to send employees to fix the product if it malfunctions.
Also, ignore all Forex robots that don't have a money back guarantee. Reputable software such as the Forex Megadroid offers you a 60 day money back guarantee for example which ensures that you are not getting ripped off. Machines that refuse to offer you this must have something to hide. Finally, those who purchase Forex software would be wise to test it out for a month without risking money just to see the results. This trial and error could save you hundreds in the long run.
