Do Trading Forex Algorithms Actually Work?

Question

I'm not sure what you actually call these automated trading system, but i'm guessing they use some kind of algorithm software to sought through markets etc.

My question is really this. I've been trading Forex for 5 months now - mainly jpy/gbp market - and it's about time that I got my hands on some automated software - but which one.

I like the look of the PipBoxer - but a bit too pricey, but maybe doable. Otherwise Forex EA looks pretty sweet at $200. The alternatives I've seen are like those spammy sites like the forex killer, which supposedly get you pips while you sleep. Not convinced.

Anyway, has anyone used any of these or recommend a decent package which has genuinely helped there overall forex trading profit,

Thanks all.

Answer 1

Forex trading systems work only as long as traders work. It's a simple case of emotion-free trading -- letting markets decide the movements of trade rather than one's perceptions or emotions about how a certain trade should progress.

I use autopilot systems along with my own experience as a forex trader (3 years). Right now, I'm focusing on EUR trades and see some potential along with JPY. I've got some good results trading GBP on Forex Brotherhood -- It's an award-winning  MetaTrader4 compatible software with back tested reports & daily analysis that should help in your overall trades. I like the consistency, veteran experience and the fact that the system is built for the long term.

Answer 2

If you're a successful trader.... than trading software, algorithms etc... may work well for you.  If you're looking at this to solve poor trading results.........  you won't be happy.

The number one biggest mistake of most new FX traders.... they think there's some special system out there that will eliminate years of hard work, risk and time..............  the harder you search for this... the less likely you'll ever make it in FX or any other trading.

Answer 3

yeah what everyone has said is basically spot on. The best thing to do is take part in a training course which will teach you the basics and how to use the automated forex expert advisers.

I've reviewed a good community on my site: http://theforexbrotherhoodreview.blogspo...

Answer 4

I've been using one called "Forex Autopilot" which has been created by some guy who's meant to earn $2,000 a day with forex.

The package consists of a software package and some guides which tell you all about how to best trade forex and use the software to make trading as easy as possible.

Although you'll see tons of "reviews" out there - most of them will be slimeball "affiliate marketers" just saying a bunch of good stuff to get your cash (as with most things in this industry unfortunately).

What made me buy it was all the customer comments and reviews at this site: http://www.fxsystemscompared.com/rev_for...

They've looked at what customers have written and have put it into their own condensed review.

Hope this helps?

Answer 5

As far as I know an algorithm is something that converts a physical process into one that can be executed by software. Therefore if the ohysical process 'works' then so must the algorithm or the software /program based on that algorithm. Should your question not be "does automated FX software make money or a profit?"

If so I would suggest "no" is the answer.

If a sytem works then it's edge will soon be nullified as more people use it.  

Answer 6

Most of what is mentioned is basically spot on. If your new to Forex, only 5 months in like you said then automated trading may only work for you if your already having success. If your using it as a means of income then this is not the idea.

You mentioned the PipBoxer. The Pipbover is by far the most comprehensive software out there as it's more than just a software package as it comes with real people at hand 24/7. It's worth the cash and if you've done your research you'll have discovered this.

You can read a review of this here:

http://pipboxer-review.blogspot.com/

If you don't want to shell out a load, those spammy sites you mentioned are slightly dubvious but the best out there maybe in your price range is probably the forex tracer,

You can view this here:

http://www.forextracertrading.com/

Good luck. Don't scrimp if your serious about this trade.

Answer 7

Yes, they do.  Made money myself.  But you do need to know how best to use them  

Don't really think a newbie can just load up and make money immediately.  Maybe short term but for long term you need to be able to use the software effectively.