What do you know about the Forex robot myth?
I believe that many people will agree that the Foreign Exchange market is the most unpredictable in the world due to the changes, which happen every day, even in seconds.
The number of traders is increasing from day to day, even though the Forex market offers them high risk. So, they use everything they have and know to get more profit.
Thus, sometimes they believe in the common myths in forex trading. One of them is the Forex robot myth.
Forex Robot Myth
Since newcomers are increasing, many experts give them some advice. But, some of their advice can be correct or just myths.
Well, let’s check out the common myths in the Forex market especially the Forex Robot myth:
- Complicated is Better
We have already known that the Forex robot is a great assistant for traders, which offers the best way to get a bigger profit.
But, a great computer program does not always clever and complicated. While Forex robots only use a simple system and algorithms.
They only require several elements to provide what the traders want. Sometimes, simplicity can offer the best.
Besides, many vendors said that their robots are designed by genius people, such as the best programmers or even NASA. But, do they know about Forex Trading?
I don’t think so.
It just a marketing gimmick to sell their product.
So, this forex robot myth it is not 100% true.
- Predict the Market
As I told you before the Forex market is an unpredictable market where everything may happen there.
But, you can always improve the Forex trade by using scientific systems. Since Forex trading uses mathematical calculations to analyze trading signals.
Most vendors use Fibonacci to improve the trading system. But, it only helps you to analyze the probability and profitability.
In short, they cannot predict the trade. If Forex robot can do that, then there must be a lot of rich people winning the Forex market.
This is a ridiculous Forex robot myth.
- Eliminate Loss
In fact, nothing is perfect in this world. Including the Forex robot.
If people can be a millionaire by winning the Forex market, there would not be any other jobs that people are interested in.
There are only 5% of people succeed in the Forex market and 95% of them lose their money.
It proves that the robot can do mistakes. Thus, people cannot claim that the Forex robot offers zero losses.
It’s just a Forex robot myth.
- Fully Automation
Some people who believe in the forex robot myth say that using Forex robots are very simple and easy.
You can leave them alone while the robots will work for you since they can handle many transactions and finish the deal in seconds. They do not even need your help to do that.
But, I can say that it is not true. You still have to participate and monitor the Forex robot since there are several things that you have to do manually.
You cannot rely on computer programs in doing your Forex trading. The robots will do what you want to do with your strategy.
- Beat Demo Account to Success
Another thing that you have to know is that you cannot believe 100% in a demo account.
Everything may happen in the real world.
That is why I suggest you to be careful when you are planning to buy a Forex robot.
You should check the comments about the Forex robot’s performance in a real account.
The Forex robot myth is very different compared to reality.