I’ve been looking for a reliable and automated forex trading software. I was pretty keen on forex tracer when I came across this review. is it accurate?
=> http://www.learn-forex-online.com/automated-forex-trading/
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My guess is that it is fairly accurate. Of course, saying "Believe it or not, Forex Tracer produced over 94.90% profitable trades from July 2006 to May 2008… well, in backtesting anyway." simply means it is possible to build a model which would have made a profit in the past if you base the system on the past data. It means nothing about how it will perform in the future.
Saying "This system has been getting good reviews on the Forex forums" simply means some people have written good reviews. We have no idea if those who wrote the good reviews profit for sales of the product, and the statement would be accurate even if there were ten times as many bad reviews as good reviews.
Saying "one major market movement against you can wipe out all your gains" is probably accurate but may be an understatement. What happens if a "major market movement against you" occurs before you have any gains? Obviously you can lose more than your previous gains, maybe even your entire investment.
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I don’t pretend to know much about the forex, but I do have some common sense. If automated trading software could consistently provide high returns there would be no reason the sell it. Those who owned the software could become super-rich just by using the software themselves. The fact that they pay to advertise the product, hire people to manufacture, package and ship the product, and that they have to deal with angry customers tells me that they are trying to get rich by selling the product because they have not figured out how to get rich tradng.
Read the disclaimer: http://www.forextracer.com/?hop=vieworder&type=nohop
Especially this part:
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
"Hypothetical" means that he has not traded it on an account with real money. It means that he ran a stream of historical prices through it. He may have tweaked and tuned it so that it produced huge profits with this exact stream of data and will never do it again unless history repeats itself exactly. There is also no guarantee that you could have gotten actual orders in to the dealing desk and filled at the prices in his demonstration. The forex market moves fast.
The review makes a remark about back testing. If the back testing period contained the data that was used to optimize the system, then the back testing is meaningless.
Short Answer – "No".
That’s a classic "affiliate website" which means they’ve created it so people like you and me see it’s the 2nd "most popular" and go and buy it… earning them money.
Use this review, it’s unbiased because it comprises of customer reviews and comments ONLY: http://www.fxsystemscompared.com/rev_forex_tracer.html
Most forex autopilot software you will find is a scam or over hyped, meaning you might make money but it will take some luck. Forex tracer is one of the junk products as I’ve tested it before. Those who can honestly say it made them money ought to play the lottery. Know what I’m saying?
I dont like this automatic systems. I’ve learned trading forex "the old fashion way" .analyse the market , identify the trend and then trade..I also listen to news before trading
This automatic systems use only technical analysis of the market and use patterns.. So it may work on few trades but on the long run you cant win..is like on casinos..
So if you ask me …learn forex trading and use this robot(or other you prefer) only as a TOOL ..do not rely 100% on it.