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Can I Really Make Money From Trading on the Forex Market Using an Automated Software System? Part 2

I gave some warnings regarding the non-provable "astounding" results you might see on website sales pages but at the same time acknowledging that some of the more genuine software programs did work well; more so during the first few months. And I was using real money from the off, as opposed to demo trading.

So moving on, I'd like to pass on some information that some may not be aware of. It concerns the Forex Broker.

Many brokers have two servers; one for demo trading and the other for live trading. Tests between the two can very often come out different with the demo account nearly always showing better results than the live account. So do take heed.

During a period of around 9 months from the summer of 2008, I began to buy many new versions of expert adviser software that were coming to market. I found myself on several email lists so it became even easier to purchase without looking too hard as internet marketers had also seen this as a "hot topic" from which to trade amongst. And there was plenty of affiliates telling me just how good someone else's new software was.

As mentioned in Part 1, I found many I purchased to be dubious but there were some genuine versions. The first I got hold of was one called "Forex Tracer". This was great in the beginning but as time passed the market characteristics changed as they do and left this particular piece of software bringing me hefty losing runs. And a loss was always around 4 time the size of a gain (and I reduced the default risk settings which were alarmingly high).

The next genuine version that I took a shine to was Fap Turbo. This was in fact, a sooped up version of the original Forex Autopilot software which traded without ANY stoploss (risk management). F A P standing for "Forex Auto Pilot".

Wow, was this one heavily marketed. It worked very well in the early days but as more and more people got hold of a copy and more and more affiliate marketing got under way, several Forex Brokers began to widen their spreads. This meant that the quick "in-out" profits that were sought and taken in the past, were now far less and eventually turned into losing trades.

That said, I do know of several people still using this software and profiting from it. However, they have what I would call "non-standard" broker accounts (Dukescopy in Switzerland for example) and the latest versions of Fap Turbo come with so many parameters that one man's trading can be a world apart from another, just on a few different settings.

In my view, it was this that took away the point of having an automated trading system in the first place.

The one I stuck with was far more simple to use. It was advertised to have "artificial intelligence" within the programming which made it a kind of "thinking" software.

However, even with this one, the running-live account shown on their website was producing results far in excess of what I achieved and the most frustrating thing was there copy seemed to be taking more trades than mine, as well.

The thing I just didn't like with any of the software I threw away or kept and used to make money with, was they ALL traded on a negative risk/reward basis; ie one losing trade was always far greater than one single winning trade. Therefore, there was great emphasis placed upon the trading strategy itself to constantly perform at high accuracy rates.

Today, I have just completed an 18-month period of creating and developing my very own piece of software. "IT" has all the things I want, in so far as it trades on a positive risk/reward basis, can trade several currency pairs, is "managed" in a way that keeps it "in tune" with the ebbs and flows of market movement and I know the trading strategy behind it. And if you're interested, the strategy I prefer is a "breakout".

My software will never be for sale - to me it is priceless. However, I am letting those interested to share in it's profitability. There are some positive risk/reward versions coming to market at the time of this article and it is my aim to give anyone interested in making money this way, the best advice I can - and based on personal experience and history, too.

Thank you for reading and I wish you all the success you deserve.

Article Source: http://EzineArticles.com/expert/Philip_Nightingale/508708

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