How To Make Money In The Global Forex Market

Why do 90% of Forex traders lose?

Traders are humans, and, like all humans, they suffer from greed. Therefore, in crucial moments (or erratic market conditions), they lack confidence and they fear what might happen, and most importantly about 90% of the time they are inconsistent.

On average, around 90 - 95% of traders will lose money in forex and they consistently give their money to the other 5 to 10% of traders that follow a set of strict trading guidelines ALL of the time. This, together with the illusion that they'll become millionaires following some "Guru's" e-book trading system, makes the Forex market a great business for Forex brokers as well as for the "Gurus" who publish the e-books.

If you really understand this, then you can actually MAKE MONEY IN FOREX! How? The easiest way to do it is using a profitable expert advisor. An Expert Advisor is an automated trading program that utilizes the Metatrader-4 trading platform to make your trades for you!

An Expert Advisor is a trading "robot". A robot can beat humans at chess, and they can also beat humans at trading. An EA will monitor the market and automatically open and close your trades based on the information pre-programmed into the software. The use of an Expert Advisor eliminates the fear, greed, lack of confidence and inconsistency that plagues most traders.

Robots have no emotions,and they don't get distracted by phone calls or family matters. An EA is of "Single-Minded" purpose and they fulfill their pre-progammed mission without reservation or question. The Expert Advisor has been given a game plan and it it sticks to it no matter how ugly or uncertain the market looks.

Free Forex Robots - Why Free Forex Robots Should Be Avoided

You might just be starting out with Forex trading and searching frantically for answers online - any answers! Maybe you have some experience with Forex trading and want to improve your expertise and are looking at various alternatives to maximize profits - or even worse - you are hoping to just stop losing money!

You are now considering free Forex robots - not a bad place to start you might think as you rationalize that you don't have to spend money on a robot, especially if you have already lost money (most likely with incorrect systems) and are now trying to recover these losses. Well, let me save you time and money.

Simple... Free Forex Robots do not exist - at least not in the way you and I understand it.

Maybe that is not entirely accurate, so let me elaborate. If you are searching for independent free Forex robots online you will most probably find quite a few products being listed. On closer inspection you will notice that the products are actually not free as the "free" portion is generally only for a trial period or for a demo account. Other products that are marketed as being free, such as MQL4 (MetaQuotes Language 4 for Metratrader), which comes with MetaTrader, are actually products that allow you to create your own expert advisors and are not trading robots as such. Embarking on this route is a whole different ballgame - best avoided by novice or medium-expertise traders as it means that you will have to "program" and create your own Forex robots - a daunting task to say the least.

In short - "free" in these instances does not really mean free - there is virtually always a catch or the products are simply not worthwhile considering for the serious Forex trader. I have even come across "free robots" punters or creators claiming to have 80 million Forex users! You be the judge of whether this is credible.

So what then? Will you have to spend money on a robot?

Every successful Forex trader you will come across will stress that a dedicated Forex trading plan, followed rigorously, is the key to success. I would like to add to this by stating that a reputable and tested Forex trading plan is paramount to your success in Forex trading.

The latter can only be achieved with proper systems. The free Forex robots I have seen simply do not provide any level of comfort for the trader that is even remotely serious.

My experience is that Free Forex Robots are best avoided if you want to take your Forex trading efforts seriously. Rather spend time to research and review the more reputable Forex trading robots on the market that have been thoroughly tested - even if there is a once-off cost involved.