Beware, Forex software scams are on the rise!
Many Forex Traders have been scammed on the internet by software developers who claim to have designed the perfect “automated trading robot” these scams run into thousands of dollars a day. These Scams have caused financial ruin in the lives of so many innocent people; you must understand that these tricksters are continuously perfecting their act and as such it has become twice as hard to identify one or more of these individuals. This write up was created with the hope that if forex traders understand the important components or elements that could be used to identify genuine software, they would be able to protect themselves from online Predators.
In this industry, experienced traders don’t fall for scams, but the newbies; who are are ripe targets, do- Anonymous trader.
Therefore, you need to know what to look out for.
You Must Evaluate software Based on the Following Criteria
Forex Software Evaluation Criteria 1 – Live Trading
This proves that the product can make money in the market on its own, without demanding user supervision or input. If you have visited the sales page of many software developers you may or may have not noticed that they offer live trading videos as proof that their robot does what it was created to do – make money!
It is good practice to download a trial version and run it with a demo account to see if it makes you any money.
If it does make you any money, you may have just found a winner. On the same note if it performs poorly trash it!
Forex Software Evaluation Criteria 2 – Back Testing
While this remains a controversial factor, it would still prove to be a good indicator of any forex software’s profitability. The controversy that follows this criterion is that what happened in the past may not happen again. You will agree with me that this statement is largely exaggerated. A particular movement in the market may repeat itself in succeeding trades; you just have to be on the look out, for these are truly rare. We have come to the end of this article; I do hope you have absorbed the all important facts used in purchasing software for forex.