Truth About Forex Auto Trading Services
Is it really a good idea to have an auto trading service execute the trades of various specialists into your foreign currency account
? Of course, I can sympathize with the many complaints I read on the blogs and forums, but I also feel they are missing the point. They're upset with the poor vetting of the signal providers, problems with the broker or the propriety platform they're forced to use and feel they were misled, deliberately or otherwise.First, there are a multitude of systems to choose from on these well established services that quickly work their way up to the #1 or #2 position. I ask you, how many times have you seen these top ranked systems fall to say #5 or #8 and then return back to the top rankings? More likely they just disappears into oblivion! So, they do better and better until they are the best and then they are gone to be replaced with more of the same.
Lets take a good hard look at at the nature of this beast, both them and you! Of course, you want to make the big profits as quickly as possible. So you will gravitate to the highest yielding systems, ones that never loose! You know that in order to realize the big return, the trades will need to be leveraged accordingly. Unfortunately, over-leveraging isn't the real problem.
No, as they say, The devil is in the details. In far too many cases, the trading systems being promoted on these websites are not actual Forex investments at all because they dont generally follow any acceptable money management or risk/reward regiment. They are nothing more than what is called, high yield investment programs or HYIP.
Heres a very common example of a recent system we reviewed that on the surface looked extremely viable and profitable. It was accompanied by live account statements with impressive looking charts and graphs, designed to give you a great deal of confidence. Unfortunately, after 3 months or so of reported stellar returns, like most, after the market changed its cycle the clients lost any profits as well as a large portion of their accounts in a very short period of time.
If you would have closely examined the nuts and bolts of this strategy you would have discovered that the system was fundamentally flawed from the start. The reason there were no losses in an entire month or more was due to the excessive stop loss routinely employed, far out of proportion to the relatively small profits they were taking. This combined with the leverage (risk) on the trades being so seriously out of balance to the potential reward that a few full losses could cause unrecoverable draw-down in the account. But, that didnt occur for a few months and wasnt really an issue because the statements being shown were from a live demo account.
This tactic is designed to get people overly excited an
d leads to very little or no testing before they go live. It can be a very expensive lesson! In addition, these services are not offering any guidance to the trader whatsoever. You are completely on your own.
Our TVFX Hub service has isolated the major factors involved that we feel are getting in the way of your success. You may bring us any service youve been researching and can receive it for free or at a considerable discount when used in conjunction with our service. Or, can choose from our Featured List.
The vetting process for signal providers appearing on our Featured List is designed to far exceed services that look similar for better overall quality. Our Featured List of service providers will only include up to 5 systems at any one time. We require 6 month of live trading records to review the soundness of the trading strategy and all providers must trade live into our demo account for a minimum of 30 days so we can verify their trading style and results. All the systems on our Featured List follow our Max Loss Cycle Safeguard, to systematically control downside.
Our program includes on-going information to help you better manage your system. This aspect alone has proved invaluable!
Upon request, you may receive our professional System Review Evaluation Checklist on any service you've been researching to check for overall viability and profitability. Unlike most similar services, you have the ability to trade using the popular MT4 platform and may trade simultaneously from your desktop. Your MT4 platform is housed on our dedicated network trading server at no cost.
One of the major complaints we've heard from traders using these types of services has been the manipulation from the broker. One of the most unique features on our TVFX Trading Hub is that all trades are processed using the popular Currenex MT4 Bridge with Straight Through Processing/Multi-Bank Hub Execution and No Dealing Desk.
Good trading!
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