Written by: PaxForex analytics dept - Friday, 27 June 2014 0 comments
We think everyone who works or makes first steps on Forex market knows and heard about Expert Advisors, which are very popular among people who want to earn big profits on Forex currencies. There are many companies which offer such tools in internet. Let’s think more attentive about that tool and about whether we should use it in our tradings.
Expert Advisors (EA’s) are the special tools created by very clever people. Yes, they are very clever because they make big money on its products which worth nothing. Absolutely nothing! In promos you can see how some gentleman explains Forex traders how they can earn thousands of dollars by using his EA. And then he will said something like: “Only our product is the true Expert Advisor which will help you to gain your financial independence!” But the true is that only he will earn these thousands of dollars. How? Because thousands of Forex newbies, especially who don’t want to learn even Forex basics and wish immediate “easy money”, will buy this EA.
Ask yourself just one question – if those Expert Advisors are so effective why no one of people using it, isn’t presented in Forbes magazine in the top millionaires section? Do you know any investment or hedge fund, which use any of Expert Advisor? The answer can be just one – EA’s can’t make you super rich person.
You can say: “But recently I bought one of them and it works very well now!” Yes, sure. It works now but just now. Ask the same question after few days. OK? Expert Advisor definitely will allow you to “earn” some dollars in first days of its using. But then your total balance will go down. There is statistic data in the world which confirms that.
EA’s developers sometimes make just fantastic offers! Some of them promise you up to 1000 USD per day! Wow! So we would like to ask those developers where are all those people who use your programs? Are they having rest in Caribbean coast? Or are they entertaining in Las Vegas now? Or are they now buying some world brand company like
Facebook, because they already have billions by using that EA? The answer is no, most of them went out from Forex market just because of that “super” Expert Advisor!
There is no easy money in any business. Remember it! Or better print and put it on your wall! Forex market is a serious financial business which requires knowledges. You can’t be successful in it without spending some time to learn Forex, how it works, how deals are making, how to turn Forex into a real place for earning your extra money or into a full-time job. That’s why you have to learn Forex and not spending hours searching in internet some “money making robots” or so on.
If you really want to become a professional Forex trader, we recommend every new trader to start with Demo account or No Deposit Bonus account, on which you can take lots of practice. Use it together with your learning materials testing your own currency trading strategies. Only when you will feel yourself confident – open Standard trading account or Forex Deposit Bonus account where you will have all opportunities for gaining highs on currency market.