In this post, we will consider the issues surrounding whether any FOREX trading signal software on the retail market can be successful. First you must note the difference between these products and FOREX robots. Trading signal software will give the user an alert in order to let them know when to trade. Wheras a FOREX robot will make the trades automatically. A successful piece of signal software will ultimately be able to deliver consistent profits over time, and over varying time periods.
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The key problem is, a rule that was defined based on historical charts may now not be of any use in future markets. This is clearly an issue in FOREX trading strategy; you make money by correctly anticipating the movements of currency markets and if the software you use to read FOREX signals cannot do this correctly, then you won’t. Unfortunately the factors that influence currency movements and their relative importance behind currency trends are ever changing.
The only way a piece of FOREX trade signals software will ultimately be successful is if two things occur; that it learns from its mistakes and that previous incidents will always be repeated. Clearly, if the software learns from its mistakes then previous patterns aren’t straightforwardly repeated, and conversely if the software depends on the repetition of previous patterns, the software won’t need to refine itself, but we know historically new patterns are ever emerging.
Unfortunately any discussion of the issue surrounding success of signal trading software poses more questions than it provides answers. Even to the untrained FOREX trader, you will question why it is anyone would want to pass on information regarding successful trading strategies. In reality, if you were so successful at FOREX trading, you may find instead a niche for yourself in public speaking with large groups of investors, institutional investors and indeed university academics all keen on speeches by someone purportedly so successful.
Beyond the issue of selling software, assuming the owner of the software wanted to sell it out of the goodness of his or her own heart, why would he choose or feel the need to advertise it, if the software had previously proved successful.
The only way that you can get reliable signals is by finding signal software that actually has real people behind it. That is why we endose using the eToro open book program. This program lets you track the trades of the most successful people trading on eToro. It makes it easy for even the most beginner trader to make good moves and look at their trades to learn from them. If you want to make mountains of cash in the forex market, by far the easiest way is by setting up a practice account and getting to know the Open Book Software. Then once you’re ready and can show consistent gains you can deposit real money and start making money!
