Forex trading robots have become quite a buzzword in the trading community. Some people swear by them while others remain skeptical. So the question remains: do Forex robots really work?

The answer isn’t a simple yes or no. Some Forex robots do work while others are little more than scams. The thing you should consider is how much money you can make with a good one.

Why is that important?

This is important because even if you go through 3-4 bad robots (and you can find this out without risking real money by trading on a demo account), once you find a good one, you can make back the money you invested in all of the bad ones and more for months and years to come.

The Forex market has so much money in it that a good forex robot that does work is worth thousands of dollars and potentially more. The key is to choose a robot which is recommended, easy to use, and comes with a money back guarantee, so you know your purchase is safe.

How can you tell whether a specific Forex robot works or not?

The answer is to test it on a demo account. A demo account is an account in which you trade the Forex with imaginary money. You can get such an account at practically any broker today. They’re very common. A demo account allows you to test each software over a length of time in various market conditions without risking any of your hard earned money. It also gives you the time to experiment with the robot and make sure you’ve installed it correctly.

Make sure to test each robot for 3 weeks at least to make sure you have a full picture of its abilities and quality. Remember, even if you pick one robot that doesn’t work, there’s a good chance the next one will, so don’t give up so fast.

By: John J. Drummond