If you are to have long term trading success with forex robots then it is very important that you have your trading psychology in check! Just the same as if you were manually trading forex, you should be well in control of your emotions and not interfere with the trading plan. Emotions such as fear, greed and impatience can cause you to get bad results from what would actually be a good forex robot! You should not risk too much and you should not give up after a few losing trades. It is completely normal as with any forex system for a forex robot to have losing periods of days, weeks even months. If you cannot withstand this then forex trading manual or automated is simply not for you.
Every single trading system will have periods of drawdowns or stagnation. This can be days or weeks even months when the trading results are at break even or a small loss. THIS IS COMPLETELY NORMAL! There is no trading system that does not go through such periods and you MUST NOT give up when this happens or else you WILL NEVER make profit from trading. You will move from system to system going round in circles and wasting your time.
Forex robots can be a LONG TERM fully automated trading solution but they must be given time to produce good results. You should NOT give up if you have a few losses. Look at the following screenshot for examples of how a forex robot can go through periods of stagnation and drawdown yet still make HUGE gains in the long run. Those who understand this are those who will reap all of the rewards!
You will see months where there was a small loss, now if you would have started trading with the forex robot on that month then you probably would have given up and asked for a refund! That would have been a HUGE mistake, just look what happened after if you would have kept trading with it! It made back the losses and A LOT more profit on top. Those successful traders who are making lots of money are those who understand this. They know that there will be such times and they take it as part of trading knowing that in the long run the results will still be fantastic.
Again, days, weeks and even months with no profit can happen BUT if you look at the overall longer term picture, the gains are EXCELLENT. Just ensure that you are patient and you will reap the rewards. Otherwise, you will never find a trading solution that works for you as ALL will have such period. It cannot be emphasised enough, trading requires patience and discipline, so have confidence in your chosen forex robot and use it for LONG TERM realistic trading results. Do not panic after a few losing trades.
In extremely extensive testing I have seen forex robots go through week’s even months of stagnation but just look how much money they can make overall! Just because you did not make 100% in the first 2-3 weeks, it does not mean you will not make good gains in the following weeks.
A very important factor to also consider is not to risk too much on every trade so even in periods of stagnation and draw down, your account is still safe and ready for the profitable periods that follow.
So, you could have a 0% week (break-even), followed by a -5% week and perhaps then you would be writing off the forex robot that you are using and demanding a refund right? WRONG, if you leave it the next week could easily be a +15% week and the 4th week +20%. That is a total 30% gain in just 1 month! Now, if you had given up on week 2 you wouldn’t know this and would have missed out. You would have gone onto the next forex robot you like the look of and done the same thing over and over again – then wonder why you do not get anywhere in trading! Hopefully this advice clicks somewhere along the way.
BE PATIENT & GIVE YOU FOREX ROBOT TIME – THEY SHOULD BE SEEN AS A LONG TERM INVESTMENT THAT CAN MAKE YOU PROFIT CONSISTANTLY.
The forex robot users who are most happy are the ones who trust the forex robot they are using to do its thing and give it plenty of time. They see the bigger picture and long term results rather than over reacting. The whole purpose of having a fully automated trading solution is to reduce stress from yourself, so do not worry; let your forex robot do its thing.
I hope that has been made clear to you and that you “get it”. Many professional forex traders who are the minority already know and understand this and they do not jump from system to system and expect to make a million in one week – be realistic and you can reach your financial goals when your chosen forex robot is given time.
Of course, there are forex robots out there that are just bad and poorly coded with poor money management. This is why ForexRobot.com includes results of all commercially available forex robots so that you can do your own due diligence and chose the best forex robot for your trading personality!