• Home
  • About
  • Contact

The Phat Startup

The Ultimate Lifestyle Blog for Entrepreneurs

  • Blog
  • Blogger Lifestyle
  • Money & Finance
  • Motivation
  • Personal Growth

Money & Finance

Why you should never use the trading bots in Forex market

Trading Forex might be the most competitive business in the world but even so many people have changed their lives just by accessing the online market place. The successful traders have worked hard to master the art of trading. They never rely on an automated trading process since it ruins their trading performance. Some of the trading bots indeed have the unique ability to predict the price movement with a high level of accuracy, but still, you should rely on the manual trading method.

Let’s find out some of the key reasons why you should never rely on trading bots. After reading this article, we can assure you that you will never love to hear any lucrative offers from the trading bot service provider.

Flaws in the bots

The trading bots are usually developed by the MQL programmers. They might be very good at programming but do you think that they can understand the market’s nature. The obvious answer is no. The professional traders might help them but they will never understand the core concept of trading. As a result of this, they always get a faulty product at the end. For this reason, most of the trading bots fail to make a profit in the long run.

Rigid rules

The Forex market is dynamic. You need to keep pace with the changes in this market and only then you will be able to make a big profit. Most of the time, naïve traders in Singapore think they know all the details of this market. They start trading with some right rules and blow up their trading account. Just like this, the bots are just a fixed sets of rules that trade on behalf of retail traders. So, if you think you can rely on trading bots, you are making a big mistake. Be prepared to lose your entire trading capital.

Technical glitch

Nothing in this world is perfect. When it comes to trading bots, the chances are very high that it will contain major flaws and technical glitches. When you try to trade with a faulty instrument you risk your entire investment. To get access to the best trading environment, the pro traders are choosing an elite broker like Saxo. If you trade the market with a high-end broker it won’t take you much time to deal with the losing trades. A few good trades can cover your trading costs. Just like this, you should focus on the manual art of trading. Forget the fact that bots can trade the market.

Fundamental factors

The key reason why you should never rely on bots is because of the fundamental factors. The naïve traders are losing most of the trades since they don’t know the perfect way to analyze the news factors. When it comes to trading bots, they can never understand the sentiment of the market. When the market trend changes, things start to become worse for the trading bots. It loses too many trades frequently and ruins your trading performance. Some bots providers might say they have developed a unique code that can understand the market sentiment. But if this were true, it would be a groundbreaking in the AI industry.

Makes you vulnerable

Let’s assume that your bots are perfect and you making money. If you stick to such bots for a long period, you will never have the skills to deal with the complex market condition. Eventually, you will lose most of the trades when the bots fail. Instead of depending on the trading bots, you should rely on a simple approach by which you can make a small profit. But make sure you focus on consistency and your trading skills. If you can do that, you won’t have to rely on the bots.

 


« The 9 Best SEO Practices of 2020
How to Be Debt Free by Next Year With These Creative Strategies »

About The Phat Startup

The Phat Startup was created by Mike McOwen to create a space where entrepreneur lifestyle could be focused on. We tend to live a different lifestyle than most. Entrepreneurs tend to be interested in maximizing their life, not only their profit.

Connect With Me

  • Email
  • RSS
  • Twitter
  • YouTube

Twitter Feed

Mike McOwenFollow

Mike McOwen
PhatStartupsMike McOwen@PhatStartups·
29 Dec 2017

Why is content marketing so important? Find out here: http://thephatstartup.com/money-finance/why-your-business-needs-a-content-marketing-strategy-in-2018/

Reply on Twitter 946751505146707968Retweet on Twitter 9467515051467079681Like on Twitter 9467515051467079682Twitter 946751505146707968
PhatStartupsMike McOwen@PhatStartups·
9 Oct 2017

http://yescincinnati.com/

Reply on Twitter 917521630162759681Retweet on Twitter 917521630162759681Like on Twitter 9175216301627596811Twitter 917521630162759681
PhatStartupsMike McOwen@PhatStartups·
25 Sep 2017

Wow, interesting

Forbes@Forbes

Millennial men are more likely than women to default on student debt http://on.forbes.com/60148NudC

Reply on Twitter 912458136849698816Retweet on Twitter 912458136849698816Like on Twitter 9124581368496988162Twitter 912458136849698816
PhatStartupsMike McOwen@PhatStartups·
25 Sep 2017

I LOVE Toronto! Miss that place

GO Transit@GOtransit

Explore Toronto’s art scene with GO! Enjoy special late night service during Nuit Blanche on Sept 30. https://cards.twitter.com/cards/v2l8b/4ttwx

Reply on Twitter 912458028355670017Retweet on Twitter 912458028355670017Like on Twitter 912458028355670017Twitter 912458028355670017
Retweet on TwitterMike McOwen Retweeted
BuffaloSabresBuffalo Sabres@BuffaloSabres·
25 Sep 2017

Batter's up! ⚾️ Spending quality time with our friends at @MiracleLeagueWN.

4
Reply on Twitter 912457252057034754Retweet on Twitter 91245725205703475453Like on Twitter 912457252057034754318Twitter 912457252057034754
Load More...

Blog Ideas That Make Money

3 Tips For Doing Business Entertaining At Your Home

Overcoming Challenges: Strategies For Improving Startup Team Performance

How to Create a Retail Space You Are Proud Of

Search

Copyright © 2023 · The Phat Startup

Copyright © 2023 · Divine Theme on Genesis Framework · WordPress · Log in