There’s no doubt that automation is spreading and producing great results in many areas of business. And that applies equally to forex trading. Forex robots have been around for close to 13 years now. Institutional traders use advanced robots to trade billions of dollars on a daily basis. These robots come packed with speed and accuracy. For retail traders trying to trade manually, there is no way to match these speed robots.
Learning to trade forex takes many months, and even years to master. Ask any professional trader how long it takes to rise through the ranks to get to the top. Forex is not something that can be learned in a one-day seminar. Since many people do not have the time or resources to pass through such training, the only option available to them is to use a forex robot. But with the market filled with so many fake robots, it becomes a task impossible. But this is not the case anymore.
But in a market where there are so many junk products and robots that promise so much and yet deliver very little, you have to choose your service carefully. One of the best pointers to a good forex automated managed accounts service is that it is built on neural trading technology.
This means that these services, such as Rofx.net, will be an automated forex managed account trading involves the replication of trades generated by an automated trading robot on forex accounts to which the robot is tied. And these services are easily differentiated from trading services that are at the very least a waste of your time and money, and can even be a scam.
How to identify a bad service
At this juncture, it is necessary to define what constitutes a scam forex robot and what constitutes a legit one. Scam forex robots tend to have the following characteristics:
- They are usually introduced by some “trading millionaire or guru” who supposedly made millions by trading with a secret formula that has been transformed into a trading robot.
- You are shown boatloads of testimonials from people who have supposedly used these robots and had their finances totally transformed. If you do a thorough due diligence check, you will find out that some of these testifiers are actually paid actors.
- The profitability claims are usually too good to be true.
Automated forex managed accounts such as Rofx.net does not possess any of the characteristics mentioned above. However, their legit status is not defined merely by the absence of these fraud characteristics. Rather, what makes them legit is the ability of the robot to deliver results that are credible and consistent, among other things.
One question that other forex robot creators hardly ever address is the issue of how any losses sustained by a forex robot are compensated for. You will be glad to know that Rofx.net gives a guarantee to cover any losses that are sustained. So traders can actually use Rofx.net risk-free.
Checking the profitability factor
The first scam-free metric that should be sought in any forex robot should be the profitability factor. Here is a snapshot showing the annual trade results of the Rofx.net robot since 2009:
As it shows, the company has been registering stellar results over time. The variance in performance is in keeping with the dynamics of the forex market where results will vary according to market conditions.
In summary, this is what you need to check with any such company:
- It has shown a consistency in profitability over a long time.
- Traders are insured against trade loss as a result of the Loss Coverage provided by the company’s reserve fund, thus making trading with risk-free.
- Trade results are credible and are in keeping with market patterns. Results are not a ‘flash in the pan’.
- The company has fulfilled withdrawal requests from clients for several years without fail.
Only when you have all these factors in place can you be confident of combining excellent trade results with the loss protection guarantee.
