Does Forex trading/Botting actually work?

Online Vulture · May 29, 2022

I am getting floods of ads on my Instagram with the copy and paste 'gurus' posting the same crap - Nice cars, screenshots of their earnings and luxury holidays.

I have seen a few that are a bit more modest - usually with quite a lot of feedback and specialising in bots for MT4. But I have no clue really what is going on with that kind of thing.

My question is, does this actually work? Anyone had any success with them?

ppeterppan · May 30, 2022

Of course they work but they will not make you rich. They will buy an sell for you. They will earn money and loose money like regular trader. If there was a single one, only earning money, gues how rich would be the guy who invented it?

HustleTong · May 30, 2022

In the crypto market, it really does work (If you set the right parameters in grid-bots)

cmqwer0 · May 31, 2022

It does work, but not in the way you probably think. It won't make you rich overnight, but it can earn/lose you some nice amounts of money over long periods of time.
Even those moderate 'gurus' would likely want to sell you some software or course, because why would anyone want to sell you software or method that still makes them rich, and possibly destroy it that way?

Larry Igna · May 31, 2022

Online Vulture said:
I am getting floods of ads on my Instagram with the copy and paste 'gurus' posting the same crap - Nice cars, screenshots of their earnings and luxury holidays.

I have seen a few that are a bit more modest - usually with quite a lot of feedback and specialising in bots for MT4. But I have no clue really what is going on with that kind of thing.

My question is, does this actually work? Anyone had any success with them?

If you want to know how botting would work, there's an easy way.
Tradingview has backtesting and its own programming language, Pinescript. Pinescript is a mix of R/Python/JavaScript , fairly easy to learn compared to MT4/MT5.
There are ready made indicators and strategies on TV, either built-ins or community made. If you want to know how a bot would trade, look for strategies only.
The ones with arrows are strategies.
To see the results you need to be in browser, desktop version. Below chart you'll see Strategy tester.

blackbeans · Jun 6, 2022

Based on day trading principles, technically speaking, bot-powered forex trading can work.

With that said, there's a big difference between being able to do something and actually doing it.

The downside with bot-enabled trading is that their execution ranges tend to be very narrow.

And unless you're willing to make dozens if not hundreds of small entries and exits every single day, it might not be worth it.

Why?

Different forex pairs have different patterns every day.

Even though currency pairs sometimes move according to certain predictable patterns so that you can use bots to time your entries and exits into your forex positions, the patterns can change daily and render your knowledge of these patterns obsolete.

This is the big challenge with any kind of automated trading.

Reset1859 · Jun 6, 2022

Even a professional trading is really hard, so what do you think will be with less-experienced users like us? Just less money. If you want to trade, the best option for you - hold

Harris512 · Jun 9, 2022

Everything you see from ads is unlikely to be real. I have come across public algos that have made crazy profit but they never last long since the strategy was overfit for specific market conditions and once that changed it was useless and lost all client's money. If you want to safely profit from algo trading it is best to make your own bot and backtest it yourself, that way you understand everything that's going on behind the scenes and learn from the mistakes. Profitable algo traders usually have multiple algos that they switch between and it's no easy task to develop them.

Danny Crypto · May 20, 2023

yes they do

Does Forex trading/Botting actually work?

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