The Truth About Forex Trading Softwares and Expert Advisors

By: Richard Golman
Submitted: 2008-08-28 16:11:18
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I have often been asked by many number of forex traders that I have lost count of, which forex trading software is the best. While I will not answer this directly, I prefer to let you into my vast experience, using automated trading software. While it will be very difficult for me to name a particular software as the best, I will rather try to show you what I consider the best automated forex software, among the many I have had experience with. To start with, an automated forex software is any computer application that assists trader in monitoring, analyzing and placing trades automatically, while removing trader sentiments thus elevating profitability.

The big question, however is, how many trading software actually deliver on these critical objectives? My answer therefore is that, not many of these automated products fulfill these objectives. This is not saying that with scam forex products flying round the websphere, there are no good ones out there. I assure you there are, but very few of them are as profitable as claimed.

However, out of the many automated forex software that I have used, the most profitable to date is PipMax! Expert Advisor developed by one PipYard inc. This software to say the least, has made money for me. Apart from its manual which in my opinion was not well put together, once I was able to set it up has given me the most consistent results so far. I heard this software was developed by one veteran and self taught forex Trader, Michael Miller , whose trading experience strongly reflect in the performance of PipMax! Expert Advisor.

One area where I found this software particularly invaluable is its risk management profile. Be informed that any software that has a risk/reward ratio of less than 1:1(e.g. 2:1 or 4:1) is not worth the keyboard on which it was written. By this I mean for every pip you gain, you risk 4 pips, this apparently is a potentially dangerous trade practices, it is a trade setup indicating a cataclysmic disaster waiting to happen.

PipMax! However differs from these other products by giving you at worst, a risk of 1 pip for every 2 pips you pocket. This clearly, is a professional money management practice, which protects your account as you watch your balance grow.

Please note that this article is not recommending purchase of any of the products mentioned in this write-up. The intention of the author of this article is highlight his experience using this products in order to guide the readers in making informed decisions in the purchase of profitable automated forex trading products.

For more in-depth and thorough review of automated trading systems that I have had different experience using, Please visit my blog at: http://www.rubysol.blogspot.com

Edward Stanton is a full time forex trader, who trades the forex market for a living. He writes occasionally to educate new, intermediate and aspiring traders on tips and tricks necessary to beat and profit massively from the foreign exchange market.

Article source: Expert Articles

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