Forex Bots?

Until this morning I had had very little to do with Forex, yes, I knew that it involves playing the short-term currency exchange market and has quite an incredibly huge base of avid traders. S snake ome do it for profit, some do it for the thrill of the chase and some do it for the sheer adrenaline rush. That is about as far as it went until today when I had a friend on messenger excitedly tell me how a friend of theirs had made a $5000 profit in Forex trading in one week with a $3000 investment. Now, profit is one word that always makes my ears prick up! How could someone speculating on short term currency fluctuations make so much in such a short period of time was my first question. The answer came back was that he was using a Forex bots thingy. Huh?

We've all heard the stories of overnight success as well as stories of miserable and catastrophic failure in playing this very volatile game that can mean huge profits or huge losses in just mere moments. The reality is that those that really know what they're doing are making money and many novices go under very quickly by not really understanding how to play this market, however this is not a tutorial on Forex trading as there are plenty of those around, this is about the new phenomena of Forex bots.

Forex bots have been used by banks and financial institutions for some time now to play the short-term currency trading game to great profit. The close of trading in one country is the opening of trading in another and banks play the overnight currency game and until now Forex bots and only existed in the realms of the high end finance market. What is so exciting about these bots use it removes the human emotional and often mistake driven decision processes that can drive the novice and even expert Forex trader to financial ruin in a heartbeat.

These Forex bots are essentially Macros that run within trading software using a proprietary format programming language, fully automating the buying and selling process and are termed Expert Advisers or EA's. Initially they were used for trying out different buying and selling strategies in a dry run environment, where no real money is involved. However, recently there has been great excitement amongst Forex traders over the commercial release of several of these Forex bots that run on autopilot, apparently just raking you in cash hand over fist. Could this possibly be true? Being somewhat of a sceptic, I decided to look into it further.

Programmer John Burroughs recently released one of these Expert Advisers called AutoCash Robot claiming that in an eight year and eight-month period it had turned an initial $10,000 investment into $5.5 million on paper, 100% Forex profit making machine. He claims an 18 year career of producing these Forex bots for financial institutions and has certainly created a huge buzz around the subject and not just within the Forex trader community. On Google, in the last few days there has been a 80% rise in searches for the term forex bot!

It remains to be seen whether this will turn the Forex trading world on its head or just be another overhyped product. In my experience there is no fast way to riches other than sheer hard work but perhaps I'm wrong.