Have you heard of the Forex MT4 expert advisor called the Forex Tracer? It claims to be able to trade without you have to spend any time watching it, and be able to make money for you automatically. It sounds like a really good idea does not it? Before you rush off to buy an expert advisor and put all your savings into it, I should warn you that you should always let them trade on a demo account first.
From my experience, I know that many MT4 advisers are rubbish when used on a real account, even though they may show amazing back-test results. Some of them are really reputable ones but I will not be naming them here. So does the Forex Tracer really work on a live account?
1. How Does The Forex Tracer Really Work?
It is essentially a robot that monitors the market, opens and closes trades all by itself. It does so according to the system programmed by the creator, and works completely without emotion (which is usually a good thing). Orders are opened and closed without fail 24 hours a day, and no opportunity that meets the system's criteria will be missed.
2. What Are the Advantages of Using Forex Tracer over Manual Trading?
Most traders state that they have sometimes held on to their positions longer than they should because of their emotions, either because they want to make more money in a profitable position, or are expecting that their losing position will turn around to break-even. This kind of behavior has been proven to cause traders to lose more money than they should.
3. So Is The Forex Tracer Software Really Profitable?
So far, this software has been producing consistent results in both demo and live accounts. It is making me money even though it does not execute many trades a day.