In recent years, we have seen the rise of the cheap software packages which call themselves robots or Expert Advisors. The claims they make in terms of performance are not normally true and instead of winning with these systems, traders lose quickly.

You can make money at Forex trading but if you think your going to get rich with no effort and for paying just a hundred dollars or so, you will be disappointed. Let's look at the claims made and the reality of trading.

Claim: You can Double Your Money Each Month and Make a regular Income

So what evidence the systems give to back up their claims?

Normally just a back test on historical data which is done knowing all the closing prices, well my nine year daughter could do that but I Wouldn't trust her with my trading account!

Fact is you never get a verified track record, sometimes you get real figures from the vendor but they are not from an independent source.

Think about it, these systems claim track records traders such as George Soro's or Warren Buffet couldn't match, yet you can get access to these gains, for the cost of a night at the bar.

Claim: They can predict the future with 90% + accuracy

No one can predict the future and anyone who says they can, is naïve. Predictions of Forex price movement by software packages are normally as accurate as a horoscope. Forex markets move to the odds, not certainties and this means prediction is doomed to failure.

Claim: You can make Triple Digit Gains with Less than 1% Drawdown

Again not based on real trading and even the best traders in the world on multi million pound salaries can't do that and neither will a hundred dollar piece of software.

There are other claims made but the above are obviously wrong and anyone who has ever traded Forex will tell you so. These systems claim huge gains but if they worked, everyone would quit their jobs and live the good life but as we all know - if it looks to good to be true it is.

If you want to make money at Forex trading, you need to get a good education, learn skills and if you do this you can win at Forex trading. If you make an effort to learn Forex the right way, no other venture can make you so much money for the time you invest but you do have to make an effort!