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Sunday, October 17, 2021

Automated Forex Trading is the Snake Oil Salesman of the 21st Century

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Automated Forex trading systems are becoming the elixir of the 2st century get-rich schemes. In the 1800s salesman went from place to place selling all kinds of potions and elixirs to heal all kinds of problems that ailed people. Many of the products developed in those day included oils from snakes. Thus, Snake Oil Salesmen.

The snake oil they sold was mostly cheap watered down alcohol and it was cheap which is in keeping with Forex automated trading systems.

Unfortunately the Forex market has its snake oil salesman and they provide a very good service to the industry in particular brokers. Much like the gambling tables in Las Vegas need new people to fill the chairs, so do Forex brokers need new pockets to empty. Automated systems empty the pockets of new Forex traders by trading systems that don’t work.

Many newbie’s to Forex are lured into the market with the promise of making a profit without spending much money. All of us know that this is not possible yet thousands if not millions bite. For $49.00 we can buy a Forex trading system that trades 24/7 and never loses. You don’t need to know anything. Just put some money in a brokerage account, rev up the automated system and let her rip!

Just like the ailing person in the 1800s who bought a bottle of Old Tom’s Cure Anything Ointment for 25 cents, even though we know it won’t work, in the back of our minds we think, what if it does?

This is like going to Las Vegas with money you tell yourself you can afford to lose, but can you? Most of us want the easy way out and most of us know there is no easy way out. Nevertheless we try anyway.

Simply put, Forex automated systems don’t work because they compete against each other in markets that have very little liquidity. In essence they eat each other up and the only winner is the Forex broker or the snake oil salesman. Forex snake oil salesman don’t tell you this however, they tell you all about how great it will feel to make money in the Forex market. They are more interested in marketing a product to thousands for $49.00 than make thousands of dollars for those traders.

You can win in Forex but you need a real trading system and a real understanding of Forex. This can be done and with the right system and teaching in less than one year. Take the time to learn and find the right trading system for you and you can be a winner in Forex.

Source by Paul W. Dean

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