Is the Forex Maestro another useless currency trading automated robot, or does this one really work? After testing so many Forex trading software (more than 100 total number of Forex robots in my hard disk), I have come to the conclusion that most of them do not work at all. There were some manual systems that do work to generate some profits, but the time required to implement them was not worth it.
1. How I Began Testing the Forex Maestro Software
Due to all the bad experiences that I have had with currency trading robots, I decided not to risk any real money but to use a demo account instead to test Forex Maestro. After installing and running the robot, it did not start making any trades within the first 3 hours and this had discouraged me slightly. However, it started trading actively after the 3rd hour and closed out more than 90% of all positions in profit.
2. What Are The Risks of Using Forex Maestro System?
Even though Forex trading can be profitable, losses are inevitable and I am sure that Forex Maestro will not get it right all the time as well. Never invest with money that you cannot afford to lose.
Another risk with using robots, or currency trading in general, is that any technical faults like loss of internet connection will cause the robot to stop trading. All your open positions will not be closed automatically and may reverse against you. This is a very small risk that can be eliminated by a stable internet connection.
3. Are Forex Automated Robots Backtest Results Really Reliable?
I would recommend all users to test out new robots with demo accounts first before using them live, regardless of how impressive their back test results appear to be. From my experience, a trading robot can perform very differently in a live trading environment compared to its back test performance. This is because there are other factors affecting live trading like the liquidity of markets at different trading hours.
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