There are lots of forex trading systems out there. Many of them are making some pretty outrageous claims. If you see an advertisement for an automated trading system that claims it can make you rich overnight, it’s only common sense to dismiss it as just another forex scam. But mechanical systems do exist that can help you make you small, consistent profits month after month. Aren’t consistent profits what it’s really all about when you get right down to it?
So how do you decide which forex trading system software to choose? What do you believe?
One good way to tell if the automated forex system you’re looking at is worth the money is to see if they offer back testing results. Back testing is the main component found in an effective trading system. It involves reconstructing trades with historical data from the past. The results you get will be a guide in testing the effectiveness of the method you are using. Any high quality mechanical system will offer to let you see those back testing results rather than just tell you that they exist. One system that passes this critical review point is the Prophet1 Expert Advisor.
Prophet1 Expert Advisor Review – What’s so great about this automated forex system?
Prophet1 Expert Advisor is one of those high quality trading software applications that allows you to review the actual back testing report from January 1, 2005 through January 1, 2008. The initial investment made was only $1000 but had grown to over $42,000 by September of 2007. Prophet1 Expert Advisor produced a profit in 90% of the trades made for that time period.
While this may not seem like a mind-blowing success to some, just bear in mind that the Average Joe only makes $20,000 to $30,000 per year. So, $42,000 profit gained over a 21 month period is the same as earning the same amount of money as an extra full time job! The most amazing part is that it was on auto-pilot and without the draining, exhaustive effort that a second job requires! How much easier would your life be if you had an additional full-time income that only required a few minutes of your time each day?
Prophet1 Expert Advisor Review of System Features – Here’s what you can expect:
1. Complete, automated forex trading software designed to be use with the MetaTrade 4 (MT4) platform.
2. Configured to trade only the (Great Britain Pound vs US Dollar) GBP/USD pair on on the 4 hour chart.
3. Default setting for an initial stop, profit taking, trailing stop losses and lot sizes.
4. Complete instructions on how to set up and open a forex trading account.
5. A manual to guide the beginner in learning about how the foreign exchange market works.
Prophet1 Expert Advisor Review – Forex Trading Design Objectives
This particular forex trading system software was especially designed to take advantages of the unique characteristics of the GBP/USD pair. While this may seem extremely limited in various ways, the ultimate goal was to create a system that could make low risk/high reward profitable trades on a consistent basis. Prophet1 Expert Advisor has managed to do exactly that and the proof is available for you to see.