When I started my FOREX training, I was hopeful I could rewire my brain and allow it to “see” the available trades. I allowed myself a period to adjust and find a trading rhythm. Granted, I was not very generous in allocating time. In my present pre-retirement state, I don’t want to learn a new thing unless it is entirely necessary. FOREX trading is a respectable way to make money. If you are good at it, it is a very profitable endeavor. However, is the time I am training to acquire uncertain skills worth foregoing my present passions? (Okay, I am not a really passionate guy, but there are a few things I like doing besides being glued to the computer.)
After doing the FOREX training for a few weeks (I had not yet completed the 8 weeks, but I was working on reviewing charts and considering trades.), I found out about this bot. I thought, “Now, that is my type of trading! I don’t think my wife would allow me to buy the product and use the “aggressive” setting. At the cost of the product, I bet I could sell it to her if I promised to use the “moderate” setting.” Since I was in the middle of doing the FOREX training, I was aware of the repeating patterns within trading. Why should I sit on top of my monitor babysitting a FOREX trade when a BOT was fully capable of doing this without a hint of emotion?
In my mind, these are the benefits/disadvantages of using a BOT:
- When a bot trades, it buys tiny lots. The cost per trade is negligible. You won’t hit it massive on any trade, but you won’t lose much.
- As a trader, you would have access to various ways to get capital. (i.e., prop firms are a popular one). If you are using bots, it is likely your own money. Prop firms don’t like bots, so this avenue is likely closed. Due to fortunate circumstances, I have funds for the BOT to work with.
- The BOT is a “set it up and forget about its solution.” The NURP BOTS do have configuration options that are not available in the EFX BOTS. By tinkering with these options, you can exceed average options, OR you can be very disappointed by your results.
- Nothing is free. The bots have a one-time cost, PLUS they typically have a monthly service/software fee. If the market has a BOT-breaking event, they will give you an updated version of the BOT to avoid that problem in the future.
- If a FOREX trader wants access to prop firm money, he has to buy challenges. Then, he has to pass challenges. Once he passes challenges, he has to play by the rules of the prop firm, or he will lose his prop firm account. This is a frustration that can’t be denied. When I heard the stories of other FOREX traders and their prop firm experiences, I questioned whether that was path for me.
- While discussing costs, there is also a monthly service fee for the Virtual Private Server(VPS). At present, I have all four of my BOTS on the same VPS. The benefit is my cost are not $30-40 X 4. ($120ish per month.) My monthly cost for a warm place to keep my BOTS is about $40/month. Most FOREX traders work from their home computers. If you are a MAC user, there is a strong case to be made to have a VPS.
I am sure there are other reasons to choose one over the other. (Of course, nothing can stop someone from using both strategies. All you need to use the bot is available capital. To be an active FOREX trader, you need to have skills, too.) Because of my access to adequate capital, the BOT was a clear choice. I may consider training for FOREX, but I admit the desire grows weaker by the day. For me, why should I trade months of FOREX training on a demo account, making no money when I can give a BOT a brokerage account and say, “Go get a workout.”?
The link to NURP is an affiliate link. If you have found this information helpful, please consider using this link when visiting the NURP site.
