NORTH PORT, Fla., Dec. 3, 2013 /PRNewswire/ -- Dmitri Chavkerov, CEO of Forex Peace Army advises traders to be extra careful with automated trading systems such as forex robots as all robots he ever saw eventually stopped working, and blew trader's trading account. Forex Peace Army has been a dependable information portal when it comes to forex trading. The website of Forex Peace Army provides many latest and advanced techniques for forex trading.
Dmitri Chavkerov has been instrumental in bringing about positive changes to the functioning of forex trading space via his website Forex Peace Army. He helps traders all over the world understand the concepts of trading in an in-depth manner.
According to Dmitri Chavkerov of Forex Peace Army forex robots lead to blowing up of the clients' accounts. If a trader sees some profit out of foreign currency trading by making use of robots, it is likely not sustainable long term. A forex robot is always an unreliable source for carrying on trading activities long term. If the forex robot did not cause loss now then it would, in the future.
"I know many people nowadays are trying to trade using automated forex robots. I personally do not use forex robots, but I can say with certainty from experience that any robot will eventually blow your account. It may happen in a month, it may happen in a year, or it may happen in 5 years, but eventually it will happen. But this does not mean that you can't make a bunch of money with it," says Dmitri Chavkerov of Forex Peace Army.
"The reason I know this is because 25% of our entire website traffic is from pages where we do live tests of forex robots. Forex robots have caused loss to many traders and has led them to lose their account in the end," says Forex Peace Army President Dmitri Chavkerov.
Dmitri Chavkerov, Founder of Forex Peace Army, says that he has been witnessing several instances of huge losses faced by traders who have relied exclusively upon forex robots alone for carrying out trading activities. It is not that traders should never use forex robots at all but they should use it more carefully by understanding the intricacies of automated trading business.
"Eventually every robot will blow the account. Yes, sometimes the robot will blow your account, before you can get your investment back, other times it will blow your account on the second double-run, so you simply got your money back, and made nothing, yet some other times, it will double your account several times before blowing up. I don't know almost anything about the forex robots business, but going from a purely logical standpoint, I think it's a viable business model, if you have proper money management system in place," says Dmitri Chavkerov of Forex Peace Army.
Forex Peace Army has garnered the support of forex traders all over the world with its exceptional insights on trading. Forex Peace Army, the brainchild of Dmitri Chavkerov, turns out to be as useful for beginners as it is for expert traders on a global level.
Forex Peace Army Chief Dmitri Chavkerov believes that traders need to be having efficient money management system in hand, and they should take out profits from their trading accounts systematically, with the initial focus of withdrawing their initial principle as soon as possible.
"If I were to use forex robots to trade my account, here is a money management plan that I would use. Let's say I had $10,000 on my account. I would first double it to $20,000, and as soon as it happened, I would withdraw $10,000, this way I got my money back. Then I would keep doubling this no risk $10,000 account, and keep withdrawing half. So $10K to $20K, withdraw $5K, then $15K to $30K, withdraw $7.5K, $30K to $60K, withdraw $15K, $45K to $90K, withdraw $22.5K, et cetera…," says, Dmitri Chavkerov.
Everything needs to be well-planned and systemized if a trader wants to see success through any forex trading approach, let alone an automated one, and it is necessary for traders to have a reliable money management system if they want to keep their trading accounts capital secure.
SOURCE Forex Peace Army