Has anyone ever heard of Automated Forex trading?

What are the pros and cons.
Additional Details
I had in mind the automated trading where an Expert Advisor (EA) program is created to trade forex.
Check the website below:
http://championship.mql4.com/

Pros: Easy to use and it doesn't take any work at all.
Cons: Most of them don't work, and since you're not trading on your own (the pc does all the work), you're in serious risk.

I tested plenty of automated systems and so far I only found 1 that works. It's the autopilot system, and you can read more about it at http://www.forextopten.com/forexautopilotsystemreviews.html

I don't trust in Automated Forex Trading. No black box system works forever, and when an automated system stops working, you're not in your computer to turn it off.

In my opinion there's only one way to make money in Forex. You need to learn everything that you can, and develop your own strategy. If you're using a black box system, you don't know why the program gives you a buy or a sell.

IMO a trading course or a good book is much better than an automatic Forex trading system.

Boy... I wish I had the time to go into this for you.

Here's the bottom line. 96% of all new traders lose most of their accounts when they try FX.

The biggest problems with "alert services" and "automated services" is "drawdown". Until you get involved... you'll have no idea what real pain is.

FX's worst sin is the vendors. Brokers, services, etc. all make FX look easy. "Everyone can become rich". If this was all true you would have heard of tons of people leaving he neighborhood for new mansions.

If you must try this...... read as many books as you can over the next 6 - 12 months.

My personal opinion is that automated = huge risk. It's what the big pro businesses do - and is what triggers things like stock market crashes when events that were not programmed happen and send the systems into a mad sell downward spiral. So not for the faint hearted!

For signal generation only, well yes, maybe - If you know (really know) what the signals mean and how best to use them for a reasonable % return (as we all get losing trades no matter how good the info is...the market can stay illogical longer than you can stay solvent as the saying goes!)

So pros - auto generation of signals can be very good when you know the business. It will cut a lot of time and work out of the loop.

Cons - You really need to know your stuff before it is effective as otherwise you are trading on information that you do not fully understand and that is inherently dangerous.

So, take your time and be very very careful or you can lose your shirt (or more)

Read about it, get starter courses and when you feel ready get an account, a mini type that you can dummy trade on and do dummy trades for as long as it takes to get comfortable and confident.

A word of warning here, with dummy trades it is easy to be unemotional as real money is not involved. Once the real thing gets involved it is much easier to fall victim to greed and doubt i.e., push a trade to far in the hope of squeezing all the profit out or follow it down in the hope it will reverse.
Doubt, similar to greed but indecision on when to get out or even into a trade.

So dummy trade until the mechanics are second nature and then trey the smallest trades possible and see how you react to events to assess if you have the mental set up to do it. If you don't (and that's not a bad reflection on you as most people do not) then I'd advise trying equity spreads which can be less vicious or even just good old real shares in a trade on the dips or cycles way.

Pros:
No need to spend time watching chart

Cons:
there a lot of time the EA don't perform as good as back tested result

No I didn't. But i have heard about another concept.

Hi Henry,

Here are some useful articles you might want to take a look at to learn more about automated Forex trading...

1) http://ezinearticles.com/?Forex-Trading-Signals---Are-They-Really-Useful?&id=916193

2) http://ezinearticles.com/?Forex-Trading-Education---Scam-Artists-Are-Everywhere&id=909504

3) http://ezinearticles.com/?Forex-Trade-Signals---Why-Signals-Are-A-Bad-Idea&id=930824

Hope I've been able to help!

find something at http://www.vc22.com/

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