163. Set and Forget Trading in Forex: Does It Really Work or Is It a Myth?

Set and forget trading is often promoted as an easy way to trade forex. You place a trade, set your stop loss and take profit, walk away, and let the market do the work. But does set and forget trading actually work in real market conditions, or is it a myth that sells simplicity? In episode 163 of Let's Talk Forex, Chris and Alison break down what set and forget trading really means, why traders misunderstand it, and whether it can be a sustainable trading style for retail traders. The discussion covers pending orders, swing trading, and automated forex trading, along with the real risks traders often ignore, such as slippage, spread widening, leverage, swap fees, and changing market conditions. The episode also looks at automated trading systems and forex bots, discusses why backtests often fail in live markets and why promises of guaranteed returns are a major red flag. Ultimately, this conversation explains why successful set and forget trading is not about ignoring your trades, but about predefined rules, realistic execution, controlled risk, and disciplined monitoring. If you are considering set and forget trading in forex, this episode will help you decide whether it truly fits your trading style and long-term goals. The video version of this podcast can be found here! FxScouts DISCLAIMER: 75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. Any information discussed here is solely for educational and informational purposes and should not be considered tax, legal or investment advice.