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How To Select A Good Forex Robot For Optimal Results
During the past two years, a massive number of currency trading robots were launched, leaving forex traders overwhelmed and looking for the answer - which forex bot will basically bring in money and not create losses.
The robots' persuasive graphics, sales letters and stories make each robot look like its the best thing that ever happened to this world and will make thousands of traders wealthy. However, not all robots are created the same. In fact, some are good but the majority will not work and in fact can easily loose the whole account.
Before picking a forex expert advisor, there are various factors that must be thought of to pick up the right EA and avoid lemons.
It is extremely important to read the sales letter and look for answers to the following questions :
(1) Who is the maker of the robot ? Is it a respected team in the forex market, a forex trader or just a computer programmer. If there is no genuine forex trader behind it, in most cases this robot will not have the right strategy, as programmers need the assistance of forex professionals to build in the right algorithms.
(2) What is the robot's strategy ? Is it a scalping automatic robot or swing trading EA ? What are the technological innovation that it incorporates ? What type of algorithms are embedded ?
(3) What pairs does the robot is dedicated to ? Is it one pair or several pair robot ? The advantage of a single pair robot is that it can have improved strategies and more powerful algorithms for trading a single pair, than a multiple pair robot. However, more experienced traders who are ready to partake in multiple pair forex traders can use the multi pair robot.
(4) What are the robot's outcome ? Looking at live information, how does the robot software perform. If you are only given old backtest results, you should question the legitimacy of the forex trading robot. There is no 100% wins in Forex, however, you should check if the capabilities is making money rather than losses. It is important to look for consistency in winning rate over time.
(5) Additional functions that are important are rigid money management rules and broker stealth mode, to avoid losses.
(6) Available user guide and easy installation - Does the robot comes with user manual or videos ? Is it very simple to install ? Afterall, most Forex traders are not computer scientists. They want to start cashing in and not mess around with a program's installation complexities.
(7) Available support service and money back guarantee. Look if the sellers mention customer support, as for some EAs no help support is provided and you should keep away from those. Also the majority of robots come with a 60 day refunds. Make sure that this is clearly pointed out. In this case, if you are not happy with your purchase, you can return it within the 60 day term and receive 100% of your your payment.
At the time you get acceptable answers to all the issues above, chances are that the robot is good. However, the currency markets highly fluctuates and different robots operate better at different market phases. Therefore, it is highly recommended to have two or three forex robots, including a safe trading robot, such as Forex Bullet Proof . Robots with with different techniques, should be used according to the different market cycles.
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