Simple Methods To Select A Profiting Trading Robot For Best Trading Results
During the past two years, a huge number of currency trading robots were launched, leaving forex traders perplexed and in search of the answer - which forex robot will basically bring in money and not get 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 rich. 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 deciding on a forex expert advisor, there are several factors that must be taken into consideration to pick up the right EA and steer clear from lemons.
It is extremely important to read the sales letter and look for answers to the following questions :
(1) Who is behind the robot ? Is it a respected team in the forex market, a forex trader or just a software programmer. If there is no real forex trader behind it, in most cases this robot will not have the right strategy, as programmers will need the assistance of forex professionals to build in the right algorithms.
(2) What is the robot's strategy ? Is it a scalping 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 single pair or several pair robot ? The benefit 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 participate in multiple pair forex traders can use the multi pair robot.
(4) What are the robot's end results ? Looking at live data, how does the robot 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 appear if the capabilities is making money rather than losses. It is important to look for consistency in winning rate over time.
(5) Additional features that are important are firm money management rules and broker stealth mode, to avoid losses.
(6) Available user manual and simple installation - Does the robot comes with user manual or videos ? Is it easy to install ? Afterall, most Forex traders are not computer scientists. They want to start cashing in and not mess around with a program's set up process complexities.
(7) Available support service and money back guarantee. Look if the sellers mention customer support, as for some robots no help support is proposed and you should steer clear of those. Also most robots come with a 60 day refunds. Make certain 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 period and receive 100% of your your payment.
Immediately after you get solid replies to all the issues above, chances are that the robot is right. However, the currency markets highly fluctuates and different robots perform better at different market phases. Therefore, it is highly encouraged to have a selection of forex robots, including a safe trading robot, such as Forex Bullet Proof . Robots with with different strategies, should be used according to the different market cycles.
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