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How To Pick A Good Trading Robot For The Best Outcome
During the past couple of years, a huge number of forex robots were launched, leaving forex traders overwhelmed and in search of the answer - which forex EA will just simply bring in money and not get losses.
The robots' powerful graphics, sales letters and stories make each robot appear like its the best thing that ever took place to this world and will make thousands of traders rich. However, not all robots are created equal. 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 various factors that must be taken into consideration to pick up the right EA and eliminate lemons.
It is vitally important to read the sales letter and try to get answers to the following issues :
(1) Who is behind the robot ? Is it a well known team in the forex market, a forex trader or just a software programmer. If there is no genuine forex trader behind it, usually this robot will not have the right strategy, as programmers require the collaboration of forex industry experts to build in the right programs.
(2) What is the robot's strategy ? Is it a scalping robot or swing trading robot ? 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 good point of a single pair robot is that it can have easier strategies and more powerful and effective algorithms for trading a single pair, than a multiple pair robot. However, more day traders who are ready to participate in multiple pair traders can use the multi pair robot.
(4) What are the robot's outcome ? Looking at live data, how does the EA perform. If you are only given old backtest results, you should question the authenticity of the forex trading robot. There is no 100% wins in Forex, however, you should appear if the capabilities is earning profits rather than losses. It is important to look for reliability in winning rate over time.
(5) Additional features that are important are strict money management rules and broker stealth mode, to avoid losses.
(6) Available user guide and simple 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 trading and not mess around with a program's set up process complexities.
(7) Available support service and cash back guarantee. Look if the sellers mention customer service, as for some robots no support is provided and you should steer clear of those. Also the majority of robots come with a 60 day cash back guarantee. Ensure that that this is clearly mentioned. In this case, if you are not satisfied with your the product, you can return it within the 60 day period and receive 100% of your money back.
At the time you get solid answers to all the matters above, chances are that the robot looks promising. However, the currency markets is highly volatile and various other robots perform better at different market cycles. Therefore, it is highly recommended to have a selection of 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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