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How To Select A Good Trading Robot For Best Trading Results
During the past couple of years, a massive number of forex robots were launched, leaving forex traders perplexed and looking for the answer - which forex EA will actually bring in money and not get losses.
The robots' persuasive graphics, sales letters and stories make each robot appear to be its the best thing that ever materialized to this world and will make thousands of traders wealthy. 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 picking a forex expert advisor, there are various factors that must be regarded to pick up the right EA and steer clear from lemons.
It is extremely important to read the sales letter and seek out answers to the following topics :
(1) Who is the maker of the robot ? Is it a well known team in the forex market, a forex trader or just a computer programmer. If there is no genuine forex trader behind it, typically this robot will not have the right strategy, as programmers will need the assistance of forex specialists to build in the right programs.
(2) What is the robot's strategy ? Is it a scalping automatic 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 multiple pair robot ? The benefit of a single pair robot is that it can have improved strategies and more successful algorithms for trading a single pair, than a multiple pair robot. However, more traders who are ready to partake in multiple pair traders can use the multi pair robot.
(4) What are the robot's end results ? Looking at live information, how does the EA perform. If you are only given old backtest results, you should question the validity of the forex trading robot. There is no 100% wins in Forex, however, you should find out if the capabilities is getting you a good return rather than losses. It is important to look for stability in winning rate over time.
(5) Additional functions that are important are strict money management rules and broker stealth mode, to avoid losses.
(6) Available user manual 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 trade and not mess around with a program's set up process complexities.
(7) Available support service and refund policy. Look if the sellers mention support, as for some EAs no support is proposed and you should keep away from those. Also the majority of robots come with a 60 day money back guarantee. Make certain that this is clearly pointed out. In this case, if you are not pleased with your the robot, you can return it within the 60 day term and receive 100% of your money back.
Immediately after you get acceptable answers to all the questions above, chances are that the robot is right. However, the currency markets is highly volatile and countless robots operate better at different market cycles. Therefore, it is highly encouraged 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 situations.
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