During the past couple of years, a large number of forex robots were launched, leaving forex traders overwhelmed and looking for the answer - which forex software will actually 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 took place to this world and will make thousands of traders successful. 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 several factors that must be regarded to pick up the right EA and eliminate lemons.
It is extremely important to read the sales letter and look for answers to the following issues :
(1) Who is the producer 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 real forex trader behind it, typically this robot will not have the right strategy, as programmers require the assistance of forex professionals to build in the right programs.
(2) What is the robot's strategy ? Is it a scalping software or swing trading robot ? What are the technological innovation that it incorporates ? What type of algorithms are embedded ?
(3) What pairs does the robot specialize in ? Is it single pair or multiple pair robot ? The good point 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 day traders who are ready to involve in multiple pair traders can use the multi pair robot.
(4) What are the robot's outcome ? Looking at live information, how does the automatic robot 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 check if the capabilities is making money rather than losses. It is important to look for reliability in winning rate over time.
(5) Additional capabilities that are important are exact 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 easy to install ? Afterall, most Forex traders are not computer scientists. They want to trade and not mess around with a program's installation complexities.
(7) Available support service and money back guarantee. Look if the sellers mention customer service, as for some forex software no support is provided and you should keep away from those. Also most robots come with a 60 day money back guarantee. Ensure that that this is clearly pointed out. In this case, if you are not happy with your the product, you can return it within the 60 day time period and receive 100% of your money back.
At the time you get acceptable replies to all the questions above, chances are that the robot looks promising. However, the currency markets highly fluctuates and various other robots operate better at different market cycles. 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 strategies, should be used according to the different market situations.
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