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How To Select A Winning Trading Robot For Optimal Results
During the past couple of years, a large number of forex robots were launched, leaving forex traders perplexed and looking for the answer - which forex robot will just simply 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 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 seek out answers to the following topics :
(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, usually this robot will not have the right strategy, as programmers require the assistance of forex specialists 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 is dedicated to ? 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 successful algorithms for trading a single pair, than a multiple pair robot. However, more traders who are ready to involve 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 robot 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 getting you a good return rather than losses. It is important to look for stability in winning rate over time.
(5) Additional capabilities 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 easy 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 refund policy. Look if the sellers mention support, as for some forex software no support is proposed and you should keep away from those. Also most robots come with a 60 day cash back guarantee. Ensure that 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 time period and receive 100% of your money back.
Immediately after you get acceptable replies to all the matters above, chances are that the robot looks promising. 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 strategies, should be used according to the different market situations.
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