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The Best Way To Select A Winning Forex Robot For The Best Outcome
During the past two years, a massive number of trading robots were launched, leaving forex traders perplexed and searching for the answer - which forex robot will actually bring in money and not get losses.
The robots' compelling 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 wealthy. However, not all robots are produced equal. In fact, some are good but the majority will not work and in fact can easily loose the whole account.
Before selecting a forex expert advisor, there are several factors that must be considered to pick up the right EA and eliminate lemons.
It is absolutely necessary to read the sales letter and look for answers to the following issues :
(1) Who is the maker of the robot ? Is it a recognized team in the forex market, a forex trader or just a programmer. If there is no real forex trader behind it, typically this robot will not have the right strategy, as programmers require the cooperation of forex professionals to build in the right algorithms.
(2) What is the robot's strategy ? Is it a scalping automatic robot or swing trading software ? What are the features 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 better strategies and more powerful algorithms for trading a single pair, than a multiple pair robot. However, more day traders who are ready to partake in multiple pair experienced traders can use the multi pair robot.
(4) What are the robot's end results ? Looking at live results, how does the 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 appear if the overall performance is making money rather than losses. It is important to look for reliability in winning rate over time.
(5) Additional functions that are important are firm money management rules and broker stealth mode, to avoid losses.
(6) Available user manual and ease of 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 set up process complexities.
(7) Available customer support and money back guarantee. Look if the sellers mention customer service, as for some EAs no assistance is proposed and you should avoid those. Also most robots come with a 60 day money back guarantee. Ensure that that this is clearly stated. In this case, if you are not happy with your the product, you can return it within the 60 day term and receive 100% of your your payment.
Immediately after you get sound and logical replies to all the questions above, chances are that the robot looks promising. However, the forex market highly fluctuates and various other robots operate better at different market periods. Therefore, it is highly encouraged to have several 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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