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How To Select A Winning Trading Robot For Best Trading Results
During the past two years, a huge number of currency trading robots were launched, leaving forex traders overwhelmed and searching for the answer - which forex robot will actually bring in money and not create losses.
The robots' compelling graphics, sales letters and stories make each robot appear to be its the best thing that ever happened to this world and will make thousands of traders rich. However, not all robots are created the same. 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 avoid lemons.
It is absolutely necessary to read the sales letter and seek out answers to the following questions :
(1) Who is behind the robot ? Is it a respected 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 need the cooperation of forex specialists to build in the right algorithms.
(2) What is the robot's strategy ? Is it a scalping robot or swing trading EA ? 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 advantage of a single pair robot is that it can have better strategies and more successful algorithms for trading a single pair, than a multiple pair robot. However, more experienced traders who are ready to participate in multiple pair forex traders can use the multi pair robot.
(4) What are the robot's outcome ? 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 check if the overall performance is getting you a good return rather than losses. It is important to look for consistency in winning rate over time.
(5) Additional features that are important are rigid money management rules and broker stealth mode, to avoid losses.
(6) Available user guide 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 installation complexities.
(7) Available customer support and refund policy. Look if the sellers mention customer support, as for some robots no help support is provided and you should avoid those. Also most robots come with a 60 day money back guarantee. Make sure that this is clearly stated. In this case, if you are not pleased with your purchase, you can return it within the 60 day period and receive 100% of your your payment.
At the time you get sound and logical replies to all the questions above, chances are that the robot is good. However, the forex market is highly volatile and different robots perform better at different market phases. Therefore, it is highly recommended 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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