During the past two years, a huge number of forex robots were launched, leaving forex traders overwhelmed and in search of 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 happened to this world and will make thousands of traders rich. 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 deciding on a forex expert advisor, there are various 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 questions :
(1) Who is behind the robot ? Is it a well known team in the forex market, a forex trader or just a software programmer. If there is no genuine forex trader behind it, typically this robot will not have the right strategy, as programmers require the assistance of forex specialists to build in the right algorithms.
(2) What is the robot's strategy ? Is it a scalping 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 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 experienced traders who are ready to participate in multiple pair traders can use the multi pair robot.
(4) What are the robot's outcome ? Looking at live data, 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 appear if the capabilities 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 strict money management rules and broker stealth mode, to avoid losses.
(6) Available user guide and simple 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 customer support, as for some robots no support is provided and you should steer clear of those. Also the majority of robots come with a 60 day money back guarantee. Ensure that that this is clearly pointed out. 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 money back.
At the time you get solid answers to all the questions above, chances are that the robot looks promising. However, the currency markets is highly volatile and different robots perform better at different market cycles. Therefore, it is highly recommended to have a selection of 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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