During the past two years, a huge number of forex robots were launched, leaving forex traders confused and in search of the answer - which forex robot will actually bring in money and not create losses.
The robots' powerful graphics, sales letters and stories make each robot appear like 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 does not work and in fact can easily loose the whole account.
Before deciding on a forex expert advisor, there are several factors that must be considered to pick up the right EA and avoid lemons.
It is vitally important to read the sales letter and try to get answers to the following questions :
(1) Who is behind the robot ? Is it a well known group in the forex market, a forex trader or just a software programmer. If there is no real forex trader behind it, typically this robot will not have the right strategy, as programmers need the collaboration of forex industry experts 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 technologies 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 advantage of a single pair robot is that it can have easier strategies and more powerful and effective 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 results ? Looking at live data, 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 look if the capabilities is earning profits 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 documentation and simple 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 cash back guarantee. Look if the sellers mention customer support, as for some robots no support is given and you should steer clear of those. Also most robots come with a 60 day money back guarantee. Make sure that this is clearly mentioned. In this case, if you are not satisfied with your purchase, you can return it within the 60 day period and receive 100% of your money back.
Once you get solid replies to all the questions above, chances are that the robot is good. However, the currency markets is highly volatile and different robots perform better at different market cycles. Therefore, it is strongly suggested to have a selection of 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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