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How To Select A Profiting Forex EA For Optimal Results
During the past two years, a huge number of currency trading robots were launched, leaving forex traders overwhelmed and in search of the answer - which forex bot will just simply bring in money and not get 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 the same. 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 several points that must be regarded to pick up the right EA and eliminate 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 respected team in the forex market, a forex trader or just a software programmer. If there is no authentic forex trader behind it, usually this robot will not have the right strategy, as programmers require 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 EA ? 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 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 forex traders can use the multi pair robot.
(4) What are the robot's outcome ? Looking at live data, how does the robot software 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 overall performance 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 rigid 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 effortless 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 customer support and cash back guarantee. Look if the sellers mention customer support, as for some robots no help support is provided and you should steer clear of those. Also the majority of robots come with a 60 day cash back guarantee. Ensure that 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 your payment.
At the time you get solid answers to all the matters above, chances are that the robot looks promising. However, the forex market is highly volatile and different robots perform better at different market phases. 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 methods, should be used according to the different market situations.
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