Forex robots are automated trading software that scour the markets 24 hours a day 5 days a week to get you the best trade setups. They are favored by traders because they eliminate the burden of opening positions based on emotions and not logic. But getting a great robot requires more than just finding one and buying it. Below are some guidelines on how to choose a reliable forex robot.
1) Get educated on the forex market
Most of the traders drawn to robots are newbies. You find a robot going for $250 claiming you’ll get a 4000% return on investment just by buying the said software. All you need is to set it on and let it make money for you while you’re snoring.
Since most people desire that lifestyle, scammers have used that as the bait to lure new traders to buy crappy software so that they can earn their quick bucks. Take time to learn at least the basics but ensure you’re well informed to the level of considering yourself an intermediate trader before using robots. By educating yourself, you may get signs to look for in identifying scammers.
A good place to start would be within this website. There’s a ton of information to help you get started so navigate around and you’ll start learning already.
2) Understand robots
You may not need to know how a robot is programmed but you need to know the basics of automated software. Know how the strategy is coded within and the settings to use in different market conditions so that the robot works properly. If you’re serious on automated trading, know how robots work before investing your money with them.
3) Do research on the forex robot
There are several ways to find robots on sale. Just a quick search online will show you stores and even software developers that sell forex robots. Before buying though, look at it deeply to know it’s what you want based on your personal goals.
Some robots are great for scalping while others are for swing trading. Some are designed to trade news and high volatility markets, others are created for trending markets. Find an EA that works in alliance with your interests.
4) Check other resources and reviews
It can be tempting to immediately purchase a robot once you realize it’s exactly what you want. Especially when the results on the website are glowing and show how the robot has made exponential profits, don’t purchase just yet.
Spend time researching the developer and look for reviews and testimonials from third party websites who are in no way affiliated with the developer. Forex Robot Expert is a great place to read unbiased reviews from our team and traders who have used the products.You can always look around before purchasing any Forex robot or EA.
5) Verify the results before buying
Similar to reading reviews, go an extra step and verify those claims. Some developers will edit the results and show you a glowing account while in reality, it’s quite the opposite.
This is especially true of those unpopular developers who have few clients to review them. A good suggestion is to stay away from them, but then, you may find a great robot from one of them. Therefore, if you find an appealing robot, verify if those are actual results. Track down the myfxbook to see if the results are real or if it’s a live account.
Most robots don’t work. And the results paraded are usually edited demo accounts.
6) Test on your own
No review will give you accurate results as testing on your own. Sure, it doesn’t make sense buying a robot that’s already proven by several people as unprofitable, but it can get difficult if it’s a good robot.
If it has a trial period, register and take it for a test. You know what you’d like a performing robot to achieve for you, therefore, you’ll be the judge if it’s great or not.
If the robot has no trial period, you could purchase it and let it perform on demo first before live trading. Ensure it has a money back guarantee within a flexible period so that you can always request your money back if the robot doesn’t work.
Finding genuine robots is hard but they are there. Robots created properly are profitable therefore at the beginning, your worry is essentially to find one that works for you.