During the past couple of years, a huge number of forex robots were launched, leaving forex traders confused and in search of the answer - which forex robot will basically bring in money and not create losses.
The robots' persuasive graphics, sales letters and stories make each robot look like its the best thing that ever materialized 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 taken into consideration to pick up the right EA and avoid lemons.
It is extremely important to read the sales letter and look for answers to the following topics :
(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, in most cases this robot will not have the right strategy, as programmers need the assistance of forex professionals to build in the right programs.
(2) What is the robot's strategy ? Is it a scalping robot or swing trading robot ? What are the systems that it incorporates ? What type of algorithms are embedded ?
(3) What pairs does the robot is dedicated to ? Is it single pair or several pair robot ? The advantage of a single pair robot is that it can have improved strategies and more powerful algorithms for trading a single pair, than a multiple pair robot. However, more 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 legitimacy of the forex trading robot. There is no 100% wins in Forex, however, you should look if the capabilities is making money rather than losses. It is important to look for stability in winning rate over time.
(5) Additional features that are important are exact 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 start cashing in and not mess around with a program's installation complexities.
(7) Available support service and money back guarantee. Look if the sellers mention support, as for some robots no support is given and you should steer clear of those. Also most robots come with a 60 day refunds. Make sure that this is clearly pointed out. In this case, if you are not happy with your the robot, you can return it within the 60 day period and receive 100% of your money back.
Once you get solid replies to all the issues above, chances are that the robot is good. However, the currency markets highly fluctuates and countless 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 cycles.
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