During the past two years, a massive number of trading robots were launched, leaving forex traders confused and looking for the answer - which forex bot will actually bring in money and not get losses.
The robots' compelling 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 wealthy. However, not all robots are produced equal. In fact, some are good but the majority does not work and in fact can easily loose the whole account.
Before picking a forex expert advisor, there are various factors that must be regarded to pick up the right EA and eliminate lemons.
It is absolutely necessary to read the sales letter and seek out answers to the following questions :
(1) Who is the maker of the robot ? Is it a recognized group in the forex market, a forex trader or just a computer programmer. If there is no genuine forex trader behind it, typically this robot will not have the right strategy, as programmers require the cooperation of forex specialists to build in the right algorithms.
(2) What is the robot's strategy ? Is it a scalping automatic robot or swing trading software ? What are the technologies 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 better strategies and more successful algorithms for trading a single pair, than a multiple pair robot. However, more experienced traders who are ready to partake in multiple pair experienced traders can use the multi pair robot.
(4) What are the robot's results ? Looking at live information, how does the robot software 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 overall performance is getting you a good return rather than losses. It is important to look for consistency in winning rate over time.
(5) Additional functions that are important are firm money management rules and broker stealth mode, to avoid losses.
(6) Available documentation and easy 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 customer support and refund policy. Look if the sellers mention customer support, as for some EAs no assistance is given and you should keep away from those. Also the majority of robots come with a 60 day money back guarantee. Ensure that that this is clearly stated. In this case, if you are not pleased with your purchase, you can return it within the 60 day term and receive 100% of your your payment.
Once you get acceptable answers to all the questions above, chances are that the robot looks promising. However, the forex market highly fluctuates and different robots operate better at different market periods. Therefore, it is strongly suggested to have two or three 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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