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The Best Way To Take Full Advantage Of Your Automated Forex Trading Software
If you're into automated forex trading software
, you must choose from the one that just deliver a prospective trade opportunity (AKA trading signals) and the one that require no human interference at all as it can analyzing and placing orders independently. The last one is also known as EA or forex robot and I'll talk about this as this one is apparently the favourite choice.Aside from the forex robots that made by scam programmers who can only prove their usefulness in backtesting (unfortunately, most of the forex robots in the market ARE scam), there are a handful of genuine forex robots with real profitable trading system behind it. But getting your hands on this robot does not necessarily mean that the search is finished and you may watch the cash going in; this is a mistake which have been made by many robot owner and they have paid dearly for that.
One fact that you need to realize is regardless of how profitable the trading system driving your automated trading software (whether it is forex robot or trading signals), they require certain circumstances where they are able to run at their 100% effectiveness and you as the owner must provide it for them. These are aspects that tend to overlooked by forex robot owners:
1. Trusted Forex Broker
No matter how good your robot, it won't matter if your broker cheats on you. Your broker can sabotage your trades by cutting your connection, tackle your trades, delay your order execution, etc. There are hundreds of forex broker around the world, some are real, but there are also scam brokerages.
The easiest way to recognize a trustworthy broker is looking at their registration at the official financial authority such as FSA or NFA; yet despite that you can't be 100% positive, so be extremely careful.
2. Reliable VPS (Virtual Private Server)
Unlike trading signals, forex robot is an automated trading software that need a place to host it. Unless you own a server that run 24/5, it is impossible to run your forex robot from your own PC at home; having your robot only operating when your PC is on will cut your profits drastically.
This is where VPS comes in; basically, you reserve space in a server to host your forex robot so it can operate 24/5. There are many companies that offer this service, so make sure you choose the one that doesn't go down too often.
3. Optimized Currency Pairs
This information can be obtained from your robot's user manual; use this info wisely and set your robot so it only trades the currency pairs that it has optimized for. Some forex robots claim that they can run in all currency pairs, but there should be some pairs where they truly optimized for, so stick into these optimized pairs.
Sometimes, you can find programmer/traders (not the EA creator) that provide different settings for a particular forex robot; this new settings promise bigger profit with more aggressive trading methods or utilizing other currency pairs. This can be worth to try, but make sure you test it first in a dummy or mini account.
You are able to employ automated trading software to get steady income from the forex market, however, you can't charge blindly towards the first offer you found. Take some time in testing various robots and when you finally acquire one, put attention to the three factors mentioned above to make certain your robot run at its 100% capability.
by: Matthew Johnson.