subject: 7 Things You Need To Avoid When Looking For a Robot for Forex Trading [print this page] 7 Things You Need To Avoid When Looking For a Robot for Forex Trading
Forex trading robots have revolutionized the way we deal in the global forex market.
Not too long ago, only mega firms and finance professionals could trade forex, however, the introduction of do-it-for-you trading software has made investing so much easier to master, that even the most average Average Joe can "make it big" trading currency.
Put simply: a robot for forex trading makes it possible for normal people - you and I - to invest, trade and make serious profit with forex.
The only sticking point here is that there are just so many robots out there.
Before putting your hard-earned money down on one, there are certain things a robot for forex trading must be capable of before it can secure you the profits you desire.
Beyond all the marketing hype of scammers, here are 7 things you need to make sure you check before buying a forex robot:
1) Novice creators
Determine the history of the robot's creators.
So many robots available on the Internet are cloned and limping replicas of successful ones. You really have to know how many years of experience in currency trading the developers and support team have.
Are they computer system programmers? Are they expert traders? The best bots should come from people with both experiences.
2) Untested Robots
If it hasn't been thoroughly tested, run!
Ideally, you should get a robot with years of operation and many satisfied end users; make sure it's been exhaustively tried with previous and current market situations and that it performs fantastically.
3) "Wimpy" Robots
If its skill has only been tested on demo accounts, extensively or not, it's going to be a wimp. When a robot shows a fantastic 100% score with demo accounts, it doesn't guarantee the high success rate you need to turn in a fine profit during live trading.
Battle hardened live trade certified robots exclusively, please.
4) Lack of support
Sometimes you need your hand held, so make sure support is part of the deal.
A robot for forex trading should be frequently updated by the creators. This makes it wiser, keeps it efficient and allows it to adapt to present market trends.
5) Inefficient robots
Learn if it can safeguard your investment. Trading in big volume will not help make you rich if those trades are not optimized. Make sure the forex robot has a stop-loss feature or some other technique to limit your exposure and maximize the returns from your trade.
6) Non-flexible robots
Don't be fooled by forex robots that are not flexible, and no, I'm not talking yoga here.
Forex trading requires continuous attention. Thankfully, good (not all) robots will deal with that for you. All you will need is a trading robot that can be hosted on a "remote server", so that your robots still run even when your PC (or Mac) is shut down.
7) Bad Bots That Don't Make You Cold Hard Cash
To finish, be mindful not to buy a forex robot that's incompatible with your platform or that is plain tricky to set up, tweak and use.
The fx market is a $3 trillion + per day market. To be part of it, make sure to get a robot for forex trading that can assure above 70% profit and a low drawdown.
