During the past two years, a large number of forex robots were launched, leaving forex traders confused and searching for the answer - which forex robot will basically bring in money and not get losses.
The robots' powerful graphics, sales letters and stories make each robot look like its the best thing that ever happened to this world and will make thousands of traders successful. 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 selecting a forex expert advisor, there are several factors that must be thought of to pick up the right EA and eliminate lemons.
It is vitally important to read the sales letter and look for answers to the following questions :
(1) Who is the producer of the robot ? Is it a well known group in the forex market, a forex trader or just a programmer. If there is no real forex trader behind it, in most cases this robot will not have the right strategy, as programmers require the collaboration of forex professionals to build in the right algorithms.
(2) What is the robot's strategy ? Is it a scalping software or swing trading robot ? What are the technologies that it incorporates ? What type of algorithms are embedded ?
(3) What pairs does the robot specialize in ? Is it single pair or several pair robot ? The good point of a single pair robot is that it can have easier strategies and more powerful algorithms for trading a single pair, than a multiple pair robot. However, more experienced traders who are ready to involve in multiple pair traders can use the multi pair robot.
(4) What are the robot's results ? Looking at live results, 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 appear if the capabilities is making money rather than losses. It is important to look for consistency in winning rate over time.
(5) Additional capabilities that are important are strict money management rules and broker stealth mode, to avoid losses.
(6) Available documentation and ease of 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 set up process complexities.
(7) Available support service and money back guarantee. Look if the sellers mention customer support, as for some forex software no support is given and you should avoid those. Also most robots come with a 60 day refunds. Ensure that that this is clearly mentioned. In this case, if you are not happy with your purchase, you can return it within the 60 day time period and receive 100% of your money back.
Once you get sound and logical replies to all the issues above, chances are that the robot looks promising. However, the currency markets highly fluctuates and different robots operate better at different market cycles. Therefore, it is strongly suggested to have several 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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