How to choose the right forex robot and start to earn on Forex market?
Remember that a trading robot is a system which is based on a variety of factors, ranging from simple indicator strategies to complex mathematical algorithms. Each of the robots can be configured for specific parameters of the financial risks and trading time frames. Currently, about 80% of the volume of trade transactions are made by robots. The question that arises, is how do experienced traders choose the right robots and earn money using them? Let’s look at this matter.
Well, any automated trading system that can automatically open and close positions on financial instruments, may be called a trading robot. As is known, robots can be programmed according to various systems. The most simple of them trade based on indicator values. Complex robotic systems can be designed individually and include a multitude of high-frequency algorithms. For example:
– Print tape;
– Wave cycles;
– Tick volumes;
– Supply and demand levels.
When choosing a trading robot, a trader may face a large choice of advisors, who have various success ratings. While the wrong choice will mean a loss of money.
Forex trading may not be 100% profitable, as one cannot make successful deals only. Robots primarily help to free the trader of psychological problems with the deal entrance and exit. This is very important because the correctly chosen robot does not change decisions, and does not experience emotions. People tend to change strategy while in the process the trade, changing stop levels, which can negatively affect the trading account. Automatic calculation of financial risks is another advantage of forex robots. And one of the major pros is the time left for the trader to perform the analysis of fundamental market factors.
Choosing a trading robot to automate your Forex trading is an important step towards a stable income.
How to choose a Forex robot?
Choosing a trading robot is not easy. Professional and experienced trader will tell you that he or she has tested a few Forex robots before finding the right one. First of all, you should decide which strategy you use, and whether you prefer to work with simple or complex solutions. In my trade, I prefer more complex alternatives such as 2leg Forex Hedge Arbitrage software provided at forexzzz.com. You also may find free advisors, but they need a lot of adjustments and support. If I were to choose a forex robot now, I would start to read reviews on specialized forex robot sites. You may find several such sites, but choose sites that do not only sell robots, but where you can read the forex robot rewievs. In addition, a good idea will be to analyse the results of trading robots of current clients, such as: drawdown, yield, recovery factor, etc. Personally, I prefer the robots which are built on the principle of supply and demand levels. They calculate the historical minimum and maximum automatically under any specified time frame.
So to choose the right forex robot and start earning on Forex market, you need to know a few key criteria of good systems:
Positive Forex robot reviews on:
- A paid robot with high ratings is preferable to a free one;
- Free forex robots should be thoroughly checked on test accounts;
- High-frequency robots are well-suitable for scalpers;
- If a robot is based on simple algorithms, that doesn’t mean it’s not good;
For beginner traders, buying paid robot advisers may become the main problem. However, it is worth noting that otherwise to spend money on a deposit and lose it all due to a free untrustworthy system is not very pleasant.>