Forex robots are nothing more than automated software that will search for profitable trades and then place your forex trades based on your particular design specifications. I can’t really say how they work, but they are reported to be based on specific algorithms.
Not all forex robots work the same. Some are designed differently than others. It all depends on how they were built and who made them. I highly recommend that you do a great deal of due diligence when selecting a forex robot. For experienced traders, a forex robot can help take the fear or psychological stress out of physically placing your own trades.
Before you begin your search for a forex robot, design or map in your mind what you want your particular robot to do for you. Most people want the robot to do everything except tie their shoelaces. If you are a beginner, most beginners look for a forex robot that will find trades that look profitable and then make trades for them. Since the forex market is so volatile, many people worry about the benefits of forex robots. Once you’ve figured out your needs, simply find the right forex robot.
Here are ten tips on what to look for when selecting a forex robot:
1. Find review sites and forex forums and discussion groups. Watch to see how your robot compares to other robots.
2. Does the robot, software or company allow or suggest how you can get started with a small trading account? In this way, your losses, if any, will be minimized.
3. Does the company offer a benefit comparison chart?
4. Does the company have a good FAQ page to explain anything that might come up? This shows that the company has thought about the process.
5. How is the company’s customer service set up? Does it appear to be complete and accessible?
6. Does the company offer paper trading so you can test the robot’s software system and make sure it really works as advertised?
7. Also make sure the software works with live trading. Most good robots will offer live trading success tests.
8. Make sure the company offers a good return policy. You should look for at least a 60 day money back guarantee. This should give you enough time to review the software system.
9. Look for the buzz. If you read a lot of good advertising about a particular piece of software and there’s a lot of good talk going on, then it’s probably a good robot.
10. Also look for video testimonials instead of written testimonials. If they have both, that’s good too. Remember seeing is believing and it is much more difficult to get several skilled actors to lie in a video. If they look like regular people (not actors) and have nice things to say, then the software is probably a good piece of software and the testimonials are more than legitimate.
11. And as a bonus tip, does the company offer a loss prevention facet built into their forex robots?