If you are thinking of taking a gamble on purchasing your first forex robot, you must consider several factors before you throw away your hard earned money.
Forex robot is build for a specific trading tasks and knowing what it can perform for you is the most logical question that should be answered logically, too. If you are already doing both in trending market and range bounds markets, a robot that performs well in both markets will suit your trading style. But since it is hard to determine when the market is in range bounds or trending, be sure your robot has given up gains when the market is unfavorable and thus allow it to work on this platform.
Forex profitForex market is very volatile and your forex robot should be able to sustain its profitability performance. You tend to lose money when complications pick up and your Forex robot should be able to make predictions and trending with clear indication of profits or gains.
Your tolerance for risk is one of the factors in getting bigger change of profits and your robot should clear any obstacles or make risk management an easy task for you.
Finding a good robot can cost you time in visiting forums and blogs. But take your time and learn from what past buyers and users have to say. You’ll be only investing time and buying the wrong robot will make you lose both money and time.
Most robot vendors will tell tales of past success with their robot. Don’t just believe them but get reviews and read articles about the robot. Somehow, somewhere you can find goof reviews and articles written about a certain forex robot and these can help in your decision. Also be sure to have backward and forward test your robot. Make a macro test run on it with micro account. Doing so will save you from losing big when it does not actually perform the way it should be. And it is best to do extensive testing before taking it in live trading.
Forex robot can simplify forex trading for you but if you happen to buy the wrong stuff, you’ll lose more than the profits it promises.
