Do you know that majority of the Forex traders are using at least one type of automated trading software? The best Forex robot can help them trade objectively and make market analysis, charts, and predictions almost in an instant. If you are one of those interested in using automated Forex software to trade currencies, you don’t just pick the first robot you see on the market or on the internet. This is because tens if not hundreds of robots are now available and all of them claimed to be the best.
7 Best Forex Robot Tips
But which Forex robot is really considered the best? Here is a list of the tips which can help you determine which one is really the best:
1. Check the robot’s reputation and existing user reviews
This is considered one of the most important factors when choosing the best Forex robot; the software’s reputation as determined by its previous and existing users. There are now several reviews you can read on the internet, from forums, and from recommendations of your fellow traders.
2. Research and compare trading robots
The first thing you’ll have to do is to research on all the available Forex robots to be able to gain knowledge of their features and for you to compare these features side-by-side. The best Forex robot doesn’t necessarily mean the one which has the most number of features. The decision should be based on their suitability to your trading style or requirements.
3. Check on the trading robot’s history
Checking the history of the Forex robot is like making a background check. Is the software already existing and is used for several years now? Or perhaps, a new one which doesn’t have any performance track to show yet. If the software’s market life was short-lived and is just a product of rebranding, it’s also a concern to take note of.
4. Focus on the currency, currency pairs, or market you are interested in
Almost all Forex robots have the ability to get updates and participate in majority of the Forex markets around the world. But if you are searching for the best, the software should have focus or been programmed to efficiently trade the type of currency or currency pairs you are interested in or the market you are interested to participate into.
5. Low draw down
Of course, the margin of potential losses is also a determinant of being the best Forex robot. And this is expressed as the draw down. For example a certain robot or program can have a 20% draw down or margin. If you found a lower risk at 15%, 10%, or even below, it would be ideal.
6. Check the level of automation
Do you want a fully automated trading software? If you still want to exercise your Forex trading skills, the best robots will be those which can provide certain level of human intervention when it comes to trading and investment limits.
7. Efficiency for larger trades
Some robots lose their efficiency when they are faced with large volume trades. If you’re a bulk trader, the best Forex robot is the one that can maintain its efficiency and profitability even with huge, bulk, or multiple trades.