If you follow Forex in any way, you
know that Forex robots have become wildly popular over the past few years. With
the overabundance of Forex robot sales pitches, it is hard to find a robot that
is actually successful. In this article, we will show you how to find the best
Forex robot for your trading style, as well as what you need to know about your
EA and what your realistic goals should be.
If you are looking to purchase a
Forex robot, you are most likely looking to make a profit. This means different
things to different people. You may be content making $50/week, or you may be
seeking uch bigger money. The greater your risk tolerance, the greater the
chance you will strike it big. At the same time, taking on more risk also means
the chance to take bigger losses.
Your risk tolerance is going to be a
key factor in dictating which robot is best for you and your trading goals.
After determining this, you should look for robots that suit your trading style
and analyze various statistical factors including maximum drawdown, profit
factor, expectancy and efficiency. A majority of this information can be found
in the Best Forex Robot report at www.bestforexrobot.com.
One thing you should realize upfront
is that finding the robot that is best for you is going to cost you both time
and money. There are numerous elements to look for when choosing your robot.
Much of the key statistical information needed to make a sound decision can be
found in the best Forex robot toolkit. In this article, we will focus on one
key criterion called robustness.
It is crucial to understand that
most Forex robots only work efficiently in certain types of markets. What does
this mean? Some robots perform better in range bound markets while others are
more effective in trending markets. The problem lies in that it is often very
hard for a trader is to determine if the market is in a range or trending. One
key thing you must remember is in order to achieve success with your Forex
robot you should never give up the gains that it makes during a favorable
market when the market is unfavorable.
So what does this mean? Assuming
that your robot is most efficient in a trending market, as soon as the market
starts to range you will run into complications and might begin losing money.
In order to be successful with this robot you cannot lose money during the
ranging market that you made during the trending market.
Furthermore, you must determine if
your robot is sustainable which entails backward and forward testing it through
a range of market conditions. If your robot's profitability is sustained, than
it can be considered robust. Keeping this in mind, you must always remember that
past results are never an indication of future performance.
You need to assure that a robot has
been both back and forward tested by the vendor before even considering making
a purchase. Once you have decided to go forward with the purchase you need to perform
your own testing. A good Forex broker can show you how to do this. At this
point, if you are unhappy with the robots performance, you should return it if
possible. On the other hand, if you are happy with the robots performance, you
should run it on a live micro account at first so you are only risking minimal
capital in the beginning.
Our hope is that after reading this
article, you should now have the proper tools and confidence to embark on your
robot trading journey. Let's take a quick moment to do a final review of what
you need to be a successful robot trader:
1.) Determine if your robot is
robust and in line with your expectations of return.
2.) Perform extensive testing of
your robot before taking it live.
3.) Start trading live on a micro account
to minimize losses.
Following the guidelines above will
help you get one step closer to Forex success.
No comments:
Post a Comment