For the foreign currency trader, there are many good, valid reasons for adding a forex automated trading system to the tool kit and few reasons not to.
An estimated 30% of professional traders are now using them to monitor the markets 24 hours a day and automatically execute the trades they would otherwise miss. They are managing more campaigns more efficiently and more profitably while minimizing their losses. In short, they are making more money.
New traders are learning how to trade effectively more quickly and seeing profits earlier with forex trading systems. They are entering their first trades with confidence knowing that their system is proven and can be trusted when followed long-term with discipline. Less likely to fail than the 90% of beginning traders who enter the market without this tool, they are more likely to reap the benefits of foreign currency trading for years to come for the financial security of their families.
There are many forex “robots” on the market today and they are not the same software in different packaging. Choosing the right one will take some research and testing but it's well worth the time and effort. Here are the minimum requirements of an automated forex trading system:
1. The system must be easy to use and understand. Any program that isn't intuitive and easy for the trader isn't of much use.
2. It must be tested in simulation tests and shown to produce a high winning-losing ratio for trading signals.
3. It must generate signals that return large profits at small risk at least during simulated tests.
A good place to begin your research is in internet forex forums where you can directly ask those who have used the systems for their reviews and opinions. Most will be all too happy to share their experiences, good and bad.
There are also review and rating sites that might be of some help, but do keep in mind that they might be highly rating a particular product for the high commission it offers for selling it. It is a good way to get a quick overview of multiple products to look into further, however. Eliminate any from consideration that don't offer a money-back guarantee – if they don't offer a guarantee it indicates that even they don't trust their own system. Why would you?
Of course, you do not want to accept the advertised claims for any forex robot – you need to test it for yourself proving every claim before live trading the system with your investment capital. You will do this with a demo account you can sign up for at most foreign currency brokerage firms.
Sign up for a demo account at a firm that allows forex robots, set the robot up and let it trade for you in the dummy account for a few weeks to evaluate its performance. Does it accomplish all three goals above? Was it easy to use, producing high win-lose ratios and generating large profits at small risk?
If it didn't meet those goals or the advertised claims, return it for your money back or at least don't buy the entire package. Try again until you find the right automated system for your trading style.
The forex robot will be your best employee. Hire wisely!
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