You can get automated Forex Trading software in two forms: the first is a software that send you trading signal when it find a profit opportunity at the market, the second is a software that get everything done for you, including executing trades. The last one is also known as Expert Advisor or forex robot and I’ll talk about this as this one seems to be the most popular choice.
You’ll find many forex robots that created by mere programmers who can only win during backtest (because they’re created solely with that goal: winning at backtesting), but there are a few robots that really work and backed up with profitable trading system from real trader. But getting your hands in this robot does not mean that your search is over and you can watch the money rolling in; this is a mistake that have been made by many robot owner and they’ve paid dearly for that.
One fact that you need to realize is no matter how profitable the trading system behind your automated trading software (be it forex robot or trading signals), they need certain conditions where they can run at their 100% capabilities and you as the owner must provide it for them. These are factors that tend to overlook by forex robot owners:
1. Credible Online Forex Broker
No matter how good your robot, it won’t matter if your broker cheats on you. Your broker can sabotage your trades by cutting your connection, tackle your trades, delay your order execution, etc. There are hundreds of forex broker around the world, some are real, but there are also scam brokerages.
The easiest way to identify a credible broker is checking their registration at the official financial authority such as FSA or NFA; but even with that you can’t be 100% sure, so be very careful. My top recommendation for online forex broker would be AvaFX, I suggest you read more about them at a report of AvaFX online broker .
2. VPS (Virtual Private Server) with Steady Connection
Unlike trading signals, forex robot is an automated trading software that need a place to host it. Usually, it is impossible to run your robot from home due to downtime and other connection issue; also, if your robot goes off when your PC is off, you’ve lost many potential profits opportunity.
This is where VPS comes in; basically, you rent space in a server to host your forex robot so it can run 24/5. There are many companies that offer this service, so make sure you choose the one that doesn’t go down too often.
3. The Best Currency Pairs
You should’ve got this information from your robot’s manual, so make sure to set it only run in the currency pair that it has optimized for. Some forex robots creators said that their robots can conquer all currency pairs in forex market, but in reality, there should be a few currency pairs where the robot are most profitable; I suggest you keep it running only in these pairs.
Sometimes, you can find programmer/traders (not the EA creator) that provide different settings for a particular forex robot; this new settings promise bigger profit with more aggressive trading methods or utilizing other currency pairs. This offer may be real, but there is also possibility that it only rubbish settings, so it is a good idea to test it in a dummy account first.
It is possible to use automated trading software to gain steady profits from the forex market, but you can’t charge blindly to the first offer you met. Take your time in testing different robots and when you finally get one, put attention to the three factors stated above to make sure your robot run at its 100% capability. Learn more about the top robot at the moment at FAP Turbo – the review or simply check my top recommendation at best performed forex robot .
