Charts, graphs, tables, analysis… If you start online trading forex, all these things come into your life immediately. A smart forex trader quickly figures out that it is impossible to make money on forex without a good trading strategy. And creating such a strategy can be very time-and-effort-taking, since currency trading demands always keeping a watchful eye of the forex market and currency prices. And this means charts, graphs… and you know. Is there a way out to spare you all these “delights” and to make a profit at the same time? Yes, with the advent of computers and the Internet it became possible for everyone, and this way out is called automated forex trading systems, or forex robots.
If you search on the web, you’ll find out that there are a number of forex trading systems on offer. But how to choose the best forex robot that would suit your needs? That would become your helping hand and a reliable advisor in the tough world of currency trading?
Let’s review some points that will help you not to get lost in the diversity of forex trading systems.
- Chose your type of control
- Search for reliable and tested software
- The more currency pairs – the better
- As easy as can be
Generally, there are two types of forex trading systems, which differ on the level of control they provide the trader with for making operations. The first is an automated signal system which makes a forex signal for the trader to enter or exit the trade. It is based on a set of market conditions prearranged in an algorithm. This type of system provides more control, since it leaves the decision whether to make an order or not to the trader. Second type of forex robots is fully automated forex trading system, where the trader even doesn’t have to enter the orders – it will be done by the system itself in case it “decides” that this is a profitable deal. It doesn’t leave much control to the trader.
It’s better to choose the forex EA which has been successfully used for live account trading for a year or at least three months. It means that the system has proved its effectiveness in currency trading.
Focus on a system that is optimized for dealing with at least 5 currency pairs – in this case you have more trading opportunities.
Your forex robot is supposed to be easy to install and set up, which means that it will be user-friendly and not complicated at all! To use such a robot is as easy as can be both for the novices and experienced forex traders.
Article was written by Alexander Collins. Founder and creator of forex expert advisor which works profitable sicne launching in 2007.
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4 Principles of Choosing Automated Forex Trading System