With all that is going on in the forex market today, what really comes to your mind when you hear that a robot is the best and is for free? As a matter of fact, there are some cool robots out there that are for free, claiming to be easy to use, and that the trader does not need to have any forex skills. As awesome as this may sound, it is seriously against the trading ethics of the forex market (says I…). If really you want to make money from trading the forex market, and you do not want to give chances, you just have to do that one thing that a lot of people are up against; work really hard and smart. When you work so hard, and you understand what the market is all about, you are at a better position to tell what robot will do well for you irrespective of what was promised.
FEATURES OF THE BEST FOREX ROBOTS:
To out point again, the best free forex robots. There are still some good people out there with large hearts who can develop amazing robots and give it out for free. There are other people that know that their robots are good enough, so they do not give it out for free. Whatever be the case, the best forex robots can only be identified if it has the following features.
1. THE STRATEGY OF THE ROBOT:
At this point, it is definitely not wrong to say that there is no one robot that is the best over all other in the currency exchange market. This is because they are different in many ways. While the major aim may be to make profits from the market, the robots may be designed based on incomparable factors; talking about a particular market conditions, volatility, currency pair, time zone, long term or short terms, etc. To be on the right path, traders should take their time to study the robot and be sure they understand how it functions before entrusting their trade balance to it to do as it may.
2. THE BASICS OF AUTO TRADING:
What makes it fit for auto trading? Precision, speed, accuracy, and 24/7 functionality; these are what you check out in a robot. Does it run all through the day till the next, does its algorithm function properly, and does it work well with the settings you entered? Once the robot can do all these, then it is good enough for auto trading.
3. CONFIDENCE BUILDING:
The best robots in the forex market will offer traders the opportunity to build their confidence as traders on the robot through back testing and demo trading. If you did not create the robot yourself, there is no telling what the robot can do. The best you can do study it, and use it in demo trades. The best forex robots offer traders the opportunity to demo trade for as long as they wish, and whenever they want to.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.