Forex is currently the world’s largest investment market and the home ground for a significant number of traders. It remains open for 24 hours a day, 5 and half days a week and dwells in more than $ 5 trillion worth of currency each day. Whenever a newbie contacts a broker for instigating his trading career, he or she needs to create a marginal account with that broker. Once done, the broker will give him or her, a choice of trading platform to make. However, choosing the best Forex robots ea depends on a lot of factors.
Therefore, this article will look to ponder on such similar necessities.
Real time monitoring
Perhaps one of the most crucial aspects of choosing a Forex bot, real time feeds can make or break your trading career. Glitches in real time pricing can lead to slippage and latency and thereby undesirable losses.
Suppose, you are trading with EUR/JPY clocking at 1.3002. So, you decide to go long on this pair by leveraging your position in the ration of 50:1. Thus, for $100 of investment, you buy a currency pair of $5,000.
However, on opening your trade, you’ll see the live currency pair to be at 1.3004. So, this error in real time data accounts you for a slippage of 2 pips or $200 approx.
Variable trading strategies
Be it day trades, carry trades, Bollinger bands or stochastic, the best Forex robots ea must allow an investor to deploy a strategy of his or her choice. Moreover, these bots must also provide facilities for demo trades.
Demo accounts allow a trader to make sure that his strategy is profitable before making investments with legal currencies. For instance, you choose to go long on JPY/USD through scalping. Since both currencies show minimalistic deflections on candlesticks; it appears to be a safe bet.
However, a demo account allows carving out the precise floor and ceiling values of the currency pair before real time investments.
Consistency is the key
With the best new Forex robots looming the market, it is vital to ensure that a specific platform can open and close trades regularly without fail. For instance, you see a profitable opening and schedule your bot to open a trade. Failure to exploit fluctuating points can cost you significant amounts and can even make you go broke.
Every veteran trader recommends on choosing trading bots that can place trades automatically. Simply speaking, they support ‘absentee trading.’ Investors will need to place their account details and their currency priorities using which these bots will find profitable openings for your trade.
To be considered as the greatest Forex robot, absentee trading is a must-have feature. It frees investors from tracking their accounts the whole day and in fact, indulges in multiple trades.
These are some of the crucial factors which one needs to check before opting for an investment platform. With the right selection of best Forex robots ea and a dependable broker, your Forex account will soar high in no time.
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.