Would you like to be able to sleep for hours without intervention?
Of course, you do!
Forex manual trading is full-time work that requires a great deal of patience and experience. Most importantly, psychological factors such as greed and fear play a significant role in a trader’s success or failure in manual trading.
So, why not use instead a forex robot that grows your account automatically, while you take some time off trading?
In this post, we are going to give a few tips on how you can choose the best forex robot in 2021.
Let’s get started!
1. Try it on a demo account
When you are selecting a forex robot, it is always a good idea to test it intensively before going live.
Why not discover how it works before putting your money at risk?
Though a demo account does not always replicate real-world situations, it might be useful for testing the robot and getting a sense of how it operates.
2. Back-testing
The best robots have been tested against real market data, variable spreads, and slippage. This back-testing should be available to you before you buy, and real-time data from third-party sites like Myfxbook can help you understand how the robot is performing right now.
3. Minimum drawdown
The term “minimum drawdown” refers to the reduction and decline of trading capital. Big drawdowns indicate high reward, but they can also increase the dangers involved.
4. Multitasking
Humans aren’t outstanding multitaskers in comparison to the aptitude and intuitiveness of forex robots.
See if a robot can perform multitasking. This paves the way for ever more comprehensive and sophisticated strategies that forex robots can implement considerably more simply than a human trader.
5. Client reviews
The developers will only show favorable ratings, and customers who have lost money while using a particular robot, are more likely to give it a negative review. Before selecting a forex robot, compare reviews from real users.
6. No guarantees?
When selecting a forex robot, the most important thing to remember is that there are no guarantees of profit from forex, binary options, stocks or cryptocurrency trading.
You should avoid forex robots with no money-back guarantee. Many of the most popular robots offer at least 60 days of trading and a complete refund, making them appear less likely to be a swindle.
7. Fake robots
When looking for forex robots, it’s critical to keep in mind that many of them are scams designed to fool naïve traders. As a result, you must conduct extensive research to guarantee that the robot they have chosen is legit.
You should always be on the lookout for red signs such as withdrawal issues after depositing funds, difficulties such as profits not adding up, or even robots that do not perform as stated.
You should select robots that have their background information properly stated.
If developers wish to gain the trust of clients, they must be upfront about the fees involved, prior trading performance, and services offered.
Conclusion
If you determine that a forex robot could help you, don’t think that the solution is to spend a lot of money on a robot that claims to be the “holy grail” of good trade signals.
Paste on your trading desk: I am not gonna buy a forex robot without back-testing it.
What you want to see are long-term profits as well as significant losing streaks. Something is wrong if the back-test does not reveal any losing streaks.