By Jonathan Millet
Forex robot often referred as Forex trading software is available today in hundreds, or maybe thousands of names, pricing from as low as free to as high as thousands of dollars. Before price, its best to consider the quality of the robot and the reputation it shares in market. Seeing the outnumbering choices, confusion can occur. So, here are some points that would help in differentiating a “quality Forex robot” from a “Forex robot”.
Reputation of the makers is crucial
When short listing Forex software its best to search deeply about the credentials of the company. The company’s reputation plays a crucial role, so the trader must get all those queries popping in his mind answered. Its best to go for a word-of-mouth recommendation, which would mean the water, has already been tested, and the money and time that is being invested is safe.
The trading strategy is important
Getting versed with the testing strategy that automates the robot is essential. Questioning, is the strategy tested, does it have a proper risk management, is a must. Choosing one that seems rocket science to a trader and which they cannot use is just throwing away one’s money wastefully. Try testing it manually and don’t go with gimmick promises, as nothing out there is 100% foolproof.
Be inquisitive, go ahead and question
Don’t just get satisfied with the company’s self test results; ensure that the risk parameters lie within acceptable limits. Just going with promises that the Forex software can do this and do that is not wise. Ask questions, no matter how many they are.
Online reviews posted elsewhere can help
Reviews about the robot and its strategy posted and shared on reputed websites can help. Its better to rely on reviews posted on known websites rather than just the home one, as it can be forging and made up.
Self test is the best test
After the background check for the company has been done, it’s best to do a self test through a demo account. Both forward and back tests are recommended.
One week’s testing rarely proves a reliable indicator, because it’s all in the long run. But, doing a due diligence can surely skip many unneeded aftermaths.