I am a forex trader for more than 2 years, with great experience with currency trading and currency market. And even though I am making more than one thousand dollar daily from manual forex trading, I still use multiple forex robots with multiple accounts that automatically generate for me profits also daily.
For me it took days to test more than 30 forex robots, and trying to see exactly how each robot works and what strategy it use to trade on the forex market. Then I kept the best 5 forex robots that I think brought the highest profits using the best trading strategies with best risk management.
Two elements I look for with any forex robot, the strategy of targeting winning deals, which also can determine the percent of profits, and the second element is risk management.
If the risk is equal the winning rate, it will be a bad idea to use the robot, the robot must provide high accuracy rate with minimum risk, and it’s possible if the algorithm can leverage the account balance automatically or by targeting strong signals with maintaining low stop loss rate.
Forex robots are software that can be attached to your trading platform (generally the Meta Trader 4) and can read the charts and detect signals on the charts by analyzing different trading methods.
Generally each robot works with only one trading method, some robots provide more than one software (called Expert Advisor) each for different trading strategy, but the most common strategy that is easy to any software to detect will be the strong signal strategy called predator, that can see a strong upward or downward signal and open a deal with maximum profits (more than 50pips) and minimum risk.
Is it Wise to Use Forex Robots with your Trading?
It’s more than wise, for some cases it’s a must. If you are an expert trader and you are making profits from your manual trading, you can have another trading account with a robot and test it for one month, you already making profits so it will make no difference for you if it does not work, but if it does it will increase your profits.
But if you are a new trader, using the robot and monitoring its behavior could also give you more training and more experience with forex trading, and it can make profits for you. Because the main element that make new traders to lose money with forex trading is their emotions like greed. They could not control their feeling, even when they know when to close a deal and when to open another.
How to Find Good Forex Robot?
The only way to find a forex robot is by testing, you can make your own test, but it’s not recommended because there are thousands of robots on the internet and honestly most of them are useless.
You need to find someone else who had already tested some robots, this way you can minimize the number of robots to test yourself.
For example I have tested more than 30 robots, and ended up with only 5, you can take the 5 robots I have and test them to get your robot, or you can find another test result from another forex trader and compare the two results to even narrow your search.
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