If you are looking to purchase a Forex robot, you are most likely looking to make a profit. This means different things to different people. You may be content making $50/week, or you may be seeking much bigger money. The greater your risk tolerance, the greater the chance you will strike it big. At the same time, taking on more risk also means the chance to take bigger losses.
Your risk tolerance is going to be a key factor in dictating which robot is best for you and your trading goals. After determining this, you should look for robots that suit your trading style and analyze various statistical factors including maximum drawdown, profit factor, expectancy and efficiency.
One thing you should realize upfront is that finding the robot that is best for you is going to cost you both time and money. There are numerous elements to look for when choosing your robot. Much of the key statistical information needed to make a sound decision can be found in the best Forex robot toolkit. In this article, we will focus on one key criterion called robustness.
It is crucial to understand that most Forex robots only work efficiently in certain types of markets. What does this mean? Some robots perform better in range bound markets while others are more effective in trending markets. The problem lies in that it is often very hard for a trader is to determine if the market is in a range or trending. One key thing you must remember is in order to achieve success with your Forex robot you should never give up the gains that it makes during a favorable market when the market is unfavorable.
So what does this mean? Assuming that your robot is most efficient in a trending market, as soon as the market starts to range you will run into complications and might begin losing money. In order to be successful with this robot you cannot lose money during the ranging market that you made during the trending market.
Furthermore, you must determine if your robot is sustainable which entails backward and forward testing it through a range of market conditions. If your robot's profitability is sustained, than it can be considered robust. Keeping this in mind, you must always remember that past results are never an indication of future performance.
You need to assure that a robot has been both back and forward tested by the vendor before even considering making a purchase. Once you have decided to go forward with the purchase you need to perform your own testing. A good Forex broker can show you how to do this. At this point, if you are unhappy with the robots performance, you should return it if possible. On the other hand, if you are happy with the robots performance, you should run it on a live micro account at first so you are only risking minimal capital in the beginning.
LAST BUT NOT LEAST
MT5 FX ROBOT give you the best experience in using Forex Robot. MT5 FX ROBOT has a lot of uniqueness that you can not find it in others Forex Robot.
MT5 FX ROBOT has numerous advantages as :
- You can verify the results by login into the trading terminal used for MT5 FX ROBOT with the investor password feature
- Programmed by experienced and well known forex robot coders.
- All the trading algorithms are following how an actual trader trades. His daily profits have been ranging from $10K to $100K every single day.
- Provides quality and different customer support options like e-mail, live chat support and skype.
- You do not need any trading experience. However it is advisable that you must have basic trading knowledge on money/risk management if you wish to change those settings.
