FOREX MARKET HOURS WHICH FOREX MARKET IS OPEN/CLOSED NOW? Before we look at the trending…
How to Choose the Best Forex EA Robot?
Best Forex EA Robot – How to Choose ?
Best Forex EA Robot – that is what you looking for, right? The release of MetaTrader 4 has spiked the demand for forex robots. Eliminating human intervention in trade decisions, Forex robots have turned foreign exchange into a more profitable and less stressful market. Forex robots or expert advisors are trained computer software that makes trading decisions on their own. The developers feed in the trading rules, and the Robot enters and exits a trade without humans operating them.
It’s never easy to step into Forex trading and make profitable decisions unless you have the Best Forex EA Robot on your side. But, how would you define a reliable expert advisor in a world where financial risks are not a big deal, and the budget problem still haunts? Making profits without losing deposits is tricky with Forex robots. You need to be wary while selecting the one for your business. Here’s how you can do that.
Get the price fog clear
Buying trading robots is not a piece of cake that you can bargain for a lower price. A smart Forex robot incorporates deep thinking for even the insignificant variables. The action algorithms in a trading system need to be thoroughly spelled out to the software, and then the result is a profit-earning Robot. How can you imagine to avail it at a cheap price? Robots sold for a few dollars are definitely going to eat up your hard-earned money. Then, you won’t be able to cover the loss with a few pennies you saved while purchasing the robot.
Check behind the scenes
Before you knock at Forex automatic trading just for the sake of buying, be aware that Forex robots can be risky if you partner with any company blindfolded. So, how can you confirm if you’re investing in the right direction? Check out customer reviews and testimonials from traders and analyze what their impression about a particular product is. They can tell you the truth more than anyone else in the market. Visit forums where traders find a place to share a robot’s performance and how it helped them to earn profits. You will get a detailed insight into your selected product.
Will the robot make money?
The primary reason why people invest in forex robots is to make money (or earn profits). Is your buying decision complete without considering the profit factor? Risks will accompany you forever, but what makes sense is the profit factor that can overcome the risks. The profit factor establishes a relationship between the earned profit and associated risks. That is, Profit factor = Gross profit (add all the winning trades)/Gross loss (add all the losing trades). What should be the result? If the calculation comes out to be less than one, switch to another EA.
Best Forex EA Robot – how much can you expect?
The next question that hits your mind while investing in Forex automatic trading is about the profit expectancy. After you buy a forex robot, you want to make more money. But how much that more should be, needs to be answered. This introduces a new statistic – expectancy (expected profit per transaction). You must test it on a strategy back tester which is included in your MT4 platform. It is a great tool which answer these questions:
- It calculates how much profit you can expect on each trade on an average.
- Expectancy = percentage of winning trades-percentage of losing trades
- The trading history is considered while measuring the results, which makes the statistic a bit doubtful for future robot performance. But it is indeed a useful metric to analyze a Forex robot.
What indicates a risk?
The drawdown factor of a Forex EA alerts you when your account is under the risk of a potential drop. In other words, it illustrates the performance of an EA when it faces trouble (losses in trade). For sure, you cannot possess a robot that puts your money on a high risk while trading. For analysis, you can use the equity curve chart where a maximum drawdown indicates maximum loss from the last high point, and an average breakdown compares different amounts of drawdown.
Look for a robot that can quickly cover up the loss. The drawdown recovery statistic that tells you how fast a trading system can emerge from drawdowns during the trading process.
How much risk can the Best Forex EA Robot take?
The Risk-reward Ratio very well answers the question. An EA with an 8:1 risk-reward ratio (5-pip take profit and 15-pip stop loss) needs an 89% success rate while the one with a 15:1 ratio requires a success rate of 95%. 2% decrease, and the Robot will lose. You have to be careful at both ends. At FXShareRobots, you can choose the Best Forex EA Robot that makes smart decisions to earn you profit on Forex markets. Our MQL4 developers are into a profitable development process for about ten years.
We offer only high quality professional trading solutions. So all the things mentioned above is taken in consideration. You don’t have to worry about the calculations or difficult algorithms – leave it for us. Ready to try? Just pick up the one you like and start automated trading now!