Is something called the best Forex robot a reality? Most people are searching for the best Forex robots but have no idea how to go about it or what things to take into consideration before purchasing the Best Forex robot.
This guide has information on which FX robots are most recommended for use depending on your financial goals.
To be honest, there’s no “Best Forex robot” for everybody.
The best Forex robot is one that is consistent with your needs. If you like scalping, you’ll find the “best Forex robot” for that.
If you want to hold positions overnight, there’s another “Best Forex robot” for that as well.
How about traders who prefer hedging? The story is the same….. They have their “best Forex robot”.
We’ll get started by providing quick description to the best Forex robots (according to your needs) as well as where they can be found.
If you’re looking for profitable Forex robots, these links will be convenient and of help to you. Good luck.
But do remember….. a Forex broker can make or break your trading. Therefore, if you’re looking for a good trading experience where you enjoy real ECN, low or tight spreads and leverage of up to 1:200, FXchoice should be your best bet.
How to find the best Forex robot
We always review Forex robots here (and sometimes we bast scams as well) but have never told you what to look for in a good, profitable FX robot.
(a) Trading performance
While trading performance cannot be used to judge how a Forex robot will perform in the future, it can be used to give traders an overview of the expected performance.
Most reputable Forex robot developers have a myfxbook account or at least an FXBlue account which they use to demonstrate the success of their projects.
If a Forex robot is backed by any of these proofs of performance, it is a good sign that the developer is taking their work serious and have nothing to hide.
(b) Low draw down
The best Forex robot will have a reasonable draw down. We’re not saying that draw down is a bad thing or that it is possible to trade without this setback.
In trading, there are times we will win and times we will lose. That’s just ow trading is and we cannot avoid it. Good draw down is between 10%-20%. Anything outside these numbers would mean that the developer is risking too much or is not using proper risk management practices in their Forex trading robot.
The developer has to find a sweet spot between quality and pricing. The best Forex robot will be affordable to the masses in general or at least the developer could create a plan that fits all traders with different pocket levels.
Most Forex robots start at $200 (this is considered the average price) but we’ve seen other automated Forex tools costing as much as $2,000.
If a developer believes that they have the best trading tools and can demonstrate it, their pricing model should accommodate even that trader who wants to test the robot for $200.
They restrict the number of licenses and price them accordingly.
(d) Track record of the Forex robot developer
If the developer is well known and has a track record of creating and updating their robots regularly, this could be a good sign that you are buying from a reliable FX robot developer.
It’s easy to find out whether the developer has a track record or not. A simple Google search will do it but even our blog will educate you on whether a particular robot developer has a track record.
With the above methods, you will not have trouble trying to find the best Forex robot. We have made your work easier by giving you links to some of the best trading tools. We know that you will not disappointed.
Most of our readers know that we protect our traders here. Have fun trading!