In today's world all of our lives are being enhanced due to the rapid development of hardware and software. The Forex markets are witnessing the same phenomena with an ever increasing quantity of trades being undertaken by automatic forex trading systems or Forex Robots. Unlike the stock markets, the forex is seeing a noteworthy increase in the use of automated trading systems by the individual investor. This is primarily due to the fact it is significantly easier to program a profitable forex trading system than it is to program a money-making stock trading system. Today there are numerous commercial Forex Robots in the markets. As long as you purchase a top tier system you will be acquiring a software package that has been tried and tested to produce gains reliably. The systems are relatively inexpensive usually running in the range of one hundred US dollars. Taken into consideration the amount of profits they are able to generate, one could easily state they are one of the true values sold anywhere regardless of the product.

Forex Robots have many benefits, some of the benefits are explain below:

  1. With forex robot, you are not required to do the actual trading yourself which means you are not putting in a great deal of time and are not chained to your computer. This is a huge benefit for many and for most people interested in forex, it is top on their list of benefits. And, for the forex trader who enjoys being tied to the computer trading, it also means he is able to trade through one systems and also be able to trade at the same time trade with a second or third account using an automated platform. But, for those not interested in the
    daily grind of trading, they can take care of their primary business and still enjoy forex profits.
  2. Forex robot allow your trades to be made at any time of the day or night, regardless of your presence. With a manual trading platform, some of the profitable trades will be missed when the trader is not able to be at the computer. The nature of automatic trading overcomes this problem and allows profitable trades to take place without any human intervention.
  3. You also have the option of taking advantage of multiple forex strategies and different systems when you are running your forex trading on auto-pilot. You can trade through many systems with the same automated trading provider or you can choose to operate with more than one provider. Because different systems are designed to be triggered by different indicators, and emphasize different currency pairs, trading through more than one forex robot allows you to diversify your investment, and your risk, and with virtually no additional work on your part.
  4. Using forex robot eliminates all human emotion that can often interfere with proper and profitable trading decisions. The robot will make sound trading decisions based on a set of rules and indicators that have proven themselves overtime.
  5. You are able to make trades that would be impossible for one person to be able to keep up with. An individual is only capable of monitoring a few currency pairs at a time, but utilizing an automated system allows you to multiply the number of pairs you can follow and trades you can execute, because it is the sophisticated software that is doing it all for you.
Now, we have to ask ourselves, what does a good forex robot look like? With all the new automated forex trading systems popping up on the internet it leaves us with many choices and the question which ones actually work and which ones are complete junk. There are plenty of forex systems and robots to choose from, it's just a matter of knowing what to look for. A good forex robot is based on 2 Solid Foundations:
  1. Must have a success rate of 60% or higher and the system will have the ability to adjust stop losses and targets accordingly to hit it's profit targets. A good forex robot should be built around just a few currencies rather than trying to cater to all major currencies. The reason being, each currency tends to have it's own predictable ranges and movement. It's almost impossible for a forex robot to be able to cater to each currency, therefore the ones that stick to just a few tend to be the most successful.
  2. Must uses sound money management and never over trades. Though it's good to find systems with a 60% success rate or higher, ultimately proper money management will allow you to maintain consistent returns even if you lose the majority of your trades. How is this possible? Using a risk to reward ration of 3:1 or better. Meaning, if you win 3x the amount you lose, than you can be wrong 40% of the time and still come out a profitable trader in the end.
The next crucial step in the purchasing process is to choose the best forex robot for you. Becoming successful in the forex market has much to do with making the right choice of automated software. You must use the right tool for the job. Do not choose a system that uses the "all or nothing" trading strategy. While there are huge gains to be made using this strategy, there are also huge risks. And this really is an exercise in futility if you make a fortune one day and loss it all (and more), on the next day.

Below are some tips for Choosing The Right Forex Robot that will allow you to backtest your Forex Trading Strategies:
  1. You should figure out which type of trading suits you best, discretionary or systems based trading. It could be argued that all techniques can ultimately be considered discretionary so for the sake of this article. Systems trading is defined as any trading style that involves creating computer programs to generate completely automated trading signals. If you are taking trading signals based on visual cues off a chart, then that is discretionary trading. This is important because the forex back testing software you buy must have the capability to test accordingly. If you are a systems trader, the back testing software must give you the ability to write programs and test the system without human intervention. Many times these software packages have their own proprietary programming languages that are easy to learn and implement. Just be sure that the programming language is powerful enough to do what you need it to do. If you are more of a discretionary trader, the forex back testing software needs to have the ability to step through price action candle by candle and place trades manually. This will allow you to see price action unfold just as if you were sitting at your computer and trading live. It is helpful to be able to place and erase trades just by stepping forwards and backwards through the charts.
  2. Make sure that the indicators you use in your trading technique are in the software or can be easily added. There is nothing more disappointing than buying a piece of back testing software only to find out that you can't do a proper test because one of your key indicators is missing. The forex back testing software you use should have a wide range of frequently used technical indicators. For the more popular software packages, you can usually get indicators online for free by visiting various forex blogs and forums.
  3. It is very helpful if the forex back testing software gives you the ability to save your testing results for later examination. This allows you to go back and review your trades to find out how you can improve your trading results. Some software packages allow you to export your data to a spreadsheet for more detailed analysis.
  4. Be sure that you get historical data that is compatible with your software. There are different data formats and certain software packages can only use certain data formats. Check to see that the data you are planning to buy is compatible with the software package you are looking at. Many times you can download a free trial version of the software to test the compatibility of the data. You can buy data from a variety of providers but there are also several great free sources of historical data out there so I would suggest that you try them first. It all depends on your budget. If you subscribe to an online software service, they are usually more expensive but they include historical data for your back testing. If you go with a cheaper software solution, you usually have to use your own data.
  5. Find out if they have a support phone number or email you can use to contact them in case you have questions or issues with the software. Test them out before you purchase the software to see what kind of service you will be getting.
So there they are; tips for Choosing The Right Forex Robot.

Also follow the Guidelines below in your Purchasing Process when you have decided which software you want:
  1. Check the payment processor. First and foremost this will tell you if it is a scam. If the company that the software publisher uses to process you transaction is a reputable provider with a checkable history then you are safe in that respect. Decent processors cannot afford to have scammers use their services. Anything that is sold through Clickbank is reliable and is covered by their 8-week guarantee period.

  2. Check their results. Always search out and ask for bona fide trading results from the software publisher. Account screen shots and jpegs of entry and exit points of successful trades are useful. Better still look for videos of the actual software in action preferably used with the Metatrader 4 platform in real time. Note the real time price movements as although not impossible will be difficult to fake.

  3. Check out user comments. As well as the testimonials on the products sales page also check out user feedback from independent sources.

  4. Check out the price. With so much competition in this market recently the price of forex trading software has been driven down. It is still possible to pay thousands of dollars for a program but most of the packages in the $100 price region work just as well.

  5. Check out the usability. Check the products specifications and its changeable settings. Even though a decent piece of software will have default setting that you can opt for and leave on, you ought to be able to change a fair amount of them as you wish. You will also want to use your own settings as you mature as a trader and develop your own style.
Having the best forex robot takes the pain out of forex trading. You are only human after all and so are subject to the emotional rollercoaster that goes hand in hand with playing the markets. The good ones are not hard to find and sometimes can be right under your nose. There are plenty of great information on the internet. Visit forums and other forex trading websites to see what people are saying about the different solutions that are available. Make sure do your research.

Visit my website The Best Forex Robots Review to see which Forex Robot is right for you. Good Luck!





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