Looking to automate your venture? This piece of writing will help you to choose the perfect Forex robot for you. Forex or foreign exchange market is OTC (Over-the-counter) market which finds out the rate of exchange for the global currencies. Today’s tech-savvy world has transformed the Forex market as well, some ventures provide free Forex Robot as well. Computers can be used for all types of trades. Algorithmic Trading stands for automated trading by the programmed computers which perform certain activities according to the fluctuating Market data. Algorithmic Trading has completely transformed the way the Forex Market works these days.
Investment Goal
Your Investment goal should be long term. No one can expect to earn millions of dollars in a few months by Forex Robots. The simple rule that should be followed is the profit of the year should be minimum thrice the drawdown of the year.
Fully automated or semi-automated Trading?
VPS is a must have when you are planning for fully automated trading. This option is a little bit costly comparatively but your trading becomes easy. Only your computer should be online all the day.
Semi-automated Trading
A customized indicator is the best option for those who want to take over their control of trading. Though this method is time-consuming but provides you the well-structured plan also.
Forex Robot Strategies types
Trend strategy
Grid strategy
Martingale strategy
Price action strategy
Scalping strategy
Favorable Time Frame
The best time frame usually is at the time of reception of the EA file.
Best Currency Pair
Eurusd is the most popular currency pair as per Forex Robot Reviews.
Wondering if the Forex Robot Test should be done or not?
It is acceptable for beginners to do the test to feel comfortable with automated trading.
Account Monitoring
EA handles all the functions but keeping the record of the trading activities is a must.
What to choose – ECN or Standard Account?
Though the cost for both the accounts is same but ECN has better execution speed which makes ECN account more popular.
