Using Trading Robots in Forex Activities
If there are any issues with the software performance, separate tools for trading on Forex can only harm the dealer’s work. In general, the developers and end users can work together to create a really efficient product. It is essential to realize software’s goals and decide what functions should be present to meet consumer final objectives to achieve optimal trading results.
Choosing the Solution
Undoubtedly, you can find certain ratings of automated tools for Forex on the internet, but there may be a lot of blank spaces which can easily prevent you from using this or that advisor. For instance, such reviews usually lack the list of applications analyzed in general. It is usually unknown what time frame of operation was used to compare the software productivity and efficiency. Moreover, ideological bias of reviewers also takes place. Therefore, it is possible to rely on ratings in terms of acquaintance, but not for decision making.
It is preferable to test advisors independently and / or with participation of experienced brokers. Overall, the best tools you can find are those that include the following:
- Written by yourself or by your personal / experienced broker;
- Tested on your own or by your internet partner.
Of course, this may sound more valid for the experienced Forex users, but the beginners’ task in order to minimize the risk of mistakes is to consult with or be taught (at least partly) by the specialists in the field.
Price vs. Quality
The more qualitative work is done by the programmers and experienced traders when creating an expert advisor, the more costly it will be. Of course, there are free solutions, but it is safer to use demo tests and spend particular sums for reliable backup.
Overall, the price range for various trading solutions is huge — from thirty to thirty thousand dollars. Another question is whether such a robot that is hundreds times more expensive is more productive than a similar but cheaper alternative.
Any application program is written for certain trading platforms and terminals. The most authoritative and popular of them is MetaTrader, especially its versions 4 and 5. In fact, for this system, there is an enormous number of all kinds of scripts. Selecting, installing and configuring trading robots are a feasible task — you only need to have a certain theoretical and practical base. The fastest and the most reliable way is to get it on specialized courses. Education in trading will be also useful because you can’t rely on any trading robot completely — you will need to think out the strategies that you will set for automatic execution.