Last year, the global forex market was estimated at approximately $2.4 quadrillion. Even though the COVID-19 pandemic of 2020 has slow down the global economy, the forex market has remained seemingly unaffected. As a matter of fact, some people even expect it to grow.
If you’re new to forex trading, you need all of the help you can get. You’ve read all of the literature. Watched all of the tutorials. You even talked to some traders. But all of this doesn’t seem enough. Are you now thinking about using a forex robot to help you make your first trade?
But how can you choose the best forex robot (https://forexrobotnation.com/best-forex-robot-and-expert-advisors-top-3-tested/) for your trading style? Today, we’re going to teach you just that. We’re going to talk about forex robots, examine their benefits, and talk about how you can pick them in 5 easy-to-follow steps. Let’s start by answering…
Why Use a Forex Robot in the First Place?
For those of you still wondering why should they any time researching, evaluating, and finding the best forex robot in the first place, we should explain how do these programs work.
In essence, a forex robot is a computer program designed to generate buy/sell signals, based on a set of trading rules. Simply put, it’s like an AI adviser that can help you analyze certain trades and make trading decisions. Forex robots are great for vets and newbie traders alike.
They offer advanced monitoring abilities that seasoned traders to focus on a single segment of the market and make better-informed decisions. On the other hand, with the help of forex robots, new traders can learn the basics of the business and make their first trades.
Benefits of Using a Forex Robot For Trading
All of that wasn’t enough for you? Do you want to talk about more specific benefits of using forex robots? Worry not, we have just what you’re looking for. Below, you can find a few key benefits of using forex robots to make data-driven trading decisions…
● Takes Human Emotion of the Equation
For many traders, human emotion is one of the most unpredictable elements of trading. Especially when you’re just starting out. A lot of traders are simply too nervous and timid to make the right call at the right time. When you don’t know enough about trading, every decision seems risky. Forex robots give you cold, hard facts. You can program them to make trading decisions for you as well.
● Improves Speed and Efficiency
Even if you have a few years of experience in forex trading, speed is still a major problem. Analysis and execution speed a huge benefit of using a forex robot. Added efficiency was the main reason behind the First Industrial Revolution. A factory worker can be easily replaced by an automated machine that can work at a higher frequency and a lower cost. The same goes in the forex world. Let the robot do the dirty work, while you concentrate on serious matters.
● Helps You Make the Most Out of Your Time
Humans need to sleep, eat, and sometimes, even relax. You can’t spend all of your waking hours working. That would just be counterproductive. Robots don’t need anything like that. Most robots have the ability to monitor the forex 24/7. If you’d want to do this, you’d need to hire at least two more people to work alongside you and you still wouldn’t get the same results. That’s how using a forex robot can result in timelier and better decisions
How to Select the Best Forex Robot
As you can see, having a forex robot by your side can do a lot for your trading career. But you can’t just take any robot and start trading. How can you know that you’re not wasting time on a bad piece of programming?
There are certain steps you can take to ensure you’re using the best forex robot…
● Step #1: Find a Few Robots
Like most things nowadays, the search for the best forex robot starts on Google. Lookup a few lists of popular forex robots read about them, and select a few that seem to fit your trading style at a first glance.
● Step #2: Check the Numbers
Make a list of robots, find the basic information about them, and then start researching. First, you should check to see how they perform. Check their ROI, minimum investment, usage statistics if possible, etc.
● Step #3: Read the Reviews
After collecting raw data, it’s time to see what experts say about the robots. Visit a few review aggregating websites and see how to do the robots you have chosen stack up against each other and what was the experience the reviewers had while using them.
● Step #4: Contact the Creators
Once you refine your list and filter out all of the badly-reviewed robots, it’s time to contact the creators and ask them a few questions. Send them a few questions about the performance of their product. If they fail to reply or reply harshly, you can eliminate from the list.
● Step #5: Ask for Free Trial
Once you’re left with only a few robots, make sure to try them out. Ask the creators for a free trial and give them a test run. If the creators don’t want to give a free trial, you can check them off the list without hesitation.
If you decide that a forex robot would benefit you, don’t assume that your best option is to spend money on a robot that someone claims, is the universal solution to all of the traders’ problems. You have to be smarter than that
Keep in mind:
- Make sure to take a look at a few robots and make a shortlist
- Check to see what are their download numbers, ratings, etc.
- Read a couple of reviews to see what the publications say about them
- Get in touch with the creators to find out more about the robots
- See if you can get a free trial and then see how the robot performs
By following these five steps, you’ll find the best forex robot for your trading style in no time.