Trading in the foreign exchange market with the Forex Currency Trader use to be a rather expensive undertaking. And, it is not about money, but, time and nerves.
Not everybody can dedicate a lot of time to trading, not everyone can cope with emotions, seeing a growing or decreasing deposit. And here trading robots come to the rescue of a person. However, here it is not without difficulties. The fact is that high-quality profitable robots on the road, so to speak, are not lying around, and their cost is not affordable for everyone.
And even if you can afford it, there are many who want to risk their money by buying an expensive adviser? So, choose the right inexpensive Forex Currency Trader.
Step 1. Choose the type of trading robot.
Each adviser, free or very expensive, works according to a well-defined algorithm, which is based on one of the trading methods. This can be trend trading, scalping, piping, breakout trading, etc.
Therefore, for starters, you need to decide which approach to trading you like, in which you have more understanding. It is very desirable that you have some kind of stock of experience in this particular type of trading, it will help you make sure that the trading expert is workable.
Step 2. Check the performance of the adviser on the history
It is hardly worth trusting the trading history presented in the form of a screenshot. Such a story, with a profit of $ 100,500 per month, will be drawn on the knee by any enthusiast who is familiar with primitive graphic editors. Normal developers place the work of their experts on services, like my book, where you should look for the trading history of the adviser that you liked.
If this is not observed, then most likely you will see another craft designed to enrich its authors, and its popularity is an ordinary marketing trap.
Step 3. Look for the opportunity to test the robot
In order to attract more customers, many developers provide a certain free period for using their robot or give the opportunity to try its version with a little trimmed functionality.
Please note that sometimes developers do not advertise the possibility of testing their product. Do not be shy, contact them with one of the feedback methods (by the way, this is one of the signs of a conscientious developer) – as a rule, such a request is met.
Step 4. Checking the profitability of the underlying strategy
Any expert, be it a scalper or a trend robot, opens and closes deals within the framework of some kind of trading strategy, which is a clear set of logical rules for making money in the foreign exchange market.
Over the past time, nothing new has been invented in the foreign exchange market, therefore, having spent some amount of time, you can find a strategy similar to the one on which the adviser is built to test its effectiveness.
However, it should be noted that without sufficient experience, an objective assessment of the effectiveness of the strategy is unlikely to succeed. For example, you watch a video presentation of the super-efficient Million Already Tomorrow strategy. This will not do anything, because the authors often do not talk about shortcomings, even large ones, but display only advantages.
The best jurisdiction for a trader is the jurisdiction of his country. For example, if the American trader is served by an American company licensed by the Bank of Russia to provide Forex dealer services (this document is called so), then the trader can be sure that:
1. In case of violation of his rights, he will be able to complain to the broker in the American law enforcement agencies or to sue him in a court;
2. his deposit is insured in the compensation fund of a self-regulatory organization of forex dealers (analog of the Deposit Insurance Agency), and in case of bankruptcy of the broker, clients will receive insurance payments;
3. his broker is under the supervision of the American Central Bank, which will not allow him to deceive traders or manipulate quotes;
4. his broker is his tax agent, so the tax authorities will not have questions for clients about the income received on Forex.
Naturally, it will not be superfluous to read the latest reviews about the Expert Advisor, talk to traders on the forum, and even buying such an Expert Advisor, not to rush to launch it on a real deposit, but to look at its results in the Strategy Tester. This will never be superfluous, as some experts require “fine-tuning” parameters.
You may ask, why waste time on all this your time? But you must admit, it’s a shame to buy an adviser for your money in anticipation of profit, and this robot will drain your deposit for the deposit simply because you are too lazy to choose it properly. Therefore, choose wisely and let your profit only grow.
It should be remembered that each currency pair requires the selection of its own trading strategy and, precisely this, in the final result, determines success in trading. Sometimes traders, having a good trading strategy for any pair, select other currency pairs for it, and sometimes, on the contrary, choosing a currency pair, develop a trading strategy for it.