By Daniel Hoffner
Before you consider purchasing a Forex Robot, you have to pick a Forex broker to
work with, and a “platform” to use. Which trading platform to use? There are
hundreds of brokers in the market, which means that you connect to them through
the internet, and trade through them. Usually each broker has his own platform –
how your screen looks, how to track of your funds, etc. When choosing a broker
its important to pick a big, regulated company, so that one morning you won’t
wake up to find that your company has gone bankrupt, together with your money.
Read the about tab on his main menu.
It is preferable, but not a must to pick a broker who uses a “metatrader 4” platform. Since it has become popular lately, many robots are written for it. Some brokers offer free money, but that doesn’t mean too much, as you can’t redeem it, but it lets you enlarge your margin. Pick
a broker that gives a margin of at least 100:1 (not more than 400:1). Since
we’ll recommend later on working with intraday trades, therefore its important
to pick a broker who uses tenths of pips (like fxcm). This decreases the
spreads, which is meaningful in intraday trading.
Lastly, always when starting to work with a new broker using his demo
platform. Mistakes made by unskilled fingers can cost a lot of money (I meant to
buy not sell).
Forex robots (also called expert advisors) cost money. The ones that cost no
money are usually worth that much. Robots can be very useful, especially for
people who don’t have the time or patience to sit in front of the computer all
day. Of course, they don’t profit 100% of the time, so its advisable to buy a
robot which has a high percentages of wins, and a refund offer if you are not
satisfied. You can find recommended robots at %LINK1% or %LINK2%. My experience
tells me that robots are better on opening the positions, than closing them. The
best way, therefore is to let the robot open the position, then monitor the
trade carefully, and decide for yourself when to close the position – if the
robot hasn’t closed it yet.
There are all also mechanical systems that indicate
to you exactly when you should buy/sell. But you have to be in front of the
computer to do the trade, but you have more control.
When deciding manually to close your position, if you’ve reached your take
profit level, let the position close. Don’t let the position remain open in the
hope that it will continue in your favor, because many times the profit you
could have earned will be wiped out. A bird in hand…
Even if you haven’t reached your desired profit, but the trading becomes wobbly
over a time, that means that the trading can go against you, so its better to
quit while ahead. This is especially true when all the trends/indicators that
caused you to open the trade, have changed direction.
About the Author
If you are interested in looking over a variety of the best and latest Forex
Autopilots (also called Expert Advisors or Forex Robots) you can visit my site