Forex robots are nothing more than automated software that will search for profitable trades and then make your currency trades for you based upon their particular design specifications. I cannot really say how they work but they are reported to be based upon specific algorithms.
Not all forex robots work the same. Some are designed differently then others. It all depends upon how they were constructed and who made them. I would highly recommend that you do a great deal of due diligence when selecting a forex robot. For experienced traders a forex robot can help by removing the fear or psychological stress of physically make your own trades.
Before you begin your search for a forex robot, lay out or map out in your mind what you want your particular robot to do for you. Most people want there robot to do everything except tie there shoelaces. If you are a beginner most beginners look for a forex robot that will find trades that appear profitable and then make there trades for them. Being that the forex market is so volatile many people swear by the benefits of forex robots. After you have fiqured out your needs, then simply search for the appropriate forex robot.
Here are ten tips on what to look for when selecting a forex robot:
1. Look for review sites and forex forums and discussion groups. Look to see how your robot stacks up against other robots.
2. Does the robot, software or the company allow you to, or suggest how you may begin with a small trading account? This way your losses if any will be minimized.
3. Does the company offer a benefits comparison chart?
4. Does the company have a good FAQ page to explain anything that may come up? This shows that the company has thought out the process.
5. How is the customer service for the company set up? Does it appear to be thorough and reachable?
6. Does the company offer paper trading so that you can test the robot software system to ensure that it really works as advertized?
7. Also make sure that the software works with live trading. Most good robots will offer proof of live trading success.
8. Make sure that the company offers a good return policy. You should be looking for at least a 60 day money back guarantee. This should give you ample time to check out the software system.
9. Look for the buzz. If you read a lot of good publicity about a particular software and there’s a lot of good chatter going on then chances are it is a good robot.
10. Also look for video testimonials as opposed to written testimonials. If they have both that’s good too. Remember seeing is believing and it is a lot harder to get multiple skilled actors to lie on a video. If they look like ordinary people (non actors) and have good things to say, then chances are the software is a good piece of software and the testimonials are more than likely legitimate.
11. And as a bonus tip, does the company offer a loss prevention facet integrated within their forex robots?