We see a constant increase in the use of automated forex trading software among trading communities. Thousands of traders are committing the money that they gained in forex and start using automated programs. Currency traders can gain a lot of profit if they use the system but there are also risks that are attached.
The good news is that you do not have to spend too much time looking for good software. All that is actually necessary is online research and a look at the results that you find. As you surely expected, not every system is suitable for your trading needs. This brings up an important question: “How can I choose the right software?” In order to make sure that you always make the best decision you will need to only choose forex trading software that is good for your personal requirements.
Choosing Automated Forex Trading Software Tips
The first thing you need to do is analyze the software and see if it offers many currency pairs trading possibilities. You need to opt for automated programs that will fit perfectly and can be used with the broker that you are enrolled with.
The forex market is highly volatile so the automated software needs to capture movements accurately. Look at the reviews that have been written by people that have used the program in the past. Never opt for programs that did not perform well as they have low chances of ever improving. The system has to show constant and efficient backups because we are faced with a market that never stops trading.
Security is also highly important and you really need to be careful that the information that is sent through trading activities is always protected. We recommend that you only go for automated forex trading software products that will support different options like sub-administration, multilingual support, web application compatibility and good broker integration.
Never go for programs that you do not properly understand as they might be too complicated for your knowledge level. The software needs to be really easy to install and offer information that shows you what to do in the case a problem appears. Return guarantees are also recommended, as are refund policies.
Here are basic rules :
1. Good Expert Advisor calculates levels and volatility.So Expert Advisor should be good for long time overview. You need to test Ea for one currency pair for at least 5 till 10 years. If EA shows good results for 6 months or 1 year that does not mean anything.
2. Stop loss is very important.Max. stop loss needs to be less than daily ATR for daily strategies.
3. Average losing trade and average profit trade show a lot. Average profit trade needs to be bigger value than average losing trade.
Please add in yuor comment some your oppinion about EA comparation.