Forex trading robots are a strong tool for generating Forex passive income without having to spend hours after work glued to the computer.
Most beginner Forex traders, on the other hand, get badly burned by Forex trading robots because they fail to execute a proper Forex robot test before investing real money in their system.
So, how can you make sure you don’t have a faulty robot on your hands? You’ll learn how to do a proper Forex robot test by the end of this article, allowing you to trade your robot with complete confidence.
Why Do So Many Beginners Forex Traders Fail With Forex Trading Robots?
Many beginner Forex traders make a fool of themselves by fully investing in a Forex trading robot before performing the required Forex robot test. While Forex robot sellers may offer the world and all the money it contains on their websites, it is prudent to verify their reported outcomes, regardless of how fantastic they appear. That’s because the results you see on their sites are frequently backtested results with a significant chance of being incorrect. Before you invest real money in trading with a Forex robot, you owe it to yourself to conduct due diligence in the form of a Forex robot test.
What if I told you there was a way to ensure you don’t risk a single penny with a Forex trading robot unless you’re certain it works? I’ve brought several robots from concept to testing and live investment in my time as a Professional Forex Systems Developer, and there’s a tried and true approach for doing so that you may use for your own robot trading. Simply following these basic steps will allow you to verify that your robot works before trading with real money.
How to Protect Your Forex Trading Account from Losses?
You’ve already won half the battle if you can choose the best Forex trading robot before conducting a Forex robot test. Look for a robot trader that offers a modest rate of return and an average winning % when looking for the real deal. These robots produce far better outcomes than those that claim to have a 95% win rate and the ability to double or treble your money each month. The finest Forex trading robots typically have a win rate of around 60% and a monthly return of around 5% to 10%.
Before you proceed with a prospective candidate, make sure you’re protected by at least a 45-day money-back guarantee. A proper Forex robot test will take at least 30 days, but I propose 45 days to be cautious. If you’re covered by a long guarantee, it signifies the seller believes in the system and that you have no danger because you can always return it if it doesn’t function as expected. Make your purchase and, if you haven’t already, register a demo account with a trusted broker. If the demo account liquidity isn’t comparable to genuine trading conditions, you’re wasting your time.
All you have to do now is operate your Forex trading robot for at least 30 days on a sample account. Check your trading results once the minimum term for your Forex robot test has passed to verify if they match what was promised on the website. If it does, don’t rush into investing completely.
Give it another month to run on your live funds after depositing half of what you wanted to start trading with. If nothing unexpected happens, you’re ready to put your money where your mouth is and start making big Forex trading profits!
A Comparison of the Best Online Forex Brokers
For everybody in the world, forex is one of the most realistic investing possibilities. Although there are some hazards, the possibility to profit from Forex is quite appealing. Because the broker acts as a mediator between the trader and the market, the importance of using a reputable brokerage firm cannot be overstated. The following are some of the most popular Forex brokers, along with their advantages and disadvantages.
Working with AvaTrade.com has several advantages, one of which is its sophisticated trading platforms. For first-time deposits, the firm gives up to $1000 in bonuses. The minimum deposit is $100, and the company will provide you with a free market analysis. Low spreads are an additional benefit. AvaTrade.com is one of the most dependable and powerful brokers available. The firm offers a wide range of trading tools at its disposal.
These are merely suggestions; you should conduct your own research. Although online AvaTrade review is beneficial, you should proceed with caution when reading them because some are written by the brokers themselves.
Brokerage firm FXCM
The brokerage firm FXCM is one of the largest in New York. Trading platforms used by the company include Trading Station II, FXCM Active Trader, Trading Station Gateway, and MetaTrader4, a unique mobile-enabled platform. The customer service is outstanding and dependable, however, FXCM does not offer commissions. This is one of the provider’s disadvantages. The firm is noted for its extremely narrow floating spreads. Furthermore, FXCM is solely focused on Forex. The organization also has the advantage of allowing you to trade the US Dollar index. Starting an account is as inexpensive as $50.
Markets.com is a rapidly expanding online Forex broker. The company, which was founded in 2008, offers a first-time deposit incentive of up to $2000. Markets.com requires a minimum deposit of $100 and, unlike other brokers, does not charge commissions. Clients from the United States, however, are not permitted to trade on the platform. With over 47 currency pairings to pick from, the firm provides the most diverse Forex trading experience. Clients can trade in a variety of assets, including CFD investments, gold, silver, and other precious metals.
Brokers from FXPro
FXPro is perhaps the world’s most globally-focused Forex broker. Currently, the organization serves clients from 120 different countries. The broker is an ECN/STP broker, which means that FXPro can send your trades straight to an institution using the cTrader platform. The organization offers a wider range of trading platforms, each tailored to the specific demands of its global consumers. FXPro has it all, from mobile trading systems to web-based platforms. However, one of the FXPro’s downsides is its large level transaction size of 10,000 units.