To make money successfully in the forex market, you need to have a profitable trading strategy. The search for such a TS or its creation is one of the main tasks for every novice trader. However, independent trading under the terms of a particular strategy requires not only sufficient experience, but also a significant investment of time. In this regard, some traders prefer to entrust trading to a robot. And here the question arises: how to choose an advisor ? The final trading result will depend on how competently this is done.
In this article, I want to provide some guidelines that will help reduce the likelihood of a bad choice. If we take them into account, then the chances of profitable trading with the help of the advisor will increase.
First, you need to decide on the question that concerns the style of trading. The advisor should match your preferences. If you would like to use, for example, the scalping method in trading, then you need to consider only those robots whose algorithms include scalping strategies. If you want to work in the medium term, then the choice of advisors for their further evaluation should be appropriate.
Paid or free robot
Next, you need to decide for yourself which advisors will be considered in the selection process: paid or free. Sometimes novice traders believe that if you pay money for a particular robot, then it will certainly work well and allow you to quickly make a profit. In fact, of course, this is not the case. As my experience in automated trading shows, paid advisors, if they have advantages, are not as significant as it might seem at first glance.
You can choose an Expert Advisor that, according to its description, shows impressive trading results. However, its use in trading can be a complete frustration for a trader. Any Expert Advisor requires thorough testing. This applies to both paid and free options. The creators of trading robots intended for sale, as a rule, offer to look at the trading statements for them. But I want to warn you that you should not completely trust them. We all understand that changes can be made to any trading history using the appropriate programs. Simply put, you can “draw” a beautiful statement. Therefore, if you decide to buy a robot, then evaluate its performance according to the data of one of the trading account monitoring services. The most popular of these is myfxbook. If the developer of the advisor does not offer a link to monitoring,
You can also choose an advisor for forex trading based on reviews of traders on the network. But I recommend that you be careful when doing this. As we cannot know exactly how real these reviews are.
A trading robot can be a good helper for a trader if you make the right choice.