The main problem of most trading robots is that they are nothing but black-boxes. If you do not know the internal logic of the trading robot, if you do not have the ability to control the parameters, then you do not know what to expect and are not able to correct the robot's actions if necessary.
There are only two options:
- Make robot by yourself
- Buy a fully transparent and customization robot
I can advise you to take a closer look at the ForexBotz in my opinion and compare all robots at lowest prices, if it's worth buying trading robots, then something like Ultimate EA.
Forex Robot/EA trading Market is growing rapidly from just 2% in 2004 to 68% in 2019.
Manual Forex trading doesn't always goes smoothly and sometimes it can be frustrating. Some Forex traders can become greedy or fearful, and for these emotions they are often inclined to make BAD decisions which can negatively affect their accounts.
One way to avoid this issue would be to use an "Automated Trading System" or Forex “Expert Advisors” or “EA’s” or “Robots”.
Moreover, research shows that Forex traders who use a combination of Auto & Manual trading realize 125% higher profits than those using manual trading exclusively.
Find here list of TOP 3 Forex Robot/EA (Expert Advisors) in 2019 -
TIPS to Enhance Performance of the Best Forex Robot or Forex EA -
If you are thinking that just by finding the Best Forex EA or Forex Robot you will start making profit the next day, then hold your horses!!! Even the best car can’t win a race for you if you don’t know how to drive it.
To get the best result from the Best Forex Robot or Forex EA you also need -
1. Best Trading Conditions & Execution Quality - If your Broker is giving wide spread during news hours or during market close and open, then even the Best EA will makes Losses. To get Best result from the Best EA you need to have a True ECN/STP Forex Broker on your side who is giving spread < 0.5 Pips, order execution time < 500 ms, Slippages < 15 Pips and No Requotes. Find here TOP 3 true ECN/STP Forex Broker -
2. Best VPS (Virtual Private Server) - Trade with a Forex Robot or Forex EA only at VPS. Also, check latency, it should be < 20 ms. Without VPS don’t even think about Robot or EA Trading. VPS is a backbone of Automated Trading. Forex EA or Forex Robot trades 24*5, it requires 24*5 uninterrupted power supply, connection to internet and low latency, which only VPS can provide. VPS not only increases probability of profit making opportunities but also helps in saving huge losses. You can subscribe a good VPS for a $25 to $40 monthly fee.
3. Daily Check VPS - Even though VPS providers gives 99.9% uptime but still to be safer side check your VPS each day. Login at your VPS each day and check if MT4 platform is working correctly, and also check if Robot is activated or not.
4. Daily Track Major News - Keep track of Major News events. Follow instruction of EA developer regarding EA trading during news hours. Some Robot developers instructs to disable their Robot or EA one hour before news hours and again activate them one hour after major news.
5. Read EA Manual - Read every single word of the Best Forex Robot Manual, don’t be LAZY in reading EA Manuals. Lot’s of secret EA settings developers used to explain in it.
6. Demo Tracking - Activate EA on both Demo & Live Trading Account. If you start noticing losses continuously for 3–4 days, disable your EA on LIVE account and keep track it on DEMO Account. Once you notice that Robot again started making profit on Demo Account, activate it back on Live Account.
7. Limit No. of Robots - DO NOT cloud your MT4 platform with several Robots or EA's that cannot add value to your trading. In short, activate only one Robot or EA at one MT4 platform, and only on 5-6 Charts as per EA Developer's instruction.
We wish you good luck in Forex Trading!!!
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- Tags: DIFFERENCES BETWEEN MANUAL AND AUTOMATION TOOLS FOR FOREX TRADING, THE FIRST ADVANTAGE OF AUTOMATED TRADING OVER MANUAL