Abstract：A forex trading bot or robot is an automated software program that helps traders determine whether to buy or sell a currency pair at a given point in time. The use of forex trading robots in trading activities is indeed getting higher. This is because this robot or EA (Expert Advisor) makes it easy for traders. You don't have to be in front of your device and observe market conditions
A forex trading bot or robot is an automated software program that helps traders determine whether to buy or sell a currency pair at a given point in time. The use of forex trading robots in trading activities is indeed getting higher. This is because this robot or EA (Expert Advisor) makes it easy for traders. You don't have to be in front of your device and observe market conditions
This robot will work to observe and analyze. Just don't choose the wrong EA. Moreover, the rise of EA and in fact there are traders who reportedly suffered losses because they chose the wrong trading robot.
Safe Tips Before Using Trading Robots
Actually, you can use the robot for both partly and fully automated trading. Both options have their advantages. Clever robots analyze the market patterns and possible turns, read signals and particular indicators. All traders don't want to be wrong in choosing a trading robot. Reviews regarding the following tips will really help you.
• Check Robot Results
First and foremost, you should note that A real EA and not a fake is likely to show results through myfxbook or fxblue. You need to think about and determine which results are the most promising from these EAs. A robot that has been tested for a long time and consistently is the right choice. So, this EA will help you during trading by providing analysis and predictions to achieve profits.
• Take the Test
Make a test via forward test . A method used to test EA on the real market . Of course the test you are doing is not the same as the tester strategy or backtest .
Why do you have to use the forward test ？ The test results you get tend to be more accurate. This is because EA trading will be tested on ongoing market conditions, aka real-time . Later the forex trading robot will have to face requotes, slippage, gaps , and so on.
• Beware of EAs Using Suspicious Methods
A trader is demanded not only to be smart but alert and wise. That is, you must be aware of robots that come with risky trading methods or methods. For example the averaging robot or martiangle . This is because when you are in a floating minus position , the lot increases to a positive position.
• Make sure the robot doesn't use a cent account
Cent accounts are trading accounts within retail foreign exchange trading with balance measured in cents instead of the US dollars. The forex trading robot that you choose also shouldn't use a cent account . The cent account itself is an account that will increase the actual value. This makes it seem as if you have large capital or funds.
Even though in reality the model that you prepared is fairly standard. For that, pay close attention. Don't let the EA you choose instead use a cent account .
• Make sure the Robot Affiliates with a Trusted Broker
This next tip is also very crucial. Make sure the EA you want to choose is affiliated with a trusted broker. Of course, the broker is legal and has obtained permission from the relevant institution or organization.
One of the characteristics of a trusted broker is not accepting or offering funds from third parties. The broker that you use later also does not act as a banda. There's nothing wrong with asking other experienced traders. So you will get more input and references regarding choosing the right EA.
• Robot with Good Risk Management
Implement a set of rules and measures to ensure any negative impact of a forex trade is manageable. You also have to know how big the management risk is from the EA you choose. The step that you have to apply is to recognize what the drawdown of the robot looks like. This is a term that refers to losses experienced from trading. One of the criteria for EA having a good drawdown is that the percentage does not go above 40%. If it is above this number, it indicates that the EA has quite a big risk.
• Original Account
Make sure the robot you choose uses a real account . Indeed, they usually also offer demo accounts, but trusted EAs also offer real accounts that you use during real trading.
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