In recent years, the forex market has seen the influx of software programs called Forex Robots. These Forex Robots, which are also called Expert Advisors by many, are specially designed computer programs, based on a set of forex trading signals. They are usually designed to help traders determine whether to complete a buying or selling action for a currency pair at any given point. The main purpose of these robots is to eliminate the psychological and emotional elements attached to manual trading, which is the cause of many ill-informed trading decisions.
Some of the best forex trading robots have been proven to be successful in the past, with many notable cases of traders earning big. However, the current forex market is filled with decoys, frauds and scams, making it harder for people to select the best Forex trading robots. A proper, well-informed decision can be taken if prospective customers check an EA or root’s statistics before making any decision. There are certain factors in the statistics that help traders make a better judgement.
The first thing to do to avoid scams is to always look for EAs and robots which are tested by independent websites. Myfxbook and fxblue are two authoritative sites that offer legitimate backtests and live statistics. Because EAs involve significant risk, prospective customers should always look for third-party statistics to confirm their doubts or ideas. The absence of these statistics is a definite red flag.
This doesn’t mean that all robots tested by authoritative sites are successful. Certain stats need to be further compared to make a better informed decision. Some of these statistics are mentioned in brief below.
Besides looking at the trading statistics of a particular EA or robot, there are some other additional considerations that can be taken.
The present forex market is filled with such forex robots, each claiming to generate substantial gains for their clients. However, taking note of the above points of consideration can help traders make a well-informed decision. The trader should also carry out some independent research on the shortlisted forex robots, before coming to any conclusion.