The year 2021 was all about gaining some amount of passive income because great economies dwindled and billions of people lost their jobs as a result of a disastrous pandemic. But there were times to be grateful during these difficult times as well. A lot of people found their hope renewed by joining one of the most active and profitable financial markets of the world, forex. But as the number of newbies started to rise, people rushed to find easier ways to trade i.e. with the help of forex trading robots.
Forex robots or generally forex automated tools are innovative solutions to manual forex trading which takes a lot of time and effort to master. Due to this, not only newcomers but also several veteran traders find them quite useful for trading foreign currencies throughout the day which is quite tiring and even non-productive in most cases. One could find a plethora of forex trading robots online through a simple google search but it’s important to note that you cannot depend on those robots completely without thoroughly checking their information and testing them out in a simulated trading environment.
In order to protect those forex market participants who are new to this whole business of choosing the right kind of forex trading robots while avoiding the most obvious scams on their way, we have shared a bunch of things to check below;
Any refund policies
Fx robots require investment to function and assist traders while they trade at any time of the day when the forex market is up and running. But in some cases, it is possible that you do not feel that the robot is up to the mark and its performance is not quite what you expected in the first place. Refund policies might come in handy during these situations and can give you back your hard-earned money easily.
Robot’s live duration
Before signing up for forex trading robots, it is important to check how long has it been active within the market helping traders meet their financial goals each day. Unless you figure it out, try not to pay for the robot or any other type of automated trading software tool. A forex trading robot’s total live duration is its verified historical background.
Profit generated monthly
As a trader, your first priority should be making a profit on a monthly or even a weekly basis, and picking the right sort of forex robot means it should assist you to meet your trading goal effortlessly. The best way to know whether any particular robot is compatible with your goals is by checking whether it produces consistent monthly profit or not.
Drawdown details & percentage
As per many forex experts, the drawdown percentage of forex trading robots is a critical factor that helps you choose an ideal automated tool for trading forex daily. Only the best kind of EA and robots can guarantee users a sufficient drawdown percentage that is neither too risky nor too good to be true. Remember that drawdown is basically the decrease in capital which is a result of losing trades.
Complexity of user-interface
Since forex trading robots are primarily used by beginners or those who have not spent enough time trading, they must not be complicated. With a complex UI, there is no telling how many people would want to use it to improve their trading performance. Since the target audience is people who want to make money quickly but efficiently, the idea forex trading robot is the one that offers simplicity.
Available backtesting results
Backtesting results are undeniably the better judge of forex trading robots because professionals advise that people should never ignore a convincing backtest result no matter what. These results prove beyond suspicion whether any particular fx robot was developed ethically or not. A successful backtesting result would continue benefitting new users of the robot.
All security protocols
Like every automated and online-based tool and service, forex trading robots need to be completely hacker-proof and stable enough to resist any kind of security incident that is prevalent in the forex industry. Any sensible trader would choose a secure, reliable, and compliant forex robot instead of others.