There never is going to be a straightforward answer to this question. Some people will say that there is no point to spend money on technology when you can easily find a free forex robot and set it up for your trading needs. Others would argue that nothing really good comes for free so the more you invest into the software the more prepared you are. Personally, I believe both are equally right. However, for me the second approach works better. Let’s have a look at what forex robots are, how you choose the right one and should it be free or paid.
What is a forex robot?
Forex robot is a software programmed using sophisticated mathematical algorithms that cover all your trading needs. With the help of a robot you can achieve much better results than with your bare hands on the keyboard. A good example would be a scalping robot: a trader can’t physically perform 100+ openings/closings per hour whereas a robot can. Why is it called scalping? Because it fixes minimal positive results and makes a tiny profit on a large number of trades in a very short timeframe. Shaving off, so to say.
Modern day trading is impossible without a proper software. So, a trader needs a forex robot. The question is how to find the right one. Pay attention to the last sentence – the right one, not the best one. Why? Because a robot can actually adjust to your trading strategy and in a way to your personality. The task is to find the right one for you. I would start by carefully analyzing forex robot reviews sites, get acquainted with the types of robots on the market, their functionality, performances, strategies employed and algorithms used.
From my personal experience I deducted that testing and reviewing a forex robot is crucial because it all depends on how the software had been built and who’d built it. It is not enough to be able to code and know mathematics and algorithms. The best forex robots around are those created by the synergy of traders and programmers. So, when choosing one, get an understanding who created it, whether there was any trading experience behind the algorithms. The most successful robots are the fruits grown from experience of a manual trading converted into algorithms.
How to choose forex robot?
The other important issue in choosing a robot would be to look at how much statistical data is available on free resources or social forex sites of a certain robot. The producers, once they are sure of the quality of their product, would be publishing its results and stats everywhere to get traders’ attention. This kind of a robot can be trusted to perform well.
Finally, let’s talk about free and paid robots because there is an issue of investing or not investing into a software. Custom made and algorithmically well-built robots would cost you some money and provided you have done your homework and understand how the particular robot works, you do have good chances of building a winning trading pattern. I can’t say this is impossible with a free robot. However, there will be certain limitations. Try both and see what works for you. Trading is a serious thing and the more prepared you are the better. I prefer investing into software and learning from it rather than losing my deposits.
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