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How to Choose a Forex Robot

PostDateIcon August 14th, 2009
by Mike Ashford

I get at least 5 spam forex related emails in a day. Most have some amazing automated forex robot that will make me a lot of money in a hurry. The temptation is high to get the great forex robot, especially when it is only being offered to a few “special” forex traders.

Having fallen for such forex scams before, I am now more careful when searching for a reliable automated forex trading system. These are a few rules I use before I buy an automated forex robot.

1. Never trade before Back testing

When one looks at the results of some of the automated forex systems, one is tempted to immediately trade their real accounts. This might lead to heartache when one discovers that the automated system is not for them.

It is imperative that the forex trader finds out if a forex robot has worked before. It is not enough to read testimonials and listen to salesmen to confirm that an automated system actually works. The prudent forex trader needs to back test the results themselves so they can be confident that it actually works and also to know the inner workings of the automated system.

Other than back testing I also make an effort to forward test the system. Forward testing involves actually trading the system in a demo account with current market action. In this way I am able to find out the strengths and weaknesses of the automated system.

2. Customer Support

If a company selling a forex robot does not have customer support, I never touch it. I have bought forex systems that come with an eBook with the notion that the ebook will come with all the information I will ever need to trade the forex robot.

This is rarely the case and do not be surprised to find a forex instruction manual with poorly written English. Some forex robot vendors are in such a hurry to sell their forex robots, they never think about giving proper support for their product.

If a vendor can not take the time to give quality customer support, then it is very likely that they used the same amount of effort in creating the forex robot. If you have paid for a product, it is not too much to ask that your questions are answered so that you can use the product to the optimum level.

Over your forex trading journey, you are going to come across a new forex system every day. It is important for your profitability to ensure that your forex robot is not over optimized. Just concentrating on the win/loss ratio and the total profits of any forex robot is not encouraged. One should take the time to figure out if the forex system has positive expectancy and the system can also survive drawdown. Ignoring drawdown in an automated forex robot is a major cause of pain especially for new forex traders. Make sure that your forex robot is profitable during the good times and also conserves your trading capital during the bad times.

About the Author:
If you want to find out this “secret” and start making a nice income with forex, click here.
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Why I like Robominer
In the Forex marketplace, almost every week we see the release of some new trading system or Expert Advisor (an EA is an automated forex trading robot). Some of them work while most of them don't. However there is one EA that has been constantly making profits over the last year, generating over 86,908.00 pips in profit, and generated a 314% return in just 12 months, according to company figures.

This system that only a few seem to know about is RoboMiner. The RoboMiner EA is a long term investment system that pumps daily small profits into your account, it always closes trades with a profit. That's right, you will never have any trades close with a loss.

The RoboMiner EA uses a proven grid trading system that is so safe, it's as if your money is in you IRA account. This system generates a minimum 6-10 % return monthly, with compounding that's 100% return a year.

Let's do the maths here. If you invest $2,000 today, in 9 years from now that will turn into $1,000,000 minimum. Where else can you find such a safe investment that will give you this kind of return?

Best of all you can download a free demo of this EA, test it for as long as you want and see for yourself how it performs.

So go ahead and try the RoboMiner EA today. Click here to download a FREE copy of RoboMiner. You will never have any trades close with a loss.
What Are The Best Forex Robots?
Watch out. The only thing that some "autopilot" forex software products will do for you is... analyze the market. Sure, that's great because when a computer does all the analytical work for you, you don't have to sit in front of a screen looking at charts and candlesticks for hours on end.

But a ROBOT program goes much further.

Forex robots will actually DO THE TRADING for you, as well as the analysis work. A well-written Expert Advisor (EA) will buy at the right time and sell at the right time. It's the ultimate in hands-free currency trading... as long as it's a well-programmed forex robot.

So what are the best forex trading robots available today? I've tried several but only identified one I am happy with at this point... RoboMiner. It primarily works with the AUD/NZD currency pair and is programmed to only trade when you will make a profit. It takes profit when a trade has reached a 1.5% profit.

Why I don't like these EA's

PipsMiner. I first used the wrong settings and as a result lost money. Then I corrected my mistake and entered their recommended settings but still lost money with PipsMiner SE version. Here endeth my very brief PipsMiner user review.

Forex Megadroid. I was running the default settings in demo mode and it didnt turn a profit for me, so I got a refund from ClickBank. That's the nice thing about buying through ClickBank. Although the site promises world class support, it fell far short of that in my experience.

ForexBling. Support was inadequate. I had several questions about setup, but they were answered in just a few words when my questions really needed more info. Even the brief answers did not address my actual questions in some cases.
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