Many traders want to use the best forex robot to help their trading activities. EA or Expert Advisor is an electronic tool (usually called autotrading robot) that works alone to look for open trade opportunities, either open sell or buy in the forex market.
It’s not a physical robot, but a software to trade automatically. The robot will do the Buy / Sell order for you. It is capable of executing hundreds to thousands of instructions per second to comb and execute every opportunity.
The workload clearly exceeds human limits, but it's easy for EA to do it. However, keep in mind, not all Forex Trading Robots have such high performance, because it depends on the underlying system for their creation as well.
It only executes instructions according to programming standards, without emotional intervention. In this sense, EA will execute orders such as buy or sell and place Stop Loss and Take Profit exactly as the program formula. Unlike manual trading, even with the best forex broker, traders are easily affected by emotions when faced with price fluctuations.
They will usually shift SL and TP positions due to feeling greedy or vice versa, anxious to face prices that do not move as desired. In the long run, these bad habits can be a barrier to success, so an emotion-free EA is seen as superior.
Steps to Choose the Best Forex Robot
Look for a Forex Trading Robot (EA) that can provide you with complete automated services, so you don't have to bother doing things manually. Remember, that the needs of every trader are not always the same.
So, a Forex Trading Robot (EA) that is good for someone is not necessarily right for you. But what you need to remember is risk tolerance. The greater the opportunity for forex transactions, the greater the risk, which means that there will be greater losses.
Risk tolerance and trading objectives are the key factors that you must have first. After determining those two things, you must find a Forex Trading Robot (EA) that suits your trading style by analyzing statistical factors, profit factors, expectations, and their efficiency.
To have the best forex robot (EA), of course you have to provide a lot of time and money. One thing to be aware of is that finding the best Forex Trading Robot (EA) will cost you both time and money.
Choose a Robot that Has Proven Resilience
Because you have spent a lot of money, make sure that the Forex Trading Robot (EA) you buy has good resistance. Understand that in certain market conditions, the Forex Trading Robot (EA) will work more effectively while in some other conditions the robot may not be effective.
Some Forex Trading Robots (EAs) perform better in a sideways state while others are more effective in trending markets. Determining whether the market is consolidating or trending remains the trader's job.
One important thing that you must also remember is that you should not give up when the market is not profitable even though you are already using the best forex robot (EA). You need to ensure that the EA has been tested by the provider before considering making a purchase.
Make sure you get a guarantee, so that, if you are not satisfied with the performance of the Forex Trading Robot (EA), you can return it. On the other hand, if you are satisfied with the performance of the Forex Trading Robot (EA), you should run it on a micro account so you only risk the minimum initial capital. You can learn this with the Didimax forex broker to get better at it.
Forex robots are considered superior because they do not involve emotion at all when trading. However, even the best forex robot still needs your knowledge as a trader in order to make a profit.
