BEST FOREX ROBOT - Success at Auto-Trading

FOREX ROBOT

Introduction

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The Right Mindset

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Forex Robot Statistics - Part 1

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Forex Robot Statistics - Part 2

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Forex Robot Robustness

- What is a Forex Robot?

- Why use a Forex Robot?

- Key factor to look for in a   Forex robot

- Testing for Robustness

- Live VS Demo Testing

- What to look for in Broker

- Conclusion

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Forex Robot Drawdown Analysis - Part 1

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Forex Robot Drawdown Analysis - Part 2

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Drawdown Recovery

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The Emotions of Forex Robot Trading

The Emotions of Forex Robot Trading

Throughout the last couple of sections we've talked about how to look at some of the cold hard numbers when choosing a robot. Analyzing the stats is key to your success, but many traders leave out some of the emotional things to analyze. For instance, does the overall strategy of a particular robot fit your personality?

Here's an example, there was a Forex robot that came out a few months ago and focused only on a single currency pair. It made about 2 trades a week, and had a really high win ratio. The robot rarely lost! However, many of our friends and members hated this MetaTrader EA because it just didn't trade enough. It wasn't moving fast enough for many Forex traders. For this type of trader a scalper robot might be a better option. Or a robot that trades on several currency pairs. There's nothing worse than getting a robot that just doesn't fit your personal style.

To get the best results, simply sit down and write out what you hope for in a robot. Be as realistic as possible. Maybe you're a risk taker and are only putting a small amount of money into the account. You're hoping to see fast results in a big way. Buying a slow and steady robot in this case obviously would not be ideal! It's very important to spend some time thinking this over and making sure that the robot you purchase or build will fit you.

Another very important factor to keep in mind is: which currency pairs does this robot trade? All currency pairs are not created equal, that's for sure. The GBP/JPY and AUD/NZD are historically very volatile pairs, while several of the majors spike up and down much less. If you're more of a risk taker you might look for a robot that trades these wilder pairs. But if you're a more conservative trader you may look for a robot that trades the EUR/CHF for example (this is considered the least volatile pair).

We hope this helps to benefit your trading. When analyzing any EA, looking at the numbers is very important but looking at the qualities and how they fit your personality is also of the utmost importance. Many Forex traders overlook these emotional factors, so make sure to keep a keen eye on everything mentioned in this section.

Drawdown Recovery