Choosing a Forex Advisor - 3 Things to Look For
Using an automated Forex advisor can make your life a lot easier as a trader...that is, if the software actually works. If it doesn't work, you will most likely be worse off than before you started. Here are 3 things to look for in a Forex robot.
Lack of Hype
While this isn't always the case, we've found it to be the case on more than one occassion. If you are subscribed to all of the Forex system promoter's email lists, you probably get a few e-mails every single day promoting some new revolutionary software product.
In the vast majority of cases, these products are not worth the price of admission. Most of them are sold through Clickbank and you have a refund, which is their only saving grace. Most of the best expert advisors are not promoted on the email circuit and they don't have a lot of hype surrounding them. This isn't always the case, but it is true quite frequently.
Simple to Use
Another key feature that you should look for in a Forex advisor is ease of use. Most of what a piece of Forex software does can be programmed into the settings. You might need to enter in the risk that you want to trade with, the lot size or the trading time. other than that, you shouldn't have to do much. While some software has many options that allow you to customize everything, this often leads to more problems. You start to suffer from paralysis by analysis and tweak the settings too often. Keep it simple and you will be rewarded in time and profit.
While you cannot always tell by the price, in many cases, you can get a good indicator of whether the expert advisor is legitimate or not. Most of the expert advisors sold on "the circuit" are sold for like $97 or something like that. Would you develop a software program that can basically print its own money and then sell it for $97? Probably not.
That is not to say that EA's don't come along and sell for cheap prices. For example, Forex Megadroid actually worked decently and it only cost $97 originally. Fapturbo was cheap. Forex Morning Trade is pretty reasonably priced too and it works like a charm.
All I'm saying is that you need to be skeptical when they promise the moon and then give it away. Some good EA's come with a monthly subscription and a decent one time fee. This is more realistic to what a developer with a quality piece of software usually does. While this is not a die hard rule, it is something to consider.
Return From Forex Advisor and to Forex Trading Software
Return From Forex Advisor to Forex Trading