Automated forex robots or EAs have become a popular feature in forex trading. Especially, after the advent of MT4 platform, more and more traders are considering automated solutions for their trading business. However, with so many options currently available on the market, it’s not very easy for the traders to pick the right EA for their trades. That is where the best forex trading robot 2019 reviews come to your rescue.
There are many things that need to be taken into account when selecting the most profitable and result-driven forex robot. For instance, it is highly recommended that you pay attention to profit/loss ratio, risk-reward ratio, stop limits and other relevant statistics before selecting a robot. Even if you’ve chosen an EA with great statistics, the risk of loss is always there. Thus, it’s also important to figure out the amount of risk you’re willing to take.
Before selecting a forex robot, make sure to test it with actual market data. You can do this by creating a demo account with your broker.
How to Test Your Forex Robot?
To select the most profitable EA, it is crucial that you test it on different independent websites such as Myfxbook. Keep in mind, there is no guarantee that the robot will maintain similar statistics with time. Also, EAs do not perform meticulously in all market types and you have to modify the settings to match it up with you required parameters.
Long Term Test Results Prove Performance
Forex robots with long-term performance record can be a great choice for traders as they generally ensure better results than other conventional self-proclaimed EAs. If you see your strategies performing well for 6 months, you can integrate your real account with a robot. To test your forex robot, you can use the strategy tester available on MT4 and load the robot you wish to test.
Tests Save Traders from Losing Money
Since there are hundreds of fraudulent automation solutions out there, you should always test robots on your demo accounts ahead of investing your hard-earned money. This way you can save yourself from losing money. Keep in mind, it’s always better safe than sorry.
Test on Your Own or Trust Others’ Tests
To test your chosen robot, you can either trust other trader’s reviews or can also conduct your own test through any independent website. It would obviously be great if you invest your own time and energy to test a robot but if you opt for other trader’s tests, make sure to review the reliable third-party websites to get unbiased reviews.
Myfxbook is the Best Testing Platform
To test your robot, you should pick any independent third-party website such as Myfxbook. You can create your demo account on the site and test robots to see if they go well with your trading style.
In conclusion, it’s important that you test your robots first before putting your real money at stake. Make sure to do a thorough research on your part to pick the most reliable option for your trades.