Best Award Winning Forex Robots
Most Forex robots simply don’t make anything like the money that their sellers claim. In fact there are very many that are guaranteed to lose you money if you use them for long enough. But this may not be the case if you take the time to do a little research.
First and foremost you can ignore all those promises of win to loss rations above 90%. Sure it may be possible to get this kind of result over a short period of time when the market moves in favour of the strategy built into the robots coding. But the real test of good Forex robots is how it performs over months and years. A Forex robot capable of producing anything above a 70:30 win loss ratio is actually a good robot. A robot that can produce more winners those losers over time can actually make you a good profit through the use of careful money or risk management.
How a Forex robot manages the money in the trading account it is equally, if not more important that the trading signals it produces. Without good money management, trading is nothing more that gambling. It is very easy to lose money in Forex trading and much lot harder to make it back.
Forex traders are always looking for an edge and that is the only reason why traders develop systems. At face value a trading system that is 70% profitable does appear to be a very good edge to have. However what you need to factor in is the frequency, timing and sequencing of those 70 winning trades? You could technically lose the first 30 trades in a row and win the remaining 70. The problem is that 30 losses in a row is more than likely to wipe out your trading account.
This is the reason money management is so critical. No matter what Forex robot you use, you will eventually have a losing streak. The way to avoid getting into huge and potentially account destruction situation is to only risk a small percentage of your total trading account. This will ensure you can survive a run of losses. So a Forex robot with a conservative risk setting and which uses a small fraction of the trading account is likely to more successful. Remember that if you practice strict money management rules, you will become the casino and in the long run, “you will always win.”
These are great gains and will soon compound up over time but beware losses will typically be between 30 – 50% from peak equity at some point and drawdown periods can last for a few weeks.
The best thing to do is to look for a Forex robot with a money management track record with proof of account preservation. It should have a conservative risk management option as part of its coding. If it does provide user adjustable inputs, make sure you opt for the safest setting. This way you stand a much better chance of winning in the long run.
