Trading on the foreign exchange market can be a lucrative endeavor, but also very daunting. This is why a Forex trading robot software would be an appealing option. Because these robots are programmed to automatically execute trades based on a series of criteria, they free the user from having to make any trading decisions.
Failure to successfully trade on the foreign exchange market can often be attributed to human emotions. Fear and greed sometimes skews the perspective of traders and by making use of a trading robot, these are completely eliminated. Of course, not all trading robots software are created equal and none of them offer guaranteed success. Eliminating the psychological element from trading and replacing it with statistical analysis is undoubtedly useful, as is trading without having to be in front of a computer all day, but caution must be exercised when opting for free Forex trading robots software. Some of them are scams and it is possible to lose money when using the wrong software.
Instead of purchasing an Fx trading robots software that can easily cost hundreds or even thousands of dollars, there are also free options available. Obviously even the free robots require money for the trading process, so once again it is important to choose wisely when it comes to deciding which ones to use. It is also worth bearing in mind that most free robots might not offer the same performance or features as the premium ones.
Forex robots, or “Expert Advisors” as they are also commonly known are typically installed on the MetaTrader 4 platform, which is provided for free by most forex brokers. It is advisable to first run the forex robot in its demo mode for a couple of weeks to see if it can actually deliver on its promises before committing real money in live trading conditions. In fact, some experts advise testing the robot on a demo account for up to three months before using it for real. Also ensure that your computer is always on and connected to the internet for the robot to function properly.
Although not strictly speaking free, Forex Megadroid costs less than $100 and can be refunded at any time within a 60 day period after purchase. What makes this robot so unique, besides the low investment cost, is that it is really easy to set up and offers a good choice of brokerages. As one of the longest running Forex robots available it is also not just reputable, but is updated frequently.
Forex Megadroid uses a correlated time and price analysis, which is an algorithm that compares current market conditions to times in the past when the market looked similar. It does not trade as much as other forex robots, but because it waits for the right tradition conditions, the risks are lower. This is not a robot for traders who want to get rich quick, but those with patience will find that Forex Megadroid is able to offer stable returns. Setting up the robot is a user-friendly process and traders unfamiliar with using robots will be happy to hear that there is very helpful support available as well