- February 19, 2023
- Posted by: Forex Wiki Team
- Category: Free Forex EA
How Choose The Best Forex Robot?
The Best Forex Robot : Are you tired of trying to navigate the vast world of trading bots and expert advisors, only to end up with lackluster results and a drained portfolio? If so, you're not alone. With so many options available on the market, it can be challenging to know which expert advisor to trust with your investments.
That's why we've created this article to help answer the critical question: How can we choose the Best Forex Robot? In this article, we'll provide you with clear and strong criteria to reject an expert advisor that doesn't meet the necessary standards. We'll cover everything from essential features to red flags, giving you the tools you need to make informed decisions about your investments.
So if you're ready to take control of your portfolio and start seeing real returns, keep reading to discover the top twenty criteria for choosing the best expert advisor for your needs.
Best Brokers ListÂ
We recommend our clients use one of the top forex brokers listed below:
Criteria list
- Avoid any trading bot that relies solely on the author's intervention, as this may result in a loss of profits if the author is unavailable or unable to provide ongoing support.
- Do not invest in a bot that does not have an optimal parameter set, as this could lead to suboptimal performance and potentially result in significant losses.
- Stay away from bots that rely heavily on news-related actions, as these actions can be unpredictable and may not always result in a profitable outcome.
- Avoid bots that require frequent user intervention, as this can be time-consuming and may negatively impact your trading strategy.
- Reject bots that have initialization or running errors, as these errors can lead to unexpected losses and unreliable performance.
- Stay away from bots that have intentional running restrictions, as this can limit your ability to maximize profits and may not align with your trading goals.
- Avoid bots that have tight-spread running conditions, as these conditions can limit the bot's ability to generate profits in a volatile market.
- Reject bots that include specific scalping conditions, as these conditions can be risky and may not result in long-term profitability.
- Stay away from bots that work on a high-commission market, as these markets can be expensive and may eat into your profits.
- Avoid bots that are designed to work with a particular broker, as this can limit your options and may not be the best fit for your trading strategy.
- Reject bots that have more negative trades than positive trades, as this can be a sign of poor performance and unreliable profitability.
- Stay away from bots that generate profit in a tight period of time, as this may not be sustainable over the long term.
- Avoid bots that have not produced positive results in the last five years, as this may be a sign of outdated technology or unreliable performance.
- Reject bots that have not produced positive results in more than three months, as this may be a sign of poor performance or unreliable profitability.
- Stay away from bots that do not allow you to set the capital exposure or risk level, as this can limit your ability to manage risk and potentially result in significant losses.
- Avoid bots that have significantly different profitability for small and large capital investments, as this may not be sustainable over the long term.
- Reject bots that fail test results for specific parameters you can set, as this may indicate poor performance or unreliable profitability.
- Stay away from bots that fail test results for any parameter set other than optimal, as this may be a sign of poor performance or unreliable profitability.
- Avoid bots that have a small number of trades or a concentration of trades in a short period of time, as this may indicate poor performance or unreliable profitability.
- Finally, reject bots that have live results that are significantly different from test results, as this may be a sign of poor performance or unreliable profitability.
Conclusion
Choosing the Best Forex Robot for your trading portfolio is a crucial decision that can make a significant impact on your investment returns. To ensure that you are selecting the best trading bot for your investment plan, it is important to consider all of the twenty rejecting criteria presented above. By following these criteria, you can eliminate the bots that have the potential to generate significant losses or that may not align with your investment objectives.
While testing the free version of an expert advisor can be an effective way to evaluate its performance against some of the criteria, it is important to test the paid version as well to ensure that the trading bot can generate real-time trading results that match the test results. Profitability is certainly an essential factor to consider, but it should not be the only one. Capital drawdown numbers, the average number of executed trades, recovery, and profit factor are all equally important metrics to evaluate.
It is important to keep in mind that there is no perfect expert advisor, and each trading bot has its own advantages and disadvantages. Therefore, it is always a good idea to add your own criteria to the rejection list to ensure that the expert advisor you choose meets your specific investment goals. By following these guidelines, you can confidently select an expert advisor that aligns with your investment objectives and generates the best returns for your portfolio.
Also, We highly recommend trying any EA with ICMarket demo account. Also, familiarize yourself with and understand how this system works before using it on a live account.
