Thursday, October 30, 2008

9 Things You Need From Any Forex Robot Software

By Richard U. Olson

If you're interested in trading on the Forex market even while you sleep, work or any other tie when you cannot be in front of a computer, automated Forex trading software is for you. Thanks to technological advances, software such as this which once cost thousands is now available for as little as $100! Best of all, you can immediately begin using this software on the popular trading platforms used by hundreds of Forex brokers all over the world. All of this is possible thanks to automated Forex trading and the software is being used by the pros and newcomers alike.

What you can gain from automated Forex trading software?

- You can conduct trades around the clock using automated Forex trading robots; trades in all currency pairs in all of the world's important currency markets - something you could never do on your own.

- You can get these Forex trading robots for less than $100; many Forex trading programs are out there which integrate with the Meta Trader 4 platform, the industry standard among Forex brokers.

- Forex trading robots operate strictly on algorithm of the trading software and are not swayed by any emotional response.

- You can test and configure Forex trading for optimal performance by using demo accounts before taking them into live trading using real money.

There is a lot of confusion around Forex trading software - there are some features which any software absolutely must have. You should never buy automated Forex trading software which does not meet these 9 criteria:

1. The ability to analyze market conditions to give you the information you need to make profitable trades.

2. The software should use the Fibonacci formula to predict market movements to ensure making trades which give you the highest probability of making a profit.

3. The software has to have an integrated system of money management which makes the decision which ensures you profitable trades even in unfavorable market conditions

4. Your automated Forex trading software should be able to decide exactly when to make trades to maximize your profits by looking at the big picture of the currency markets to identify trends.

5. Automated Forex trading software should let you keep your position open for as long as you are still making money on your trades, as well as knowing when to close the deal to make you the largest possible profit.

6. Watches the behavior of currency pairs in many different markets simultaneously and keeps track of the movements of markets over time to let you see the trends in the Forex market as a whole.

7. The software absolutely must work with the Meta Trader 4 platform.

8. The software is user-oriented and follows the "Keep it Simple Stupid" approach for effective and profitable trades.

9. Automated Forex trading software has to allow you to work with demo accounts to make yourself familiar with how the Forex market works and to adjust the software settings to suit your trading style and optimized its performance.

The automated Forex Trading software is for everyone, whether you're at the beginner level or an expert in Forex trading. You're not required to have any trading experience or knowledge in the Forex market to start using the Forex robot software. However, it is still good to familiarize yourself in a Forex course at the link below; especially you're taking Forex trading as a business venture. - 15485

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