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You may get automated forex trading software in two forms: the 1st is a program that send you trading signal whenever it discover a profit chance in the market, the 2nd is a program that get all things carried out for you, including executing trades. You may already have identified the second one as forex robot or Expert Advisor; this one has many users, so I will focus on this one.

Aside from the forex robots that made by scam programmers who can only prove their usefulness in backtesting (unfortunately, most of the forex robots in the market ARE scam), there are a handful of genuine forex robots with real profitable trading system behind it. But getting your hands on this robot does not necessarily mean that the search is finished and you may watch the cash going in; this is a mistake which have been made by many robot owner and they have paid dearly for that.

One fact that you have to realize is regardless of how profitable the trading system driving your automated trading software (whether it is forex robot or trading signals), they require certain situations where they can run at their 100% effectiveness and you as the owner have to provide it for them. These are factors that tend to neglected by forex robot owners:

1. Trusted Forex Broker

No matter how good your robot, it won’t matter if your broker cheats on you. Your broker can sabotage your trades by cutting your connection, tackle your trades, delay your order execution, etc. With hundreds of online forex broker out there, it is not surprising if some of them are scam brokerages.

The easiest way to recognize a trustworthy broker is looking at their registration at the official financial authority such as FSA or NFA; yet despite that you can’t be 100% positive, so be extremely careful.

2. VPS (Virtual Private Server) with Steady Connection

Unlike trading signals, forex robot is an automated trading software that need a place to host it. Unless you own a server that run 24/5, it is impossible to run your forex robot from your own PC at home; having your robot only operating when your PC is on will cut your profits drastically.

This is where Virtual Private Server comes in; basically, you reserve space in a server to host your forex robot so that it can operate 24/5. There are many companies that offer this service, so make sure you choose the one that doesn’t go down too often.

3. Optimized Currency Pairs

This information can be obtained from your robot’s user manual; use this info wisely and set your robot so it only trades the currency pairs that it has optimized for. Some forex robots claim that they can run in all currency pairs, but there should be some pairs where they truly optimized for, so stick into these optimized pairs.

In some cases, there are third party providers that offer enhanced settings for your forex robot, thus allow you to trade more aggressively or trades on different currency pairs. This can be worth to try, but make sure you test it first in a dummy or mini account.

You are able to utilize automated trading software to gain steady profits from the foreign exchange market, but you can’t charge blindly to the first offer you met. Take your time in testing different robots and if you eventually get one, put attention to the 3 aspects stated above to make certain your robot work at its 100% capability.

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