The Best Forex Software – What Should You Look For When Purchasing Forex Software

The Best Forex Software – What Should You Look For When Purchasing Forex Software

Finding the best Forex software isn’t easy. There are a lot of options out there for automated Forex trading software, and even more empty promises. You’re going to want something that makes you money, but you’re also going to have to watch out for people claiming they can make you more money than it’s possible to make. It’s tough going, but if you can find the best Forex software, you can do very well trading on Forex.

What is a Forex trading robot?

A Forex trading robot is exactly what it sounds like – it’s a piece of software that does your Forex trading for you. It’s developed by teams of traders and mathematicians and programmers to simulate as closely as possible the way a human trader would make trades on the Forex market.

Why are they useful?

Again, a Forex trading robot is useful for just the reasons you’d think: They allow you to trade twenty-four hours a day, they don’t get caught up in the same kind of emotional traps that people can get caught up in, and some of them work very, very well. But only if you find the best Forex software.

What should I watch out for when shopping for the best Forex software?

The first thing you need to keep an eye out for is big promises. There are a lot of hucksters out there who will make giant claims about how well their Forex software works. They’ll tell you that their robot can make you 500 per cent a month on your investment with no risk. Seriously. Let me give you a quick piece of advice. There is literally nothing in the world that can guarantee you a 500 per cent monthly return on your investment, risk-free. Selling crack could maybe make you 500 per cent a month, but obviously the risks there are pretty huge. A Forex trading robot could potentially quintuple your investment every month, but only if you’re risking such a huge amount of your deposit on every trade that eventually (and probably pretty quickly) you’re going to lose everything. It’s just not possible to make that much money risk-free. The absolute, top-of-the-line, best Forex software that has ever existed can consistently make you maybe 60 per cent a month on your deposit. And that’s at the very high end of what’s possible. It’s more likely that you’re looking at a 5-30 per cent return on your investment monthly.

Is there anything else I should be wary of?

You’re definitely going to want to take a close look at how these people are verifying their claims. Even if they’re promising you a reasonable sounding 10 or 15 per cent monthly return with their robot, they could still be lying to you. A good way to tell is how they prove their claims. For example, if they’re using testimonials and screen shots of their account, be cautious. Anyone can make up a good review for a supposed client, and anyone with basic Photoshop knowledge can dummy up a great-looking screen shot of their supposed Forex account that seems to show amazing growth. Another way someone may try to prove to you that their robot works is by showing you a demo account that they’re running their software on. Again, this is misleading. Demo accounts don’t work the same way that live, real money accounts do, and there are tons of robots out there that will make all kinds of “money” on a demo account while losing actual money on a real account.

So now that I know what to avoid, how do I tell what Forex software is the best?

The first thing you need to ask for is to see proof of a trading robot’s effectiveness on a real money account. There are two ways that someone can show this to you. One way is by them using a third-party monitoring site. There are several reputable ones online that monitor the minute-to-minute transactions on real money Forex accounts. Another way they can show you is by giving you read-only investor access to their actual Forex account. This way you can actually log right in to their broker and see first-hand how their robot is performing. Make sure that there is enough history to tell that it’s worked for some time. And make sure that the history is up to date, right to the very day you’re checking. The Forex market changes all the time, the best Forex software providers keep up with those changes by updating their robots regularly.

Okay, I think I’m ready to go find myself the best Forex software I can!

Well then good luck! I hope you find the best Forex software out there!

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