Many people seem to be looking for the Holy Grail to forex trading and a system that’s going to bring them a consistent return. Before you go making a decision on which trading system you should be using, there are a good deal of free forex robots available that will allow you to test them before you buy them.
What you first want to be sure of when testing any free forex robot is that it has been used by others who’ve gotten positive results. There are a lot on the market and many of them do work, it’s just a matter of finding the right one and testing on demo accounts.
One the simplest ways to base a trading system off of is using support and resistance. Currency pairs tend to bounce around these zones and are usually good places to place buy and sell signals. Most people would think that an even number for example on the EUR/USD would be a good place to place a buy sell signal however recent trades have shown that currency pairs tend to bounce just over or under critical thresholds. Some systems are based around this method and do very well, but it’s important to have appropriate stops placed and adjust your risk/reward ratio.
Because we are only human it can sometimes be hard to pull the trigger on trades, this is one reason people use automated systems and forex robots. With proven mathematical formulas and a robot giving signals, it’s easier to follow the system rather than to make decisions on our own and with an algorithm backing up the results it can make for a winning trade.
You can find a ton of expert advisors developed by traders on forums, but the truth is if they’ve developed a expert advisor and are giving it away on a forum it’s more than likely a EA that hasn’t been thoroughly tested or created by an amateur programmer. The best Forex EA’s are developed by those who’ve had a good deal of experience trading live accounts and have been doing it for many years and in a lot of cases they aren’t free, there’s usually a cost for them. However paying for these systems can far outweigh the cost being some can produce consistent returns.
After having completed extensive research on free forex robots we’ve found quite a few that are consistent winners, however it’s important to research and test each one on a demo account first before you begin live trading. Each system is based on it’s own set of parameters and rules, therefore each will perform differently under different market conditions.