When it comes to forex trading, there is no such thing as a one-size-fits-all approach. And this is the same for automated forex trading; all programs have several trade-offs.
Out of all the automated forex trading programs offered on the market, many are keen. Moreover, some are good but not comprehensive in their features and benefits, and few are less than adequate.
Now, here are some key selection criteria for traders considering automated programs:
- Fit Automated Forex Trading Software for Needs
Automated trading systems differ in performance, programmability, speed, and ease of use. Thus, what serves one trader good might not be acceptable for another.
For example, several traders will wish to have a program that makes reports or imposes stops, trailing stops, and other specific market orders. Also, real0time monitoring is a must-have item in an automated system. Then, other traders, particularly beginners and the less experienced, might want a simpler plug and play kind of program with a set-and-forget feature.
Furthermore, remote access is important if a trader is a frequent traveler or intend to be away from the computer for a long period. The web-based program might be the most useful and practical means of serving the needs of a roaming trader – as they are guaranteed to work with a basic WiFi signal.
- Guarantees and Fees
Fee transparency is an essential quality to look for in providers, as several firms charge trading commissions and additional fees. And this can drag down the profitability, so it is best to check the fine print in the user contract.
Also, companies might offer programs with a return guarantee following a purchase and during a specified period of time. Thus, if the user feels the program is unsatisfactory, the firms will let it return for a refund.
In addition to that, it is also worthwhile to observe outline customer reviews of many of the programs for more viewpoints on their virtues and flaws. A few programs offer a free trial period or other incentives to purchase. Then, other vendors give a free demonstration to familiarize the user with the program.
- Go for a Test Drive
As automated programs can be an expensive experiment, ensure that companies can give videos of their software programs working in the market, buying and selling currency pairs. Also, it may be helpful to as for screenshots or video walkthroughs of account action with trade prices for buy and sell deals, time of execution, and profit posting.
For testing a new software system, run the tutorial or training function to see if it’s enough and answers all of a trader’s questions. Some traders might need to call the support desk for answers to complicated questions about programming – like setting the buy-sell criteria and using the system in general.
If there is a ‘Help’ link offered, determine ease of navigation and usefulness. Details in the help section might not answer a few of the questions, and expert support from the system provider will work a long way to making a smooth trading experience.