Nowadays, there are a lot of scripts developed for automatic Forex trading. They are
very popular among traders-beginners who are planning to get rich on Forex with their
help. But when using trading robot, you should be careful. Besides the programs which
are worth attention, there are dangerous scripts which can not only prevent making the
desired profit but also cause the undesirable financial result.
The main is to make correct settings for this robot and control its work.
The majority of robots for autotrading are using such strategies as Martingale,
scalping, trading on the breakdown and some other options in their work. Trader should
not trade with advisors the work of which is based on the Martingale strategy. Such
robots open minus orders more often than other ones. Scalpers are also dangerous
although some traders manage to make a profit with their help. The main is to make
correct settings for this robot and control its work.
When using the Forex advisors you should follow these rules:
Test the script. You can use demo account and a special tester in order to
fulfill this. It will allow you to identify the drawbacks in the program work and to
decide whether it is worth to use it.
Start trading with the minimal lots. While testing, the program should show
the efficiency of its work under such conditions. After that a trader can increase the
trading volume. It is better to start two robots with small deposit than to use one
Choose the right leverage size. A trader can use the same characteristics,
which he is used to set when trading manually. When using the maximum size of the
leverage, it is necessary to take seriously the placing of the stop loss and
choosing the trading volume.
Follow the manual. If there is no instruction for the trading robot you
like, it is better to refuse using it otherwise you may not reach the desired
Control the deposit. There should be only the funds required for trading on
the trader's account. It is better to withdraw all the profit which has been made to
the reserve account at the initial stage.
Use the robot safely. In order to minimize the financial risks, it is
better to confirm the executed orders manually. The only case when such option is
not available is while scalping in the interval M1.
When following the rules mentioned above, it becomes possible to make autotrading more