Choosing FOREX ROBOTS

Forex robots, which are often referred to as "Expert Advisors" (EAs), are software programs driven by automated strategies that can trade automatically in the Forex market without any human intervention. These programs are generally written for Meta Trader (MT), the most popular Forex trading platform, and can enable automatic trading when they are attached to the MT platform as Expert Advisors.

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Forex robots use algorithms and systems to identify profitable trades and place automatically trade orders. Many vendors of such programs claim success record, such as percent of successful trades or profits, based on backtests and simulations, not actual live trading. However, it should be kept in mind that backtests and simulations do not necessarily imply the same success rate in forward testing or live trading. For this reason when choosing a forex robot it is wise to do that based on actual forward test results either on demo accounts or live trading accounts.

In trying to decide which robot to purchase we searched extensively the internet for sites that test several robots on demo or actual live accounts. We had difficult time in finding such sites. After several hours of search we found three sites which pointed to Pips Miner, which is designed to trade automatically the EUR/USD pair, as achieving the best performance. www.forexrobotstest.com and www.bestforexrobots.net rank this robot first while www.4xproject.com ranks it first on forward test but not on live trading.

Based on this research we have purchased Pips Miner Standard Edition and after that the Pips Miner Extended Edition. We will be soon putting these two programs to work on live trading accounts.

Forex traders that want to use a forex robot to trade need to open an account with a broker that supports trading through the MT platform. Many brokers may use their own trading platform without providing the option of trading with Meta Trader.

When choosing a broker for opening a live trading account, forex traders can earn cash backs on every trade they place if they open their accounts through broker links that are provided by companies that are set up to provide such cash backs. We researched the internet for a couple of hours and came to the conclusion that http://www.cashbackforex.com provides probably the highest cash back on trades with the largest and most popular forex brokers.

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