9 Criteria Which Automated Forex Trading Software Must Meet

By Richard U. Olson

If you're interested in trading on the Forex market even while you sleep, work or any other tie when you cannot be in front of a computer, automated Forex trading software is for you. Thanks to technological advances, software such as this which once cost thousands is now available for as little as $100! Best of all, you can immediately begin using this software on the popular trading platforms used by hundreds of Forex brokers all over the world. All of this is possible thanks to automated Forex trading and the software is being used by the pros and newcomers alike.

What you can gain from automated Forex trading software?

- Forex trading robots can conduct trades around the clock in all currency pairs and in all the important markets. Try as you might, you could never do this on your own.

- Trading robots are available for less than $100. There are a number of automated Forex trading packages which interoperate with Meta Trader 4, a platform used by hundreds of currency trading brokers all over the world.

- Forex trading robots make trades based on mathematical models (the Fibonacci formula), not emotional responses.

- You can use demo accounts to familiarize yourself with the market and to adjust the software settings for the best performance before you start risking real money on trades.

Any automated Forex trading software you are considering should have certain features. There is a lot of confusion among Forex traders regarding what Forex trading software needs to be able to do. You should never buy automated Forex trading software which does not meet the following criteria:

1. The ability to give you an edge in trading through thorough analysis of current market conditions.

2. The software should use the Fibonacci formula to predict market movements to ensure making trades which give you the highest probability of making a profit.

3. The software must have an integrated money management system which will make the right decisions to make profitable trades for you, even when the market conditions are unfavorable.

4. Your automated Forex trading software should be able to decide exactly when to make trades to maximize your profits by looking at the big picture of the currency markets to identify trends.

5. Automated Forex trading software should leave your position open for as long as you are still making money on a trade - and know when to close the deal.

6. Monitors currency pairs in several markets simultaneously and watches massive amounts of trades over time easily.

7. It has to work on the industry standard Meta Trader 4 platform.

8. The software is user-oriented and follows the "Keep it Simple Stupid" approach for effective and profitable trades.

9. It should have a demo mode. If you're not ready for live trading, then use a demo account to make any adjustments needed on the software and to familiarize yourself with the settings offered by the trading software.

The automated Forex Trading software is for everyone, whether you're at the beginner level or an expert in Forex trading. You're not required to have any trading experience or knowledge in the Forex market to start using the Forex robot software. However, it is still good to familiarize yourself in a Forex course at the link below; especially you're taking Forex trading as a business venture. - 23222

About the Author:

Richard U. Olson uses the state of the art Forex Expert Advisor and he recommends it to make consistent profits in the Forex markets. Grab his FREE e-course on How To Succeed In Forex Trading to achieve your financial freedom.