Forex Software: Trading in the Forex market is not an easy process. You will have to learn a lot about the fundamental and technical analysis and various nuances of Forex trading and the particular market. The automated Forex software will not help with this. It is bad form to learn, especially if you are new to the Forex. The Expert Advisor, although profitable, must be properly configured and optimized according to the new market conditions. A novice Forex is simply not able to do so without enough experience.
Proper adjustment of the input parameters depending on the currency pair, time frame and conditions under which you are operating are very important. A Forex Expert Advisor (robot) should be able to run 100% by market. Apply it to different pairs will also require a new setting of the parameters, but will lead to higher profits.
The novice trader always looks more attractive set the Forex robot to operate all existing currency pairs on the platform, but this means that when you are trading many pairs, more optimization and adjustment will be necessary. And Forex newbies are not usually able to follow many currency pairs at a time. Experts recommend focusing on one or maximum two currency pairs at a time to gain a better understanding of how Forex trading works.
Another problem comes from Forex brokers. Not all brokers technically accept automated Forex trading, while some of them simply do not allow it and others limit the functionality offered by the software. If at any time you decide to start trading with automated expert advisor you will have to do a thorough research on Forex brokers to find the Forex robot that will accept your method of trading.
Most Forex robots is paid and sold in the market by marketing people dishonestly. They promise much but deliver little generally (with a lot of cases of complete exhaustion of resources account). Spending money on such software Forex is a total loss. If you decide to get some automated expert advisor for currency trading, it would be better to opt for which is free. Anyway, paid Forex robots are almost always based on the free versions – their “authors” just add a name that sounds good and a price tag.
If you really decide to start your automated Forex trading – with the robot free or paid – would be better to try it first on a demo trading account. With a demo account is not real money is lost, but you can see how your Forex robot works. Although the execution of operations may vary with the actual accounts of your broker, the demo trading will give some basic tips on this topic.
And last but not least, the problem of using automated Forex software is that these programs should work constantly without interrupting. So you may need a dedicated server called VPS because your PC will probably require a reboot from time to time. VPS can be quite expensive and also require some experience to use. For a novice trader is difficult (and very expensive) set up a VPS Forex with an expert advisor that works.