Is it possible to compare forex robots?
If you’re considering investing in a forex robot, consider the following.
- Profitability. An easy way to compare forex robots is to take a look at their profitability over a period of time. This would involve comparing month to month as well as year to year results. Some comparison charts give you a detailed breakdown of aspects like leverage, drawdown and total pips.
- Number of trading sessions. Forex robots come with a different number of trading sessions or strategies, each offering its own level of profitability and reliability. The use of this technology lets users do away with carrying out extensive calculations or spending time in selecting settings. You get to decide desirable profit levels, but bear in mind that the higher the desired profit level, the higher the risk.
- Currency pairing. Make sure you find out if the foreign exchange robot you plan to get works with desired currency pairs. This is because not all robots support all currency pairs and you should ideally look for ones that pair USD with maximum currencies.