You have made a decision to do automated forex system trading after quite a long time of doing with figures, charts and having to make trading decisions on your own. But you are wondering which you should choose amongst many automated forex systems. This article is expected to help you make the right choice for you.
When you are looking for an automated forex system, there are certain things you should take into consideration as following:
The first is the type of automated system you want to use. You have to choose either an automated signal system or a fully automated forex system because in the market exist basically these two types of systems. The former only gives the trader a forex signal so that the trader enters his ordesr or exits a trade, so it needs monitoring frequently by the trader. Meanwhile, the latter allows the trader not to have to enter his orders because it is fully automatic to do this when detecting preset market conditions.
The second is how extensive the software has been tested. Some systems only offer demo trading results, little live trading results and even no or live trading results of less a month. It is better to choose those that have quite a long time of live account trading, usually from 3 months to a year. It is preferable when these trades were done over many accounts, many a broker and currency pairs.
The third is the number of currency pairs the system is optimized for. If the system is optimized for too few currency pairs, your trading opportunities will be limited. The more currency pairs, the more trading options for you. You should look for the system optimized for at least 5 currency pairs.
The last thing is how to use the system. It is sure that any of you want a system with simple use. You should choose the one which is simple to set up and use for not only the experienced but also new currency traders.
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