It’s no secret that novice traders will be more interested when using free Forex robot because they don’t have to spend a lot of money. They also have the opportunity to get bigger profits when using an automated trading system like this free Forex robot.
Many people, especially those who are not familiar with the term trading, certainly don’t know what a Forex robot is. This software was created to make it easier for traders to do various things while trading automatically so that it feels easier.
How to Determine Free Forex Robot
Traders may wonder how to determine this. This question is certainly often owned by beginners or even those who are experienced. Because this selection is indeed quite difficult but also relatively easy.
You have to make sure in advance that the forex broker that has been used does allow to use of free Forex robots or not. Furthermore, whether it is compatible for use in certain platforms to trading transactions in pairs or other forms.
Some forex brokers have also provided free Forex robots so you no longer need to choose them arbitrarily because they are available. Also, make sure that they can be used in a smartphone to make it easier to operate.
Fatal mistakes when choosing a free forex robot
Well, after discussing how to determine a free Forex robot, it’s good for you to know the following important things when you want to use a free forex robot to avoid fraud and failure in trading.
Lack of understanding of trading robots
Suppose you are an airplane pilot. Even though today’s aircraft are supported by fully automatic systems, the pilot still has full control over the plane, right? Likewise with robots. You remain in full control of the robot and need to control it. Just like a plane that sometimes needs to be controlled by the pilot.
That is, it is very important for you as a trader to understand the mechanics of trading and forex strategies properly and correctly because robots are still robots that are only able to do what they are told. Therefore, you need to understand more deeply about trading by learning forex so that later this free Forex robot can help you as expected.
Not testing on forex robots
If you are interested in free Forex robots then Testing is important. Why does it need to be done? Because you need to test how proficient and match the lure of the big profits offered by the robot, including if you are interested in upgrading this free Forex robot to the full version.
By testing the robot, at least you will avoid fatal mistakes that can cause losses when trading. To test a forex robot, you can use a demo account here, and for those of you who don’t know how to do it, you can see the tutorial on testing a forex robot below.
Not following the instructions for using the robot
The rules will always be there, including when you use a free Forex robot in trading. When running and changing settings, be sure to always pay attention to any attached instructions from the creator.
Some important points such as:
• minimum deposit recommendation,
• currency pairs,
• lot size, etc.
You can consider all that in maximizing the performance of the trading robot that will be used later.