A lot of forex robots come ready to use, literally right out of the box. Just install the software and the forex robot’s default settings can have you making pips straight away.

Trust me, that is one of the reasons I’ve spent so much time looking into buying forex robots: To see just how good many of these products’ default settings are. After all, you are trading forex to make money, not to fiddle around with forex robot’s settings. Nothing gets the buyers of a forex robot upset more than a product that they don’t know how to optimize or one that starts off well only to produce middling results over the long-term.

Where To Turn

For example, there are some forex robots that only trade one major currency pair. Many one-pair forex robots focus on the EUR/USD pair, for example. That is fine as this is the most heavily traded pair, but traders that know their forex robot only trades this pair would do well to alter the robot’s settings when this pair enters a sideways pattern. This problem is easily solved by entering other pairs into the robot’s settings. In reality, if a forex robot can trade one pair well, it should be able to do the same with at least one more currency pair.

Of course the other side of the coin is some traders like the narrow focus of a forex robot that only trades one pair and if you learn the settings of a forex robot that trades multiple pairs, you can tame this beast and “teach” it to focus on your desired pair. Yes, the forex robot is, well, a robot, but in the end it was made by humans so some human intervention to make it do what you want it is going to be needed from time to time. Not to worry, if you adjust the settings the right way, you won’t impact the forex robot’s overall performance.

Know Your Robot’s Settings, Know Them Well

Keep Things Simple!

For starters, you should make sure your forex robot entitles you to access to some solid customer support. This is the first place you should turn for getting help in altering your forex robot’s settings. Next, make sure to hit the Web to find blogs and Web sites that have message boards about the various forex robots and see what some other traders are saying about robot settings. There’s nothing wrong with exchanging ideas. After all, you want to trade, not spend a ton of time fiddling with your forex robot.

Expect the Unexpected When Trading Two Accounts

We don’t want to discourage your from using the same forex robot in different brokerage accounts, but you should keep in mind there has been no evidence to suggest that this is a winning strategy. If you have a good forex robot it just might be worth giving it a shot in another account, but it also might be wise to have it trade a different strategy.

Author Bio: Retired Canadian Economist. My main activity since Winter 2006 is trading Forex. I’ve been trading currencies online with the help of EA’s (BTW, the best source for EAs is Forex Robots) and I currently manage trading accounts at two Forex brokers in the US and in UK respectively

Category: Finances
Keywords: Forex Robots, Day Trading, Forex, Forex Brokers, Finacial Advisors, Expert Advisors