Many users who claim to be beginners of the forex market say that they have made significant gains through the use of software. Neverheless, any such claim should be treated with some degree of skepticism. Among the numerous automated systems available on the market, there are some that are excellent, other simply good and quite a few that do not meet up to their claimed expectations.
Although some companies advertise themselves claiming that they “provide over 95% of successful transactions (profitable)”, any future buyer should independently verify the accuracy of these claims. The best software distributors usually provide reliable records providing the efficiency and effectiveness of the products they are selling.
As automated trading systems differ in terms of speed, performance, programmability and ease of use, what works for one investor may not be appropriate for another. Some traders will prefer a program that creates reports and that they simply need to enter stop loss points and buy orders. Monitoring real-time is also a necessary component of any electronic system.
Remote access capability is crucial for investors who frequently travel or plan to stay away from their computer for a long period of time. The selected program should allow access to and instant access of all the functions, regardless of location via Wi-Fi or other Internet communication (access). The Internet may be the most useful and practical way to meet the needs of the traveling investor. Hosting VPS-head (Virtual Private Server) is a service that serious investors should consider. These services are available for a fee by many companies that provide very fast access, security and technical support.
Fees and guarantees
Some service providers charge extra while others do not. Fees and costs of access can help to reduce the profitability of trades and therefore, before signing, please read the text written in small letters. The most serious companies offer the option of returning the product. After the purchase, within a specified period of time if you come to the conclusion that the software does not meet your expectations, serious suppliers accept returned goods and refund the purchase price.
Some vendors provide a videos showing the performance of the software available on the market, including buying and selling prices of currency pairs. Take a look at, as many videos as possible with screenshots showing the accounts and operations performed.
During the testing of new software, run the training module or user manual to determine if it is suitable for your needs and weather it includes the answers to all our questions. It may also be necessary to contact support to obtain information on the more complex issues of the software. If the button “Help” is given, set it in an easily accessible place in order to facilitate the connection and navigation.
Many of the best companies also offer free testing of their software at no additional charge so that the potential buyer can check whether the program meets its needs. This way, you will be able to check whether the software is simple to install and easy to understand and use. You should also verify that the software is programmable and flexible enough to allow changes to the default settings.
What is worth remembering
The most popular systems are the main trading currencies pairs characterized by the highest volume of turnover and the highest liquidity, such as USD / EUR, USD / CHF, USD / GBP and USD / JPY. Investment strategies will vary from a conservative scalping based on a few selected items until the more risky strategies and related risks. You will decide which approach to choose which strategy to change, and how to follow the trend. Consumer reviews of products appearing on various websites are a good source of information about the software. We recommend that you familiarize yourself with them before purchasing the product.
The current strong price competition is good for consumers, so try to look for the best opportunity and remember that this must not be at the expense of quality. Package prices can range from several hundred to several thousand dollars. You should also save yourself the trouble and check that level of technical assistance and support is appropriate. This is particularly important for all investors, regardless of their level of experience and is undoubtedly one of the most important attributes for beginners and inexperienced investors.
Regardless of the level of knowledge and experience of the investor – novice, experienced, veteran – or in a situation where the buyer is only likely to consider entering this potentially profitable, fast-growing global currency market, automated software can be helpful for the success of the investment. They can help you avoid the worst of failures. More importantly, keep in mind that no system can guarantee 100% profitable trades and that past performance is not definitive as to the achievement of good results in the future.