Free Forex robots have become increasingly more demanded within the currency trading community over the last several years. According to Google search statistics, a sharp rise in interest was recorded during recent global economic volatility and the devaluation of the Euro. Free Forex robots are special software programs that automatically make market trades based on technical analysis data. Free Forex robots were designed to permit novice and intermediate traders to perform nearly as well as some of the larger financial institutions that generate millions of dollars per transaction.
Free Forex robots are not without their critics. Many experienced Forex traders are weary of any online product that is being promoted as free. After conducting research on the internet for free Forex robots, we were impressed with the current selection available to the online community. However, with an approach that nothing in life is free, we began testing the various software packages on our MetaTrader 4 trading platform.
Our findings suggest that it would be financially unwise to trade your hard-earned money with free Forex robots. Companies that make free Forex robots available to the public are generally trying to increase traffic to their websites, which translates into bigger profit earnings. In other words, they are not interested in your trading portfolio or the long term reputation of a particular free Forex robot. We also noticed that there are no websites on the internet that rank or review these trading software packages. In other words, you’re basically trading blind without any frame of reference, history, recommendations, or actual testimonials.
If you ultimately choose to explore the capabilities of free Forex robots, we recommend that you initially sign up for a free trial with a MetaTrader 4 trading platform. This method of experimentation will avoid the possibility of actual financial loss. We also suggest keeping a log of each Forex robot in an excel spreadsheet. This record keeping method will allow you to review and compare the performance of the free Forex robots you used in your study. In the end however, we believe you will be dissatisfied with the results you see.
RobotForex.org was written by people with hands-on experience in the Forex trading arena. We believe that reputable Forex robots should be methodically tested and reviewed in an objective manner. We recognize that if we recommend and promote specific Forex robots based on empirical data, traders have high expectations.
We hope you enjoyed this article about the pros and cons of free Forex robots, and we would like to invite you to other sections of our website for additional Forex information. Our website is constantly being added with quality Forex robot reviews, market news, economic predictions, and helpful trading tips.