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During the past couple of years, a large number of trading robots were launched, leaving forex traders confused and searching for the answer - which forex bot will basically bring in money and not create losses.

The robots' persuasive graphics, sales letters and stories make each robot appear like its the best thing that ever materialized to this world and will make thousands of traders successful. However, not all robots are produced equal. In fact, some are good but the majority does not work and in fact can easily loose the whole account.

Before selecting a forex expert advisor, there are various factors that must be thought of to pick up the right EA and eliminate lemons.

It is extremely important to read the sales letter and try to get answers to the following topics :

(1) Who is the producer of the robot ? Is it a recognized group in the forex market, a forex trader or just a programmer. If there is no genuine forex trader behind it, in most cases this robot will not have the right strategy, as programmers require the assistance of forex industry experts to build in the right programs.

(2) What is the robot's strategy ? Is it a scalping software or swing trading software ? What are the technologies that it incorporates ? What type of algorithms are embedded ?

(3) What pairs does the robot specialize in ? Is it one pair or several pair robot ? The good point of a single pair robot is that it can have improved strategies and more powerful and effective algorithms for trading a single pair, than a multiple pair robot. However, more traders who are ready to involve in multiple pair experienced traders can use the multi pair robot.

(4) What are the robot's results ? Looking at live results, how does the robot software perform. If you are only given old backtest results, you should question the legitimacy of the forex trading robot. There is no 100% wins in Forex, however, you should check if the capabilities is earning profits rather than losses. It is important to look for stability in winning rate over time.

(5) Additional capabilities that are important are exact money management rules and broker stealth mode, to avoid losses.

(6) Available documentation and ease of installation - Does the robot comes with user manual or videos ? Is it very simple to install ? Afterall, most Forex traders are not computer scientists. They want to start cashing in and not mess around with a program's installation complexities.

(7) Available support service and cash back guarantee. Look if the sellers mention support, as for some forex software no assistance is given and you should avoid those. Also the majority of robots come with a 60 day refunds. Ensure that that this is clearly pointed out. In this case, if you are not satisfied with your the robot, you can return it within the 60 day time period and receive 100% of your money back.

Once you get sound and logical answers to all the issues above, chances are that the robot looks promising. However, the currency markets is highly volatile and countless robots operate better at different market periods. Therefore, it is strongly suggested to have several forex robots, including a safe trading robot, such as Forex Bullet Proof . Robots with with different techniques, should be used according to the different market cycles.

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