Both beginner and experienced traders consider obtaining automated forex trading systems to help them with their trades. Beginners look at these systems as a simple way of entering the forex market, whilst experienced traders see it as an aide.
The range of forex trading systems is rather large and quite confusing. You cannot expect to obtain a system that will provide you with a total success rate all the time. There are providers who offer you 100% success and you should avoid obtaining this type of system as this is an unreasonable assumption to make.
To ensure that you obtain a good system, you should check the reviews that are available for that particular system. You must keep in mind systems that may have good reviews for the past may not be suitable right now. The financial market changes daily and the algorithms that may have been installed into a system a year ago may no longer be applicable. You have to find out if the system will suit your particular needs.
What You Need
When you are in the process of obtaining forex trading systems, your needs are the most important. The systems will vary in ease of use, performance and speed. One of the main facilities you require is real-time monitoring. You should also take not of the different reporting features that are available. You may want to be able to create your own customised reports. You need to find out if the system is an easy to use plug and play system, with a set and forget option.
If you are not always in one place all the time, you need to be certain that you are offered remote access facilities. In this case, it may be necessary for you to consider a web-based system that will allow you access from anywhere in the world. Full time traders, who need connection to the system on a constant basis, may need to opt for VPS hosting. This will offer you improved technical support and superior connectivity. The security level that you obtain with this type of hosting is also an attraction.
There are certain providers who charge additional fees for their systems. You need to know if this is applicable, as additional fees will cut into your profit margin. To confirm this information, it may be necessary for you to scrutinise the fine print of your contract. There are providers who offer a refund policy. If you are dissatisfied with their system after a reasonable time period, you can request a refund which is normally equal to the total cost of the package.
Forex Trading Systems Checklist
You should ensure that you receive the basic software requirements for this type of programme. There are a few factors you have to consider before you purchase a package.
- Read the reviews on the specific product. You can visit trading forums to ask questions about potential software
- You should make a comparison of prices with a list of the features of the system
- The system should allow you to trade all the majors. This is the minimum setting although it would be better if it offered you more currencies
- You should check to see if your strategy is suitable for the system. Some of the systems favour long-term strategies, whilst others favour scalping
- Will you be able to make adjustments to the system?
- You should check the level of customer support you will be offered