While there are several auto trading platforms such as MetaTrader 4 and MetaTrader 5, you may want to consider the other options in the market. But in order to pick the best automatic forex trading platform, you should first acknowledge your needs and do proper research about them.
Define your needs
As automated trading systems differ with regards to performance, complexity, speed etc. what may be preferred by one trader may not be good for the other. Some forex traders want reports, trailing stops and other market orders. Others may just need a simple program.
Keeping these points in mind, you should define your needs first before choosing a forex trading platform. In the initial needs, an automated trading program should perform these tasks;
- Provide trading alerts
- Generate reports
- Put stop orders
- Have trailing stops
- Offer high speed scalping
- Allow you to place conditional orders in the forex market
- Allow live market monitoring
- Distant access ability
Go through trading reviews
Some auto trading forex trading platforms claim of high winning trades percentage. However, if it sounds too good to be true, then it possibly is!
The major criticism about automated trading software is from fraudulent people selling losing algorithms. You may be a victim of scam. Hence make sure you verify the claims of the software by going through the reviews of their users.
Do a quick Google search and you will get the list of review sites, forums who will give you the names of reliable forex trading software.
Know the price of the forex trading software
While cost shouldn’t be your top most priority, price consideration is still important. It is essential that you pick the best deal in market. Just make sure you don’t compromise quality for price.
Check auto trading before purchasing
When you are looking at different automatic forex trading software, then it is important that you don’t just rely on the provided videos of the firm, but also check the software on your own. If there are screenshots of buy and sell transactions and profit posting, then you should consider checking them out.
Do look out for any sort of assistant hyperlink on it and see if it is of any use to you. Now all of your questions will not be answered or available in the f.a.q so do go through the list of the questions to check if it is answered over there.
Moreover, after going through the entire FAQ you do not find the solution to your problem, you can always directly contact the support team via chat or call and discuss the problem related to your programming while writing your strategy or any problem related to trade execution in general.
Now most of the companies provide you a free expert advisor to gain your confidence in the product. Always give the product a try to check if you do not have any trouble understanding it.
Additionally, make sure the expert advisor script file is easily customizable, you can always add additional conditions according to your need in the script for your strategy to work.
RoyalStox is a reliable and reputed forex trading platform for traders. You can easily automate your strategy here and enjoy real-time trading.