Which Trading Robot is Better?

There are many trading robots, and to assess their performance, there are a lot of ratings compiled. However, it’s difficult to get enough information for each robot. After all, to evaluate the efficiency of the advisor, it’s necessary to know how long it was tested, the timeframes it opened the deals on, and how many traders made the test.

Of course, choosing a robot, you should take into account the ratings, but you shouldn’t be guided exclusively by such lists.

The testing function was added to the MetaTrader terminal exactly for the correct evaluation of all the advantages and disadvantages of experts. As a rule, brokers provide access to the archives of quotations. Thus, the user can run the expert advisor on real quotations and assess how the program would behave in a given situation. Thanks to the test mode, you can evaluate all the advantages and disadvantages of the program, and, accordingly, assess the potential profit of such a tool.

How to Choose a Robot?

Some comments about the advisors may raise suspicions. If this program really provides a huge profit, why sell it? However, the developer may get even more profit if users really like his product. In this situation, the only difficulty is to distinguish a really profitable adviser from the product of the unscrupulous marketing.

Often you can see information about super-profitable experts. Market newcomers tend to believe in the possibility of easy earning on Forex, and for this reason they often become victims of such promises. For example, you can find the documentation on advisers, the yield curve of which looks like this:

This chart shows the Martingale strategy. And any experienced trader knows that, after such rapid growth, a no less rapid loss of deposit will come.

It’s quite easy to create such statistics. It’s enough to choose the period on which the advisor demonstrates the greatest profitability. Moreover, many unscrupulous developers may optimize the product for the selected period, so that its profitability on historical quotations would be maximal. Unfortunately, such an expert will only be profitable in the past, but not in real trading.

In general, there are few rules that can help you to protect yourself from fictitious statistics, and to choose a truly profitable advisor.

1. Don’t make a choice based on the developer's data. If his product is really good, it will show good results not only on his statistics, but also on the results obtained by other users. Look for the test results on forums and in communities of traders. If you didn’t find any information, ask the developer for the invest-password of the test account, and evaluate the work of the program yourself.
2. The cost of an expert should be proportional to its profitability and your opportunities. If you want to become a successful trader, follow the rules of money management even choosing tools. If the product is expensive, it should justify your investments by high profit. Don’t buy programs which price is higher than the amount of your deposit.
3. If the robot seems to be too expensive, try to find a free version. However, remember that in this case you will lose support, and you won’t be able to receive any updates.

It’s also worth noting that you should get used to the strategy used by the chosen robot. If you understand the principle of its work, it will be much easier for you to evaluate its results. Don’t forget that the size of your deposit and the acceptable level of risk must match the parameters of the program.

Test experts, read the reviews of other users, and you will certainly find a tool that is perfect for you!