A trading robot, also known as an expert advisor or EA, is a computer program that handles the buying and selling transactions of a trader. There’s no human intervention; thus, greed, anger or fear are not present during trading.
All an EA needs to function is a set of rules, and once the market matches with it, it can automatically place a trade. Unlike human traders, EAs don’t skip trades, make second guesses, and above all, get tired. It’s a perfect digital assistant that lets you trade 24 hours a day.
Be Careful When Buying a Trading Robot
The capabilities mentioned above are all true, but still, you must not rush in purchasing a trading robot. Of course, due diligence is a must.
The EA market has tried and tested trading robots that truly drive profits, but just like other markets, scams also surround it.
Here are some essential tips on how to separate good robots from the nasty ones:
- Don’t Believe in Ads Right Away
As we’ve mentioned earlier, the EA market is not much different from other markets. When shopping for a trading robot, you’ll go through a ton of products with exaggerated claims on what they can do. You need to do some active research to sort these claims. Ask these questions when purchasing an EA:
- What is the actual purpose of this ad campaign?
- Does this EA campaign have real achievable gains?
By asking these two critical questions, you’ll be able to spot the legit trading robots.
- A Quality EA Sells Itself
EAs with try-hard marketing campaigns often have one clear sign to tell: they’re struggling to prove themselves.
Expert advisors that can perform well organically have their followers and willing ambassadors. Investors shopping for an EA must not base their decision on flashy ads and endorsers. It’s the performance that they need to look into because it’s what will drive profits.
You can search for EA communities and look at trading robots most professional or experienced traders recommend. But again, due diligence is needed because there are fake communities with false testimonials that will lead you to the wrong products. A faulty product, as every trader should know, can be costly in the long run.
- Look for EA Providers with 24/5 Support
There are times when users may experience some technical issues. This is why they need product support that can offer consultations and troubleshoot their EAs when problems arise.
Providers with 24/5 support can be a sign that their EAs are really quality products. It highlights its developers’ commitment to supporting traders in utilizing the EAs at its fullest.
- Avoid Clickbait
You must be careful about clicking external URLs that may lead you to sites with adware traps. This type of aggressive advertising campaigns may lead you deeper into highly dangerous executable files like the Trojan virus and spyware.
- ‘Free’ Can Be Costly
‘Free’ is a classic tool marketers use to attract people into something that often leads them to a harmful situation. Its effectiveness hasn’t changed in ages, and it’s no wonder why it’s being used today in promoting trading robots.
Traders, when browsing for an EA to purchase, will surely encounter “free” trading robots (which may have Malware in it). Since “free” is so attractive, some will go into downloading these programs.
