Forex robots are software for forex trading that make decisions automatically. Free robot trading is mostly made using MetaTrader. You can use these robots as expert advisors. According to The Balance, expert advisor is a piece of software that tells you when to make trades or even automatically initiates and executes trades according to preprogrammed instructions.
Although it sounds easy and fun, professional traders generally do not carelessly choose free forex robots.
Thus, what is the most common mistakes made by novice traders when choosing free robot trading?
Do not have enough knowledge
Even though robots can do everything automatically, traders still need to understand the trading mechanism and forex strategy. This is a fundamental thing that you must have.
Forex robots make it easy, but it will not do everything for you. Its existence is to help those of you who don’t have much time to set up a manual trading setup.
Do not do a trial
Many free trading robots provide the lure of huge profits. However, when you choose one, you have to test the forex robots first, especially if you intend to buy. This test will prevent users from fatal mistakes that can cause trading losses.
Also, you should pay close attention to how the robot performs by testing it directly through a demo account.
Choosing wrong Broker
For some reason, there are forex brokers who don’t allow their clients to use forex robots for trading. Therefore, make sure you choose a broker that is flexible in terms of strategy and allows clients to use forex robots when trading.
Even though the free forex robot already has its settings in order execution, the risk of loss will still exist.
Many traders assume that by using a forex robot, they will automatically get a profit.
In fact, losses can come at any time either from unexpected price movement patterns, or mistakes from the forex robots used.
Not following instructions
Each type of forex robot operates based on its rules. When you change the settings, you should pay attention to the trading robot maker’s instructions.
Some important points such as minimum deposit recommendations, currency pairs, lot sizes, and so on can be a consideration in maximizing the performance of the free robot trading that you use.
You should be careful with fake products. Also, you have to remember that there is no such thing as a consistent profit. in forex trading. There is always a risk of loss if you run it.