How to choose Forex EA Robot and Broker?

admin — Sun, 17 May 2009 22:01:41 +0000

I’m not going to tell you my broker or give any specific recommendations for one, but i hope the following will help you

You will probably want a broker which is offering MT4 platform (not all do)

- check the minimum account size is okay for you

- make sure they offer demo so you can check your trading / EA on demo first

- demo should be as close as possible to live, at least the spreads should be identical
(I can tell you the executions on demo are always nice while on live they play all the games with you)

- check the spreads on the pairs you wish to trade (or your EA will trade) and make sure they stay in the range you require to be profitable during the time of day you trade
(often a certain range gets advertised but you’ll find that 90% of the time only the upper end of the spread range is actually being offered)

- be clear about the lotsize they are offering

- make sure you understand what a lot is

- do yourself a favor and make a sample calculation … take your lot size and stop strategy you will use and find out how it will affect your risk in relation to your account size

- understand how funding and withdrawal work (funding can often be easy… but when you try to withdraw thats when they like playing games)

- complicated withdrawal process can mean trouble as you may need to be forced to stop any EA on your account until process is complete

- if they say they are regulated consider that a joke
Write them an email if in doubt so you have something you can refer to later if there is any confusion. I have found that with some brokers if you ask the people on their chat then 3 different people will give you five different answers.

Just a quick writeup, if anything is unclear then ask!

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How to choose Forex EA Robot and Broker?

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