Getting Started with a Forex Robot

We will now go over everything you need to know before signing up with a forex robot provider. This information will get you on the right track from the start.

Step 1: Choose a Forex Robot Provider

To get the ball rolling, you need to choose which forex robot you want to use. If you can't find a provider that best suits your needs, the best forex robots of 2021 are explained later in this guide.

Step 2: Decide on your trading biases.

There are several trading options to choose from on some forex robot platforms. These range from types of financial assets you may want to access, to insights into take profit and stop loss orders. If you are new to the world of online trading Then the fully automated service is probably the better option for you. The forex robot is traded so you don't have to. And as we mentioned earlier, using a demo account or even a free trial is a great way to get familiar with the settings.

Step 3: Deposit some money and start trading

After you have signed up, you can deposit money. As mentioned earlier, different platforms accept different payment methods.

Assume that you have already checked what is available to you. You also need to make sure you know what the minimum deposit is. Once you are satisfied and have made your first deposit, you will receive the receipt Forex signals. Please note that you are expected to place the trades yourself if you have opted for a manual account. If you opt for full automation, you will not have to do anything else.

Buying a Forex Robot for MT4 / MT5

It is also possible to simply buy a forex robot from an online provider and then download the software to your computer. Then all you have to do is upload the software file into MT4 / MT5. In doing so, the robot will start trading immediately.

You can, of course, set up certain trading parameters. This includes metrics in Exness online trading like your minimum and maximum trade size. If you decide to use this method, you should run MT4 / MT5 in demo mode for a few weeks to make sure the robot is fit for purpose.

Are there any order restrictions?

Another consideration is how the forex robot will behave if you change the size of your order. A good way to test this is to try a demo or free trial. Some platforms work better if you stick to a similar order. However, this can reduce your profitability if the size of the order changes. The ideal forex robot is one that performs well regardless.

Forex Robot Drawdowns

Drawdown is the contrast between the next low point in your trading account balance and the high point. Essentially, the difference in your account balance shows the loss of revenue from losing trades. No two traders are the same, as some people like a maximum drawdown of 15%, while others prefer a more conservative drawdown of only 5%. This is entirely up to you. You can check this on consecutive drawdowns as well as on a trade-by-trade basis.