Believe it or not, different forex software and trading robots have different attitudes! Just like a trader made of flesh and blood like you and me, these forex software and robots have their own strengths and weaknesses. Picking up forex trading software SHOULD also be a matter of taste and style.
You see, when you have a forex software that trades like you do, it is way easier for you to understand what it's doing. After all, your knowledge of the biz and your business philosophies guide you as you watch your forex software trade and make money day in and day out.
There are 2 popular styles of forex software and trading robots.
Let's start off with the stalkers. Well, as its name suggests, stalkers are very careful with their trades and moves. They're methodical and would not make decisions on impulse.
Forex software and robots that are stalkers will watch for up to date information and would learn everything they could about a currency and its previous performances to get an idea how it would fare. Such automated forex traders also have a stop-loss strategy to minimize losses and focuses more on small BUT frequent gains.
On the other hand, there are foragers. Traders who're anxious and would like to make the BIGGEST profit in one transaction are known as foragers. What these guys do is quickly jump on an opportunity and move on to something else once everyone else catches up.
With that in mind, foragers need and do a lot of prediction and analysis of previous data to see which currency would be profitable and which currencies to steer clear from. If you're a forager, you need a forex software / robot that can accurately analyze trends and market conditions.
Knowing which side you're on should be a factor in determining which forex software and trader you should go for. Check its features, performances, reviews, etc. This should help enlighten you what style a forex software has and how you can match it to yours.
Source by Sam Graham