Testing Your FOREX Trading Software
If you're thinking about buying computer software robot to assist your trades in FOREX, make sure you fully test its capabilities before you put it into full use in your system. Open a Mini FOREX account. Trade the smallest lot sizes. When you do this, you will get live information from your broker, so you can see in real time how the robot does with trading before turning it loose on your main accounts.
Alternatively, set up a demo account to try the software. Just about any FOREX broker can start you up in a couple of minutes and provide you with a safe corner to try it in. But remember, the broker really wants to sell you the software, so the simulation package you get on demo may have exaggerated margins or better currency spreads than it does when you start trading live. Be aware of this anomaly and be prepared to see smaller changes in your live account than you did in a demo account. Watch the software over many weeks to ensure it continues to perform as expected over the long-term.
Once you've checked out the robot and are satisfied with the results, turn it loose. Don't be surprised if it doesn't make any trades for days. Software is built differently ; if the program is looking for long term trend data, it may take some time to realize that change and make a move in the marketplace. If you've thoroughly tested your software and proven that it works in a demo or mini-account, then you must trust it with your live account. If you find after time it is not performing as you hoped, then you may have to tweak it to make moves faster or slower.
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