Hundreds of different Forex robots are available and many more are appearing week by week. For the untrained Forex trader, it can be difficult to know which Forex robot software is genuine and which is purely a scam. Even those that are rated at the top of their league can be known to have problems.
The first problem that newbies have with Forex robots Forex tradingis that they believe the adverts and download and install a Forex robot based on the hype that they have heard about it.
Without any prior research or recommendation, the newbie will just grab the first Forex robot they can, believing that they will be saving themselves time and getting a Forex robot that will basically run itself. They are usually hugely mistaken. The software that the newbie has ended up downloading can be riddled with viruses.
Sometimes the software relies on the Forex robot provider’s servers. If the servers are unreliable the software can end up slowing down or worse still, stopping altogether. The newbie will not be aware of this pitfall and leave the software running, failing to check on it. It is important that newbies research their Forex robot carefully before pursuing a Forex robot and that they keep checking the software to make sure it Is still running properly.
Other problems that a newbie can run into usually come about because of poor education and not enough knowledge of the Forex robot software when they are using the Forex robot for the first time. Such mistakes as forgetting to set stop loss and take profit levels and trying to trade using too many currency pairs can end in disaster for the newbie. The best advice to follow is to read and understand as much information about the Forex robot as possible before trying to use it to manage a Forex account.