That’s what Forex Brilliance developers think too and they have created a suit of expert advisors that trade on explicit major pairs. There’s no confusion as to what to trade it on and on which currency pair it should work better. I think more developers should use this practice.

Not only that, when you’re trading manually, you should consider that for your manual system as well . It is a mere matter of chance, once you test and tweak a system on one pair, it’s likely to perform better on it. Naturally, I do not say that there are no systems that are universal, but it’s’s lots more difficult to make and run such a system.

1. Costs

Costs can be quite different from broker to broker. They may charge a fee per transaction or they may operate only on spread, or a mix of the 2. Spread is the difference between the buy price and the sell cost. Check the expenses for the currency pairs that you are most certain to trade, since this is what will impact you most.

2. Lots

The broker will have a minimum lot size which is related to the minimum investment level. Sometimes, a standard lot is 100,000 currency units, a mini lot is ten thousand and a micro lot 1,000. It can be handy to be ready to trade smaller lots for some systems so that you can take a few lots per trade change the quantity of each trade, close out 1/2 your profits, for example. Or, some brokers permit fractional lots so that you could trade half a lot, etc .

3. Leverage

Leverage means that you don’t need anywhere close to the exact lot size in your account. Most traders doubtless operate with a hundred times leverage, so $10 controls $1,000, $100 controls $10,000 etc . However , some brokers offer two hundred times or maybe 400 times. This gives you the chance to make more money with less, but also carries more risk.

4. Support

There might be times when you need tech support fast. All brokers offer some type of service, but it is worth testing speed and style of response by asking a technical question after you have signed up for a demo account with your shortlisted currency exchange broker.

If you know the way to trade foreign exchange by hand you’ve a huge advantage even if you are using mechanical bots. This information permits you to validate EA’s decisions, change the system for better performance and the like. While other beginners jump from robot to robot looking to find the holy grail, and keep failing. They lose money more frequently than not and blame the robot creators. The important point is that it’s the knowledge they lack what hinders them from success.

If you take a look at the Elite Currency Trader, you may see how simple is their web site. There’s just one backtesting report which shows a good performance and some information about the robot itself. There are no fancy photographs or spectacular videos, just a few informative videos and some short text. The simplicity is interesting. And being keen on simple but well done robots I am truly impressed.

Naturally, anybody can do that, and simplicity doesn’t tell more on the results than the exaggeration. In this case, we will see some live trading results from the independent pros and it does look good. So far so good.

The base line is that it can make lucrative trades, but traders keep seeking for a better robot. It isn’t enough to make small profit, they need significant and consistent profits. That is what motivates expert advisor users and because of that they’re going to keep purchasing every new EA that comes out.