We are talking about forex pairs of course and this is just one more consideration you’ll need to make prior to buying a forex robot. You see, some forex robots try to sell you on the fact that they trade only pair.

The developers use the logic that since the forex robot is locked in on pair all day everyday, it isn’t likely to miss any of the good trades. On the other hand, some developers try to sell you on the fact that their forex robots are great across any forex pair you can think of. These guys are basically saying to you “Pick a pair, any pair and our forex robot is going to produce winners.” Let’s see if that is really true.

The Choice Is Yours And Yours Alone

Forex traders are an independent breed and we don’t like being told what to do, let alone have our trading style dictated to us by a forex robot. This is where knowing your personal trading style comes in. Being in touch with your inner trader can help you make the best decision possible when it comes to purchasing a new forex robot. This is important because who wants to spend time returning a product they don’t like when this mundane exercise could have been avoided in the first place?

Maybe you’ve discovered that you like focusing on a single pair. There’s nothing wrong with that and if you’ve found something that works for you consistently, stick with it. But if you’re the type of trader that likes to pay attention to a single forex pair, make sure your forex robot does the same thing. It would be a rather unpleasant, and potentially unprofitable surprise, to discover that the forex robot you expected to only trade the Euro/US dollar (EUR/USD) was also trading a host of other currency pairs.

On the other hand, if you like the flexibility of trading multiple currency pairs, you most certainly do not want a forex robot that trades a single pair. There’s a reason you like trading multiple pairs and whatever your reason is, a single-pair forex robot is going to get in the way of your trading objectives, so make sure you have this information hammered out before you buy a forex robot. You already know that trading a single pair exposes you to the frustrations of a slow-moving market and that no currency pair moves wildly all day long, so make sure your forex robot has a place to turn when one pair goes into a lull.

There’s No Easy Choice

It would be convenient of there was historical data that showed single-pair forex robots outperform their multi-pair rivals, but since that evidence doesn’t suggest, it’s hard to say which type of forex robot is king of the hill. We’re fans of going with a multi-pair forex if for no other reason than that this type of forex robot can put you in position to make money on a more regular basis.

Author Bio: Retired Canadian Economist. My main activity since Winter 2006 is trading Forex. I’ve been trading currencies online with the help of EA’s (BTW, the best source for EAs is Forex Robots) and I currently manage trading accounts at two Forex brokers in the US and in UK respectively

Category: Finances
Keywords: Forex Robots, Day Trading, Forex, Forex Brokers, Finacial Advisors, Expert Advisors