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Various traders use different types of applications to give a guide on the forex trade in the hope of making a profit. This article will shed light on one particular one and hence prove if it is worthy to be a fruitful application to the forex traders.
WallStreet Forex Robot 2.0 Evolution is among the suitable applications used to assist traders and investors in succeeding in the currency trade. It is trustworthy as it has backing from the MyFxbook group that has verified its performance.
Why Forex Traders Lose?
A lot of forex traders lose a lot of capital due to the following reasons:
- An insufficient experience by the forex trader.
- Insufficient or no clarity towards the trading tactics by the trader that would lead to success.
- The use of poor trading criteria and discipline.
- A poor risk management.
- Intuitive trading – involves the trading mechanism without any conscious reasoning.
- Trading with inadequate forex robots.
- Voluntary trade pattern against a particular trend.
- Failure in making use of defensive stops.
- Adding other losses to the existing loss trades.
- All these are the main reasons for incurring losses in the forex market.
Concerning the application, the program creators entail a design team with a track record spanning eight years in the business sector with a proficiency in the enhancement of automated market applications.
Learning More about WallStreet Forex Robot 2.0 Evolution
There are various questions people ask regarding this application and it is key to answer these questions to understand the importance of applying the application in Forex trade.
EA stands for Expert Advisor. It can automate the trading process thus prevent the trader from constantly watching the market patterns. In this industry, WallStreet Forex Robot 2.0 Evolution has a verified performance under accounts relating to real forex money providing exemplary results. It is possible to run more than one EA automatic trading system on a single account without affecting any other trade.
Minimum Starting Capital for Trading
The WallStreet Forex Robot 2.0 Evolution platform is designed to perform trades in the forex market with a minimum sum of money that relates to the broker used. The amount can range from as low as one hundred dollars to five hundred dollars.
It is, however, disadvantageous to use a small amount of capital as the market trades will be conducted in small portions. You may start with capital of $1,000 up to $5,000.
The platform can work with various currency pairs such as the euro and US dollar or the US dollar and the Japanese Yen among others.
Overview and Features
WallStreet Forex Robot 2.0 Evolution can protect traders and investors from ill-intended brokers who don’t follow business ethics thus negatively impact the investors. Through negative slips or delays in order executions. This aspect reffers to a broker espionage module.
The software has a live configuration system that updates in real-time. This, therefore, means that the trader don’t need to restart the program once already in execution.
The software has an improved speed capability as portrayed by the developers to the previous system. The system has incorporated the best aspects of the previous system but improved its efficiency. Strength and speed.
This therefore generally reveals that the update of the system is done automatically and quickly adapts to the changing market conditions. Additionally, the trader can set-up the program to work automatically without any human assistance thus make trades and investments to make a real profit throughout the business day.
As mentioned earlier, WallStreet Forex Robot 2.0 Evolution has a Broker Spy Module that can identify and stop fraudsters from real traders. This module ensures no theft is successful from any unethical agent towards a particular trader.
This program does this by having in place numerous fail-safe aspects that have the purpose of stopping and preventing the said agent from deceiving the software through delays or ordering execution spreads.
The module achieves this by constantly monitoring all the transactions and investments of the brokers at every instant. The monitoring is done constantly every day with no break or close, therefore, preventing any malicious attempt at all times.
As mentioned before, the system get its updates instantaneously. Therefore, one of the fruitful aspects offered by WallStreet Forex Robot 2.0 Evolution. What sets this apart from other forex platforms is that the other platforms will require the trader to manually reset or restart the system to update. While WallStreet Forex Robot 2.0 Evolution will update the configurations automatically.
WallStreet Forex Robot 2.0 Evolution in the Market
As mentioned earlier, WallStreet Forex Robot 2.0 Evolution has improved consistency and is more cost-effective. Concerning pips the program can offer an extremely high number for a given period as compared to the older version. A relation of 260 to 16 pips respectively. The increase in the point in percentage can result in a tremendous increase in profit margin for the trader.
The bot works well in scalping method with M15 time-frame. The recommended pairs that work efficiently are EUR/USD as well as GBP/USD. These are the main currency pairs that are traded upon. Other pairs include: NZD/USD, USD/JPY, USD/CHF, AUD/USD and CAD/USD.
The trader, as most do, would manually configure each pair but this is ill-advised as the program is already updated from the servers. This is done after receiving authorized access thus sets the default values of each currency pair.
Even though the stop loss is rare to hit, the market usually tends to trend against it, the program will have the capability of making a close on a deal before attaining the average profits or loss.
The program is also able to gain interest before the expected profit margin is affected by its position in the forex market. It does this concurrently while determining that there are some points that the market can give.
WallStreet Forex Robot 2.0 Evolution Strategy
The strategy is simple to understand. The program uses indicators to determine the input signals, the program also uses repetitive means to both open and close requests and hence denotes a particular degree of expertise in association to live operations.
The use of DLL programming language seems more of a barrier when operating on numerous peers that are using this same DLL. This program, however, uses the DLL with complete thread safety.
The WallStreet Forex Robot 2.0 Evolution completely adheres to the NFA rules, nondeterministic finite automation. This is because it only opens one operation on each traded component. This aspect, therefore, prevents the problem associated with market coverage. It is, however, advisable to take heed when trading with another EA that is transacting in the same currency pair while using an account that follows the NFA rules.
WallStreet Forex Robot 2.0 Evolution Parameters
Two main parameters are constantly used by the program, namely AutoMM and the Recovery Mode.
The AutoMM determines the amount of commercial risk in the forex market. This parameter has six settings ranging from zero to five. Suppose the setting is at zero, them the WallStreet Forex Robot 2.0 Evolution will operate with a pip that is set constant at 0.1. This setting can, however, be adjusted to the desired batch size.
The Recovery Mode is the second setting which is as important as the first parameter. You’d better disable this parameter as it can drastically increase the reduction even though it seems to have the potential of offering greater earnings.
These parameters are clearly outlined in the given user-manual that comes with the program. It has a full chapter that delves into this subject matter in addition to giving the right settings of the program.
Expected results after using WallStreet Forex Robot 2.0 Evolution
The traders are first expected to learn how to use the application and how to effectively move from the demo account to the professional account.
In essence, one is expected to know the following:
- The ins and outs of the market and basic concepts involved in forex trading. This involves aspects dealing with currency pairs like:
- Timeframes to be considered.
- The trading platform to be used and its application.
- The advanced concepts of trading. This involves aspects concepts like:
- The different currency pairs that are used for the different markets.
- The use of different accounts in different markets under the same broker.
- The relevant market data that is downloaded for review.
- An improved market aptitude. In this case, it would be a natural ability of the broker to efficiently trade and make a profit.
- The traders can opt to use and support a greater frequency of trade.
- Reduction of risk in the forex market to a reasonable minimum level.
- The program can stop any offset of loss.
- The program also has a protection system that has first-rate benefits.
Pros and Cons
These are the main reasons why this software is favorable software for trading in the forex market:
- The trader will gain a sufficient level of experience to confidently trade in the forex market.
- The trader will acquire clarity towards the trading tactics employed in the forex market hence get profit.
- An improved and better trading criteria and discipline in the forex market.
- Risk management in the forex market is greatly improved.
- The trading pattern used involves a background of data that backs the reason for trending towards or against a particular trend.
- An automated trading software thus reduced loss by the broker.
- Use of defensive stops that help mitigate any loss.
- This program is favorable to amateurs.
- The use of a free demo separate from the professional account freely allows the beginner to understand what the software offers and its operation in the forex market.
- The use of customer service available at all times.
- The application of automated updates.
- The program allows the trader to do any form of negotiation at any period based on the custom settings given.
There are few to no disadvantages to this platform. However, a distinct one is: In comparison to other key forex platforms, the WallStreet Forex Robot 2.0 Evolution is more expensive.