Want to grab detailed information about the automated trading system? Or facing difﬁculties in getting the trading results of various Forex robots? If yes, then Forex Store can be an effective and convenient solution to such problems.
Forex Store is a renowned name in Forex robot developer that assigns ranks to most of the expert advisors in the market. It is a popular website that mostly pops up when an individual searches for an automated trading system.
What Basically is The Forex Store?
Forex Store is a website that makes use of the Forex robots to rank the performance of the expert advisors in the market. It was launched in the year 2017. “FXS Company” owns and operates all the functions of this website. An interesting fact is that the company doesn’t have an address or any contact details except the contact form available on the website.
Currently, the website is showing more than 150 distinct Forex robots and gives a ranking to them out of 10. It makes use of the trading results of each of them and conveys it in the form of rankings. Forex Store owns the featured products or new robots listed on the original website. An individual can also make money using the Forex Trading Software provided by Forex Store.
How to Begin Trading with Forex Store?
The foremost question that comes to a person’s mind after reading all this information about this website is how he/she can start forex trading with it. Here is a brief step-by-step guide for earning money using the website’s software:
Step1: The ﬁrst step is to register on the Forex Store’s ofﬁcial website. After successful registration, you have to select the broker who deals in the Forex market as well as supports the MetaTrader 4 platform (or MT4).
Step2: The next step is to register with the broker chosen in Step 1 and create a trading account in your personal area. It is just similar to that of a bank account in which you have to deposit some money. For trading, it is essential to have money in the account created with the broker. It is possible to transfer money in any mode.
Step3: You have to install the MT4 platform on your personal computer from the selected broker’s website. When you open MT4 for the ﬁrst time, it will demand your account name and password, which you got while registering. You are now ready to trade.
Step4: Now, it is the time to pick the best Forex robot from the website. You can apply ﬁlters for choosing the robot and helps in ﬁnding what you have been looking for. However, it is suggested to analyze multiple aspects while choosing an expert advisor. It includes:
- System Proﬁtability,
- Trading Style,
- Duration of trading on the account,
- Results stability,
- Drawdown, etc.
In case you are facing trouble in understanding this process and unable to select the Forex robot, it is better to go for those advisors having the highest ranking on the website.
Forex Expert Advisors having a lock icon are the ones that are protected by the Forex Store platform. It simply means that after the purchase, you will automatically obtain a license. The same will be displayed in your personal area created.
Step5: You can download the Forex Robot when you have selected and bought the best from the list. It will ask for the account number received from the broker, which you need to enter for proceeding towards the next step.
It is important to note that if you choose an expert advisor that doesn’t have a lock icon, the process and conditions of license delivery will differ as per the rules speciﬁed by the seller.
Step6: After downloading the Forex Robot, it is essential to install it. You need to run the MT4 application to complete this thing. You have to follow the complete process for installing it. All you need is to select the “File” menu and choose “Open Data Folder” from the drop-down list.
Then, from the MT4 folder, copy the Expert advisor ﬁle with *ex4 extension to the “Experts” folder available. It is also better to make a copy of the *dll ﬁle in the Libraries folder. End the step by restarting the MT4 application.
Step7: The last step is to set it up. For this, you have to turn the Forex Robot on and enter the risk parameter. You will receive the details regarding the installation of an advisor. It’s done now. The Forex Robot will start working and make money without your attention and active participation.
How to Choose a Broker and an Appropriate Account?
A broker is a person or company that acts as an intermediate between both buyer and seller to accomplish a deal. It shows the signiﬁcance of choosing an appropriate broker. It can be said that the stability and safety of funds mainly depend on the broker.
On Forex Store, when you are done with deciding with a Forex broker, you have to select the type of account in which you will keep your money and choose leverage. Here are some of the accounts:
Demo– It is a type of training account. It is an account to check your trading skills in the Forex market without making any ﬁnancial investments or taking risks. It helps to test Forex techniques and new advisors.
Micro– It is an account in which you can deal only in dollars and not cents, but with a very minimum lot or risk. This account is beneﬁcial for Forex robots, which require huge seed capital.
Cent– It is a convenient account in which you can trade with real money, and losses remain on the minimum side. The price of one lot will be only 10 cents.
Standard– It is a regular account where every ﬁgure depicts the number of dollars present in it. It is also one of the most popular accounts having a minimum initial deposit amount higher than micro or cent accounts.
Swap-free: It involves the rollover of a bet to the next day. You will be charged an additional fee. If you own a swap-free account, then you will not have to pay this amount, and brokers add their interest for it.
To Sum Up
Forex Store is a platform that allows beginners to start automated trading, which is better than manual trading. It is easy to use this website and start making money.
But for this, it is essential to follow the procedure appropriately and read all the instructions before starting to trade with Forex Robots. Moreover, it is crucial to choose the right broker and type of account to ensure convenient and quick dealing.