Discover what Forex Trading Robots are, how they work, and if they really make you earn easy money.
What are they?
Forex Trading Bots are Forex software that automate trading decisions and their respective operations. There are a lot of these bots, and the most famous Forex Trading Robots are those designed around the MetaTrader platform.
They work as "Expert advisers" and are capable of giving you signals to place trades, as well as managing the trade themselves.
It can be tempting to sit down and let a device do all the work for us; however, it takes a lot of research to find the right software to perform the correct operations, or code the EA for yourself.
How do they work?
Forex Trading Robots are based on a set of currency trading signals. They suggest, based on an algorithm, whether a particular currency pair should be bought or sold at any given time. They are able to execute the operations for you and make decisions at a certain time.
They are available 24 hours a day, 7 days a week (although the trading period of the Forex Market only opens from Sunday to Friday). They can be purchased through the Internet or for example from the market available via the MetaTrader 4 trading platform - or you can develop one for yourself which is usually the best choice, but requires the MetaTrader 4 coding knowledge. Or you can also hire a developer who will code the EA for you.
Pros and cons
It is difficult to establish the pros and cons of Forex Trading Robots since there are hundreds of bots in the market and each one has different characteristics and strategies.
Generally, if you have a strictly mechanical Forex strategy, a previously programmed bot can be very useful for making decisions, so it would work for you 24 hours a day.
A counter is the large number of bots in the market that promise huge profits in a short period of time, usually from ghost companies tryng to scam users.
Forex Trading Robots are not miraculous devices that allow you to get rich in a couple of days - they are tools that allow you to automate certain operations, and they require constant supervision, analysis, and research to work at their best.
Also as we wrote - most trading robots selling for a few bucks are usually a scam. So the better way is usually to develop your own trading robot - and in this case the trading robot is always as successful as your trading strategy.
So, are they profitable?
Remember - if you are going to develop your own trading strategy into the trading robot (by yourself or by hiring a coder), the trading robot will always be successful as your trading strategy (as if you would trade it without any emotions and exactly based on the rules of the strategy).
In this case the trading robot can be a huge help for every trader. They save a large amount of time by automating operations and trading without emotions.
In case of paid trading robots, most of them are not profitable. Some of them might be profitable, but it's hard to find the right one.
But still, not everyone gets the results they expect. Most Forex Bots made for the purchase are not profitable. They are constant object of critics on the part of the traders, and little recommendable for those beginning.
Many investors have lost a lot of money with the commercial Forex Trading Robots, so we recommend that before using one, investigate in detail its provenance, review its comments and testimonials, monitor its operation, and test closely everything regarding the trading robot.
Or the best way based on our experience is to develop your own trading robot - only you will know when it is the right time to turn on and off the trading robot, or when to improve it.
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