Type of Forex Robots
Robots, bots, machines, they are all tools that have been created to make our lives better.
That could not be truer in the forex market, which is a place where minutes could be the difference between making hundreds of dollars or thousands of dollars. However, to what extent someone wants to use this digital help is up to personal preferences.
Semi-automated traders rely on robots to check the market, present calculations, create averages, or provide any other tool that they trader may need to open or close a position.
Fully-automated traders do just what the name suggest. These forex traders rely 100% on technology to do all the heavy lifting, from deciding where to set a loss stop, to deciding which pair to trade. Everything is done through software.
It does not matter how much technology you want to use to give you an extra edge when trading. What matters is what is available to you to gain such edge if you choose to use a robot.
The EUR/USD is one of the most used pairs in trading. Its balance between volatility and reliance, allows any trader to make a quick cent here and there. By using an Expert Advisor (EA), which is another name for a robot, you can have eyes on that pair, or any other 24 hours a day.
Moving Averages (MA)
Lots of traders use MA to decide where to set their stop loss or as reliable indicators of market trends. Either way, having a robot checking MA helps you to know when the market is prime for the taking by giving you signals as soon as things turn in your favour.
Are you starting to trade and have a low budget? Do not worry, there is a robot for that. Micro account robots specialise in accounts that hold $100 or less by providing you with the tools needed to try new strategies or take a higher risk without worrying about incurring costly losses.
RSS is a great way to keep track of forex news, but it is always hard to know which news will impact your trading strategy and which will not. Using a robot will solve that issue because it can be set to filter the news by only alerting you when a news article that will affect your trading comes out.
Unlike concert ticket scalpers, scalping in forex means opening multiple positions for a brief time and make a profit on margin trading. This is very hard to do manually, and it is why most expert forex traders have resorted to robots to do this type of trading.
Buyer beware, the scalping software used by Goldman Sachs, for example, is entirely proprietary and custom made for them. Thus, anything you may find online might not generate the results promised. Trade carefully.
To conclude, there are multiple options to choose from. However, always make sure to do your due diligence before using a robot. Most sites will try to entice you with impossible returns or unrealistic offerings. Remember that at the end of the day you are your most valuable asset.