What is a forex robot?
A forex robot is a piece of software that analyzes the market based on settings entered by the user. A forex robot makes automated trades that can be carried out even as you sleep. Forex robots are a good way to trade a mechanical system that requires no human evaluation.
How do you use a forex robot?
Forex Robots is a pretty general term. It can refer to different types of automated forex trading software. The most common type is a Metatrader expert advisor. Metatrader is a trading platform that is used by multiple brokers. Metatrader expert advisors can take control of your trading account and make trades according to whatever parameters you set.
Are there any profitable forex robots out there?
This is the question most commonly asked by traders looking for the holy grail answer to forex trading. There is no holy grail that will get you around understanding the markets and studying how they work. To answer the question, yes there are profitable forex robots out there. The problem is that it takes testing over a reasonable period of time to figure out how profitable they are. Most of the companies and individuals that sell these robots, are great about writing sensational claims, but the customers soon find out that the forex robot is not the âroad to richesâ.
To help with this problem, Iâve created a forex review section here where I will run these robots on various demo accounts and find out what they can actually deliver versus their sales page claims.
To summarize, a forex robot is not a substitute for learning how to trade and acquiring the necessary skills to succeed. However, if you wanted to employ an additional mechanical strategy to your trading, a forex robot would work. Just keep in mind, there is no software that is a substitute for your good human judgment.