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Forex Robots ? Automated Trading Does Work
Author: Rich Swaby
What is a Robot?
A robot is an automated system that will trade the foreign exchange (Forex market) for you. They are also known as expert advisors (ea). You load the robot onto a currency pair (e.g. GBP/USD) on your trading platform. You can then leave your trading platform running and the software will make trades. This is ideal for those who do not have the time to trade and also for those who lack the discipline and emotions required for trading.
Introduction
There are many robots available on the market. In truth most of them are created by programmers and sold on by marketers rather than successful traders. However, once in a while a robot is released that trades in exactly the same way as the successful trader who had it programmed, whether by themselves or by outsourcing the work to a highly skilled programmer.
Why sell a profitable Robot?
There are a variety of reasons to why robots appear on the market. It could be that the creator of the automated robot wants to share their system with fellow traders as they understand how difficult it is to become a successful trader. It may be that the creator wants to share his system to receive feedback and possibly help to improve the system. They may also need to raise some money in order to improve the robot. A good robot will require a small purchase cost but the buyer needs to be aware that if they are purchasing a good system, the initial cost is only a small fraction of what a good robot is capable of making.
What to look for in a robot?
There are many factors to consider when purchasing a robot. The factors differ depending on how much money you have to invest. If you have a small amount to invest then it is important that the robot only suffers small draw downs. You will also need a robot that gains profit on a daily basis in order to increase your account quickly. If you are using a long term trading robot then it could take a while to begin seeing a small account increase significantly. On the other hand if the robot is a scalper/short term system then the account will increase much quicker. For those who have substantial amounts to invest, you should still look for a robot that suffers small draw downs, although you have more room for manoeuvre. With a larger account you can also take less risk as the size of the account means that only a small gain can bring big rewards. The robot should be ECN and non-ECN compatible. It should work on four and five digit brokers. It should come with a life time support and money back guarantee. There should also be no discrepancies on what timeframe and currency the robot trades on. Also look for high quality back tests and forward tests if available. Be aware that forward tests can be harder to come by due to the sensitivity of sharing account information.
10 Reasons Robots are called scams.
1. Traders try to modify the code of the system.
2. Traders over optimize the settings and stray far from the defaults.
3. Traders use the Fore robot on the wrong currency pair.
4. Traders use the Fore robot on the wrong timeframe.
5. Traders run the Fore robot at the incorrect time.
6. Traders use brokers who suffer from poor execution, slippage and high spreads.
7. Traders make an opinion based on reviews of others rather than testing for themselves.
8. Traders over leverage their account and risk more than they can afford to.
9. Traders have unrealistic expectations of certain robots.
10. Traders are impatient and expect results in hours.
Where to find a Robot?
You can find many robots available for instant downloads by searching the web. Be careful of reviews that you read for the reasons stated in this article. Use the information in this article to assist you in choosing the correct automated robot.
What do you need to use a Robot?
You will need the MetaTrader trading platform that is free to download and use. You can register a demo account at no cost with a broker to test the robot before opening a live account. If you go live most brokers will require at least a $50 deposit to begin trading. That is all you need! If you do decide to run a robot for the long term you may want to consider setting up a virtual private server (VPS) so that you can allow your trading platform to run 24/7 without having to be logged on to your home computer.
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