What is a robot in Forex?

Forex robots are programs, code written according to a specific trading strategy. It uses technical signals to enter trades while traders are fast asleep. This program can help traders automate market operations or trades.


Is it automatic trading? Like.. you don't have to do anything?

Actually, you can use robots in both partially and fully automated trading. Both options have their advantages. Smart robots analyze market patterns and possible reversals, read signals and indicators - some traders choose to place the entire trading process on the shoulders of computer code with the settings according to need However, some traders still prefer to participate in some trading procedures. and trust robots only for the market operations part Although robots are intelligent But it's still just program code. Some traders want to keep it under control.

Okay, so what are the advantages of using robots?

The obvious advantage of using Forex robots is the "free" time you get as a trader. The robot analyzes the market and opens trade orders 24 hours a day. The robot processes signals to open or close orders in an incredibly short time that cannot even be completed by any professional. It's important that many good robots have risk management built into their code from the beginning. Therefore, when you trade with robots, you are protected from losing your deposit due to emotions. The greatest advantage of robots is that they relieve mental stress: traders do not have to monitor all the charts. But robots will do this job instead.

So.. robots are always right? So what are its disadvantages?

Robots work according to set rules. In terms of what settings it is written in and what indicators it uses. It's always right. However, they cannot adapt to the rapidly changing situation in the market by themselves. Robots are smart, but they're just programs that need to be reset and updated from time to time. Therefore, whenever the market changes beyond the robot's default settings, Traders need to modify the program and sometimes rewrite or modify the default code. The fact that the robot must be updated in accordance with the market situation may turn out to be a serious disadvantage for some.

It looks like robots are useful. But it's so different!

This is true. Trading robots are no different from other software. It may be sold with different configurations. Make sure that when you buy the robot you get a manual or other instructions for installation - otherwise it's nothing but a bunch of code. The more robots come with their own manual and settings, the better - that means you can take a peek inside. And there is an opportunity to set it according to your needs. Moreover, if you intend to go one step further, you may write the robot yourself: it will be fully customized and most probably will suit your trading goals as perfectly as possible.


Got it, so how do I choose a good robot?

To choose the right trading robot First you need to decide on a working strategy and memorize it in your mind. Don't let yourself be fooled by the quick huge profit percentages - this can be the result of the aggressive settings of the robots. And in the future it may make your funds unsafe. Follow your trusted trading strategy. Otherwise, the robot can easily disappoint you. There is a lot of advice out there on how to choose the “right robot” but remember – the only way to see if a robot is working properly is to test it.


Is there anything else you would like to recommend?

Remember, robots aren't magic tricks that will make you rich in an instant. The default settings of most robots are too simple to set up and lack precision in operation until you have customized them with the signals you want for your purposes. In order to be able to do that It is better if you have enough trading experience to teach the robot to trade for you.