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How Forex Robots Work
First of all, it is essential to understand how Forex robots work. Forex auto trading robots are a piece of software that you can use to automate your trades along-side the main trading platform. But why use automated robot trading and how does it perform?
Efficient And Effective
By using a set of trading systems and rules to calculate when to purchase or sell a particular pair, robots can scan the data available rapidly, much faster and much more accurately than a human is capable of doing. In addition to this they have also been programmed to work to a particular set of criteria so that they can execute effective trades directly via the MetaTrader platform.
Round The Clock Trading
24 hours a day, 7 days a week, robots can carry out trades as long as the markets are open. A human simply can't do this. It is hard to conduct round the clock trading in all of the different markets when you need to eat and sleep. With markets across the world active around the clock and in different time zones, you can't be online 24 hours a day, 5/6 days a week.
More Trust in The Robot
Some people prefer to trust in the robot and automate their trades as opposed to manually trading as well, which is not uncommon. If you know that a piece of software can carry out trading when you can't, and can process the volumes of data that would take you much longer, then it becomes an attractive prospect for many.
Higher Success Rates
If a robot program is using the most accurate and up to date information, as well as analysing trends of specific pairs, it stands to reason that they have more accurate information than you can process. Often this leads to more successful trades and higher profits for you.
Of course, there is a fee for using a robot software, but this should be recouped in the increased success that you see. Choose a robot that you can trust and one that has a reliable name. Our reviews and recommendation can help you with this. Also, always test your robot using a free demo account before you risk your own real money.
Different Types of Robot
There are many kinds of Forex robot companies offering their software to new and experienced traders alike. While they all do the same job, there are many differences between them, starting with the cost. There is a fee to use the robot trading software, how else do they make their money? Often the price can vary, requiring deposits/fees that range from the ridiculously cheap to quite substantial amounts.
Then there are the various types of account available. There are basic accounts then more enhanced accounts which generally follow the principles of gold, silver and bronze. With the multiple levels of account comes the availability of different Forex pairs. The higher-grade your account, the more currency pairs you have available to you to trade. In addition to the robotics type software, there is another form of automated trading. This is called "trading signals". Instead of the robot executing the trades for you, trading signals or rather, expert advisors, produce the trading advice for you to make the final decision manually.
Some robots are more effective than others. Some are more sophisticated and use highly developed trading systems. Some will promise the earth for $20. The trouble with something this cheap that promises the earth is that sometimes it can be misleading and not deliver. If it looks too good to be true often it is. That's why it is so important to review each of the robots available and choose one that is genuine and will offer you the best chance of successful trading.
Benefits of Using Automation
Essentially the main benefit for automating your trades is to make more money. Whether this is because you trade in far larger volumes or because a robot can execute more effective trades, the same outcome is desired. There are various benefits of using automated Forex trading which include the following:
As well as trading in new currency pairs you can also trade in your comfort zone manually while using the automated trading to trade in the markets you feel less comfortable with. The one benefit of automated trading that is good for those who feel less comfortable is that it takes away the emotion. If you aren't confident to push the button then the robot trading software will do this for you. You may prefer to use the robot to trade while you sleep, so you never miss an opportunity on the trading platform.
Often, robot trading leads to more successful trades and a greater profit for you.
How we Find And Rate
As with every aspect of Forex trading we offer our advice, recommendations and ratings based on our team of expert traders' experience. In addition to our team of successful traders we also have financial markets experts that understand the Forex market, the legislation, guidelines, and what makes a good broker or Forex service provider like a robot.
We test every Forex robotics tool to ensure that they meet all of the criteria we expect from good robot software. Only once we have put them through rigorous testing will we recommend them to you. By spending our time researching and using our skills and expertise to test each of these automated trading robots we can save you lots and lots of time. In today's fast-paced world of trading, many of you don't have the time or the knowledge to trawl through tens of Forex robots looking for the best one for you.
By analysing and reviewing them, we allow you to make a shortlist based on our experience and then decide on your final choice. You can then create a more informed decision based on our findings. Not only do we carry out all of this work in the first instance we then continually review and update the information to make sure what we bring you is accurate and up to date. Our attention to detail and strict criteria offers you peace of mind when choosing your Forex broker.
Our Review Rating System (More Info)
- Account Types
- Banking & Payouts
- Bonuses & Promotions
- Mobile Trading
- Trade Types
- Special Features
- Customer Support
Is robot software reliable and trustworthy?
Always read our reviews as those recommended have been thoroughly vetted to ensure that they are safe and reliable. Don't get sucked in by those that offer prices that are too good to be true!
Can they predict the right trades to make?
The best Forex robot can process much larger volumes of data than humans can. As they are programmed to follow statistics and trends if something is off-trend, they may not pick this up.
Will I need to pay money for good software?
In a nutshell yes you should pay money for the best auto trading software. You don't have to pay exorbitant fees to get the right one. But be wary of those that promise the earth for $20.
What if my Forex bot gets it wrong?
Occasionally this will happen. It doesn't necessarily mean it has gone wrong. If something happens to affect the markets, the robot will not pick up on these changes.
How do I find the best software to use?
That is simple. While it may seem like there is a vast black hole of data waiting to swallow you up that is where we can help. We investigate the Forex marketplace to find the best for you.
Ben’s contributions as a freelancer to the site since 2013 are highly valued. He has a real talent particularly within short-term speculation, making many successful trades on the directions of the global financial markets.