IS IT REASONABLE TO USE FOREX ROBOTS?
Category : Robots
If you are interested in forex market then you have probably seen various forex robots advertisements many times. The newbies, who lack experience can assume, that it is enough to simply download and install such trading robot. They consider that after the installation the robot would do all the work instead of them. Even though there are many different free trading robots online, it is still crucial to understand if you would get desirable results from them or not.
Firstly, you should analyze the basic algorithms and principles of forex trading to use your robot to the full.
Forex robots are the computer programs, which were designed for the most popular trading platform Metatrader 4. They are trading your money following special settings and instructions. In other words, they are buying or selling currencies in case of the favorable environment on the foreign exchange market. They are doing it in accordance with the indexes of certain indicators and following strictly specified parameters.
By working with forex trading robot you automatically trust your money to it. So better use a thoughtful approach and don’t download a free robot from an unknown trading forum, especially if it is actively advertised.
Why are some forex robots paid, while others – free? The automatic systems are mainly developed to meet two primary needs. The first group of robots is used for the personal use, while the second – for meeting commercial goals.
It means that most of the robots that are available of different resources are just unsuccessful experiments, which didn’t meet the developer’s expectations. On the other hand, those robots, which work well and bring good profit are usually sold or used in personal trading. Nobody wants to share their successful ideas for free. That’s why paid versions of trading robots are more reliable and trustworthy, while free versions are too risky.
Read the reviews and talk with the traders, who use automatic systems successfully or buy a couple of robots and test them yourself. This way you would have a clear picture and understanding which robot works for your strategy best.
Find out more information on this topic here: https://en.wikipedia.org/wiki/Automated_trading_system