subject: Forex Robots - Are Automated Forex Trades Profitable? [print this page] Forex robots are designed to automate the process of forex trading. They are also called forex trading software, expert advisors and forex trading systems.
These systems are actually pieces of software that automate the manual trading system. The good ones on the market are developed by forex traders and when you search for one which suits you it's important to remember this. As there are a few out there designed by non traders and needless to say they don't work nearly as well as when they are designed by people who are very familiar with the forex market and how it works. In recent times forex robots have grown increasingly in popularity, one reason for this is that they take the emotions out of placing trades for you. Many people find that when they place a trade based on a manual trading system which they may have spent weeks developing they tend to get a bit attached to the idea that it will go exactly as they predicted and when it doesn't which is often the case they panic and don't know when to exit the losing trade. Instead hanging on in a hope the trade will turn in their favour. This more often than not leads to blown accounts.
Another reason forex robots have grown in popularity is that individuals want to be able to trade profitably without taking the many hours of learning and development it takes to start their own manual system from scratch. Forex robots can act as a learning tool in this case helping traders, particularly new ones, learn the strategies for successfully and consistently make profits in a market they may be unfamiliar with.
So, should you use Forex robots to trade successfully? In reality only you can answer this question as you are the only one who knows what you aim to achieve from trading the forex market and how you aim to achieve it. You should understand, however, that all Forex robots are not created equal. In fact, there are huge differences between them mostly around trading style and which currencies they trade in.
It's also worth bearing in mind that once you have chosen the right forex robot for you, the software will only be as good as the person using it. It's really worth pushing the systems capabilities by tweeking the settings to receive optimal results. Forex Currency trading can be very rewarding if you approach it like a business and take it seriously. Every good business realizes that they need the proper tools to do the job at hand. Forex trading is no different and it's a good idea to look at the possibility of adding a suitable forex robot to your toolbox.
