subject: Is There A Working Automated Forex Trading Robot Available On The Market? [print this page] Many currency traders often wonder if there is an automated Forex trading robot that can help them to trade in global currencies while they sleep. The truth is that these robots exist. However, traders have to do a lot of research in order to find the right one.
For a person to make a profit from buying and selling global currencies, it is important that he or she understands how currencies are traded. Whether its manual or automated trading, having a good understanding of how the Forex market operates is important. For instance, traders should understand basic terms like pips, free margin, leverage, equity, margin call and currency pairs among others.
Forex robots are simply computer software that can analyze the market and make trading decisions. They can also be programmed to execute trades based on a certain criteria. These programs are normally built around the Metatrader platform. Whether or not these programs can execute profitable trades depends on the strategy of the user.
There are profitable robots in the market. However, a person has to use the program for a long time in order to determine their profitability. It is important to note that many companies have released robots into the market promising great results but failed to deliver. Most robots that are on sale are also not genuine. They are simply get rich quick schemes implemented by greedy internet savvy individuals.
All robots are not the same, they all have different tools and usage instructions. Some software are very difficult to use or too technical for the average trader to understand. The right software should therefore be easy to understand and must come with 24 hour customer support from the developers.
There is a common misconception amongst traders that the higher the price of a robot, the more profit it is likely to generate. The truth is that price does not necessarily reflect the efficiency of a robot. Before buying any software, traders should use a trial version on a demo account to see how it works.
Ideally, traders should use an automated Forex trading robot that has been tried and tested by thousands of traders. Online forums and review sites can help traders to find the best software on the internet. Experienced traders can make a lot of money with or without using robots. New traders should try using demo accounts before they can start using automated software on their live trading accounts.
