subject: What Is A Forex Robot? [print this page] Article by: ForexTradingCrashCourse.com Article by: ForexTradingCrashCourse.com
What Is A Forex Robot?
Aforex robot is a computer program that analyzes the Forex market based on a particular Forex trading system or strategy. A forex robot is programmed to identify a pre-determined point where it can place an order or exit a trade. Upon determining a particular trade deal where you would be able to profit, the robot can place or continue with the order without the trader actually being present. The great thing about a Forex robot is that it can monitor all the currencies in the world. It can monitor and determine not just one but more than 20 trading signals. With this capability, it could easily monitor all the currencies and let you know if it has detected a profitable trading opportunity for you.
Unfortunately, not all Forex robots work the same way or deliver the same profitability. If you are looking for a Forex robot, you have to take into account your lifestyle, objectives and previous trading experience. The quality of a forex robot is dependent upon the manufacturer of the program. There are some Forex robots which claim their profitability is about 95%, whilst others claim less.
A common mistake made by traders is to let their forex robot do all the work without getting involved in manual trading. Having a forex robot is not a surefire way of getting rich quick. A forex robot is there to help you identify good trading opportunities and not to completely take over. Only 5% of forex traders make profits every day, to be successful trading forex a good mindset and skill is required before you consider buying a forex robot.
