When it comes to Forex robots, there are always going to be traders who consider them a godsend, and those who consider using them is a lazy way to trade. That way you can weigh it all up and decide for yourself whether Forex auto trading is the way for you.
Becoming a profitable Forex trader means spending time watching the movements of the currency markets, and keeping up with world economics and news. Which used to mean hours spent sat at the computer, trying to keep up to date with relevant events. However, there is now a tool that can save traders from such an onerous task, and it comes in the form of Forex robots, or automated trading.
Automated Forex trading makes use of a tool known as a Forex robot, which is basically just a computer program or algorithm. The program scans the Forex market looking for profitable trades to take advantage of. A large majority of Forex automated trading robots use technical indicators to help find profitable Forex trading opportunities, with the difference being in the trading strategy that is used.
And it is no different for Forex auto trading systems. There are a number of Forex trading robots available on the internet, but do you really think that somebody is going to sell the perfect money making system? Of course not, they are going to keep it for themselves, and in fact many of the big financial firms keep their automated trading programs firmly under lock and key. Our aim is to give a totally unbiased opinion of Forex robots, and to provide you with a balanced picture of what they have to offer.
A number of them are actually scams, and there are very few articles from news and financial sources that promote them. It seems that a popular way for many online robot merchants to promote their own software is by bad-mouthing the competition, and many of their advertising claims of traders making huge profits are really only fake reviews. The best way to gain an understanding of the benefits of using Forex trading robots is to spend some time reading genuine customer reviews. There are plenty to be found online, but remember to take them with a pinch of salt, as not everything you read online is genuine.
Forex robots can analyse millions of charts far quicker than a human, but the information that many of them churn out is inaccurate and incorrect. The level of functionality of a trading robot is very much limited to past performance, and the way they have been programmed. Our advice is not to rely on automated trading systems entirely, because successful trading requires a large amount of human research and observation.
The human mind is also much better at following economic conditions and keeping up to date with the latest financial news. Robots are, however, pretty good at picking out positive trends and trading signals, but their functionality can be hindered by shaky trends and incorrect information. Nowadays, there is also the risk of hackers, viruses, and scams entering the mix and messing things up completely.
You have to remember that if robots made it easy for Forex traders to make money there would be far more people jumping on the bandwagon, and there would be no need for anyone to go to work ever again. We can only say that there is evidence that trading Forex with the help of Forex robots can be useful, but is generally only in the short term. You may well be considered using an automated trading system to assist with your Forex trading.
This will all be removed is you let a piece of software do it all for you. But Forex robots do still have their own special place. Top Forex Brokers xm.More...