Forex trading robots have entered the trading market and are accepted widely. This is one of the many options among the automated trading software that is currently available in the market. These forex trading robots are generally considered as a scam as they do not live up to the expectations and promises of the companies offering them.
Forex trading robot is an automated computer programme that relies on forex trading signals that help in deciding whether to buy or sell a currency at any given time. They use the MQL scripting language and are built with the MetaTrader. These are available online like the HBSwiss http://cybermentors.org.uk/detailed-hbswiss-review-real-swiss-quality/.
Working of a forex robot:
The forex robot is designed to replace human trader. The robot is designed to generate returns to the user with the help of in built pre programmed routine plans to trade. The creator of this robot has put forward his skill and intelligence and that is shown in the manner it trades. The robot cannot change itself. It does not adapt or revise to the fluctuations and the changing conditions of the market. It only attempts to cut losses and does that according to the inbuilt programmes as given by the programme developer.
The commands followed by the robot are always depending on the technical analysis tools. To optimize the results of the robots some programmers who are advanced and sophisticated use back testing tools. These are all inbuilt programmes that are in the computer system.
Problems with forex trading robots:
- The main disadvantage with the forex trading robot is that it has been tested on historic data, but not on actual trading market. They are tested mainly on internet connectivity problems, software run issues. If any technical problem or any brief blackout that causes wiping away the account is encountered then the forex trading robot is useless.
- Your finances are in the hands of an automated machine which has no brains. It will not save your money if any technical or market related issues arise. In trade market change is constant and inevitable. In such circumstances using a robot needs careful supervision.
You need to be wise and smart before you buy a forex trading robot that will trade with your money. Using a robot without knowing what and how it executes trade and the troubleshooting if any issues will be against successful trading carrier.