What is a Forex Robot (Expert Advisor)?
A Forex Robot is a little piece of software code that is capable to execute automated orders under pre-defined market conditions. These orders may focus on a specific currency pair or on multiple pairs and may create ‘long’ or ‘short’ market positions. A Forex Robot executes trades on behalf of a trader. Humans make no decisions, and all trades are executed with no intervention. Find Expert Advisors at ForexRobots.net.
The most popular Forex Robots are using the Metatrader4 platform. Nowadays there are more than 100 Forex Robots written for MT4 (using MQL4).
Test and Review Forex Robots
Forex Robots are looking backward to forecast the future and that means that can not include future market developments. Although this disadvantage, testing a Forex Robot using historic data is absolutely crucial and wise. Furthermore, seek reliable reviews, not fake ones. How can you identify honest reviews? It is simple. Honest reviews must always include both the pros and the cons of a product or a service, not only one side of the coin.
The Rule of the Right Customization
Forex Robots are software, and the software will be always controlled and customized by human intervention. Sometimes Forex Robots are really complicated to set up. Customization includes parameters such as the Take Profit level.
Forex Robots Pros & Cons
Here are some important Pros and Cons regarding Forex Robots:
Pros / Fx Robots Advantages
1) A Forex Robot needs no sleep and can work 24 hours per day.
2) Robots don’t feel emotions like enthusiasm and disappointment that usually lead common traders to the wrong decisions.
3) Forex Robots do not make mistakes and they will obey you as long they operate.
4) Using a VPS, Forex Robots do not even need you to have your PC on.
5) You can test every Forex Robot using historic data and performance
6) Robots nowadays are usually offering money-back-guarantees.
7) A Forex Robot can be used as a back-up mechanism for your ongoing trades.
Cons / Fx Robots Disadvantages
1) Forex Robots can not read the news
2) Forex Robots may not research new trading areas or innovate in any other way.
3) Forex Robots are technical analysis-driven tools and do no incur fundamental developments.
4) Forex Robots are always backward-thinkers and thus can not forecast the future evolvement of trading.
5) Forex Robots are usually too specialized to identify opportunities generated in multiple markets.
6) The use of a Forex Robot may cause you sometimes trouble with your Forex Broker.
7) The crucial question comes always at the end. If this robot is so good why his programmer doesn’t it keeps it for himself?
Custom Expert Advisors (EAs)
If you are lacking programming skills, you can use this advanced online builder (EA Builder) that offers a user-friendly interface and a wide variety of functions for transforming trade ideas into Forex robots.
- Free for creating indicators, paid only for creating EAs
- Compatible with MetaTrader-4, MetaTrader-5, Tradestation
- You pay only $97 one time and you can use the service forever
- A complete set of trading functions
- Advanced technical analysis
- Money-Management
- Many video tutorials
More about EA Builder at ForexAutomatic.com
Conclusion
Every trader that is willing to start using a Forex Robot must first research, review, and test all available alternatives. The final choice must be oriented on the best implementation of the individual trading strategy. All robots are not suitable for all traders. If a Forex Robot is used properly and under the right customization, then the performance of a trading portfolio may be improved in the long-run.
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Read More: » What is a Forex Account | » What are Forex Signals | » What is ECN Forex Trading | » Forex Trading Orders | » What is Forex Scalping | » What is a Forex Broker | » What is MetaTrader
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What is a Forex Robot (Expert Advisor)?
