What are Forex robots and do they really work?

There are millions of people looking for ways of making money. Undoubtfully, the Forex market is the most profitable one, making the niche famous worldwide. Despite having the greatest opportunity, there’s not enough information available to the first-time customers to learn the basics and enter the market the proper way.

Today, we will mainly talk about advanced tools, including Forex robots that work and are indeed crucial for maximizing profits on the back-end. Just grab a pencil, piece of paper and get ready to take some notes.

What Are Automated Forex Robots?

Basically, Forex trading robot is a well-structured computer program, entirely based on a collection of signals that every trader should take into consideration before making the final decision of purchasing or selling the currency pair. The set itself is automatically updated on a day to day basis, so you the traders shouldn’t worry about making the changes themselves.

Programmers use MetaTrader and MQL scripting languages to develop the software. Usually, members are given a chance of experimenting with the tool before making the purchase. After receiving permission, they can access the database of updated signals, make trades with low risks and manage the records.

Talking About Functionality

There are tons of automated Forex trading robots to try out. Their price point and quality define the functionality. However, the below-mentioned ones are the commonly implemented features among hundreds of published tools.

Bid Recognition

After customizing the settings, trading software can execute certain actions based on submitted technical analysis, including how the order flow goes, the strength of the price trends and support-resistance levels.

Open Position Management

Infostructure of the best automated Forex trading robot lists a collection of trailing stops, losses and profit targets straightaway into the dashboard. Most of the features will be included in the membership. However, sometimes consumers themselves have to turn the functionality on in order to get the data.

Order Making

Everyone gets fascinated by entering the Forex market, but no one thinks about exiting the proper way, basically, that’s the only skill that every professional trader need to develop. To your advantage, most of the automated tools have the functions available to place the orders and then later on selling them onto specific time periods.

Do Forex Robots Work?

Yes, they do.

Majority of first-time customers think that the program itself performs a wide range of actions that trading experts cannot do themselves. Partially, its the truth, because normal human beings pay attention to the unnecessary details, such as physiological distractions and emotions. Additionally, the written codes take less than a minute to calculate possible margins. On the other hand, traders spend hours of work to do proper math.

Having a lack of legitimate information has made us craft Forex robot review guide, that will list a bunch of trusted automated software, helping you learn more about the detailed instructions. Below described Forex trading robots comparison will help you make the right decision before purchasing the desired one.

Take a look at Forex robot reviews ratings:

Astro Forex

• Monthly: 6.6%
• Gain: 158%
• Drawdown: 1.7%

FX Finder

• Monthly:1.71%
• Gain: 77.33%
• Drawdown: 4.5%

Happy Forex

• Monthly: 2.4%
• Gain: 233.12%
• Drawdown: 16.7%

Happy Market Hours

• Monthly: 4.88%
• Gain: 2342.37%
• Drawdown: 10.2%

Please take some time to experiment with the above-described tools to find out whether they’re worth trying out.

Backtests are Vital But Not That Useful in Trading

You might wonder what makes the best-automated Forex trading robot unique. That’s the common issue every trader faces while choosing the one to work with. Stay away from the tools that verify your profile by providing back tests, helping them to increase profitability.

Beginners are not familiar with backtests. They are used for the purpose of ticking data, delivered by third-party services or individual brokers. Thus, they’re not accurate enough to rely on, even will not help you understand how the actual market works in real life conditions. Sometimes delays between the trade execution might take some time, leading to facing mass potential losses.

That’s the reason why there’s a limited quantity of free Forex robots that work and provide you with historical data to suit your need. As the niche constantly changes, indicating how the market will look like in the future, gets even hard. To summarize the back-testing controversy, it takes some time and experience to optimize program the proper way. However, traders cannot implement the same technology in live trading systems, hence you can still easily indicate potential profitability.

Stay Away From Demo Accounts

It does not matter what kind of Forex auto trading robot software you look for, don’t choose the one’s offerings demo accounts. The given data is not accurate and does not represent the actual speed of the live trades. Always root for live trading statements and get rid of the selective implementation of a trading statement, lasting for the successful days, weeks or even months.

Eliminate Trading Restrictions

‘Can you make money with Forex robots?’ – That’s the only question every experienced or amateur broker gets asked on a day to day basis. Read the policy attentively, filter out all the automated Forex robots that limit members to having profits, spreads and leverages. As well as, don’t forget to check whether the tool itself meets the non-deterministic finite automaton regulations. Forex MT4 trading robots eliminate the probability of having any kind of issue in trading and analytical activity.

Forex Robot Performance is Not the Key Factor

Sometimes automated programs may execute certain actions in a matter of seconds, without even having a delay. However, that’s not the only thing to pay attention to. While having the trial period, identify if the particular robot has a win-to-loss ratio greater than 75%. if it exceeds, the probability of losing traders over the period of months with no profit at all is higher than you might expect.

Things That You Should be Familiar With Before Trusting Forex Robots that Work

Reading a bunch of Forex robot reviews ratings will not lead you in the right direction. While taking in the lessons the professional traders have learned during their career might be an interesting thing to hear about.

Trading is Risk Management Exercise

The mandatory method runs on equities with having no leverages at all. Forex market runs at the highest possible speed, but surely there’s enough information to be digested. The real problem is to minimize the number of drawdowns and once the strategy goes out of control, you can emphasize on winners only.

Don’t Rely on Timing

Robots operate on time charts, not considering the fact that the actual volumes are not constant during the period of a day. That’s the reason why every trader should learn more about tick charts, the innovative strategy developed by Scott Phillips.

Handling False Positives

The noiser market is, the shorter the periodicity is. Stop losses cost a fortune, taking care of false positives and avoiding facing the losses is a mandatory thing to think about.

Are Forex Trading Robots Worth Purchasing?

Unfortunately, most of the companies advertise the automated Forex tools the wrong way. Even the federal government of the United States listed a bunch of their packages as a scam. In addition, famous publications like Forbes, Wall Street Journal and Financial Times don’t write articles about the Forex robots that work. Sometimes they mention tools for the purpose of raising people’s awareness about possible scams.

No one cares whether you root for free Forex robot M4 or premium automated trading software, because one thing has already been proved several times. The chance of making a profit is less than you think, only the experienced ones are able to operate successfully. Thus, you as an amateur trader can still try the product out to see the actual results. It will take some time to get used to optimize the settings, but eventually, you will understand how the market and the tools work.

Why Doesn’t Everybody Rely on Forex Robot Performace?

The robot itself will help you improve the trading experience, but everything else should be done on your behalf. Without paying close attention to the actions of the automated Forex robot, you will not be able to profit on an extremely volatile market, such as Forex.

Moreover, even the best automated Forex trading robot has tons of advantages. The human beings provide us with trading advisors and having the errors into the system may lead to potential deposit loses. As most of you might already know, the marketplace itself is unstable and changing on a daily basis. Meanwhile, trading strategies vary, depending on a specific time frame. Yet, programmatic languages cannot take that into consideration, worsening the overall trading experience.

In-Depth Conclusion – There’s No Need of Risking Money

To summarize, it takes hours of hard work and dedication to become a qualified trader, purchasing Forex auto trading robot software or hiring expert advisors will not help you make money.

Investing in gaining fundamental knowledge is a way better idea than spending money on various tools, that doesn’t really bring that much value to the table. However, trading in the demo accounts will give you the experience to avoid making crucial mistakes furthermore. Once you’ve found a profitable strategy to work on, there’s no need of choosing so-called free Forex robots that work. Stick to the well-scheduled plan, root for long-term investment and then earn the well-deserved money.