Forex robots are computer programs designed to automate trades on the currency market on your behalf, helping eliminate emotional-based trading decisions and achieve consistent profit from it. Furthermore, these programs can scan markets more thoroughly than humans do and discover trading opportunities not accessible to human traders; these experts advisors (EAs) utilize predetermined strategies when deciding when and how much to trade.
EAs are created using MetaTrader programming language and can be uploaded onto either an MT4 or MT5 platform to automate trading. There are thousands of EAs available for download or purchase; it is wise to research each before choosing one with proven results and an excellent reputation. Also consider testing any potential EA on a demo account before fully committing.
Create an EA is an involved process requiring time, money and technical expertise; therefore many traders prefer ready-made EAs over creating their own. There are some outstanding ones out there and most offer free trials so you can test before buying; read reviews to select one that meets all your requirements.
Once you’ve selected an EA that suits you, it is crucial that it is installed correctly. Follow the instructions in its manual or vendor’s website in this regard before selecting your chart and attaching the EA – making sure it opens and closes trades at appropriate times – also check its settings to make sure it works with your broker’s server.
Testing an Expert Advisor or Robot on a demo account under simulated trading conditions to see how well it performs is critical, then switch it over to live once satisfied that everything is operating as intended. Tracking its performance over time helps determine whether its worth your money or not.
Some of the top robots available on the market are developed by large banks and insurance companies. They invest millions into developing software designed to outwit all other robots on the market; feeding it with market data updates regularly. Their systems are built to outshout every other robot out there; some even physically move servers near exchanges for an edge in reaction time by as much as 0.3 second! However, these systems still can’t guarantee profits; it is up to each trader individually to manage risk accordingly and stay with safe strategies instead of trading against trends; these will more likely yield positive returns over chasing high risk trades.