Forex robots, a.k.a automated or autopilot trading systems and ‘Expert Advisors” are software programs that run on your own computer and trade for you. They usually come with their own trading systems installed and you can adjust the settings to your own lot size, margin, risk etc. You may be able to choose currency pairs and other factors.
Most robots run on a software platform called Metatrader 4 which requires Windows. You will need a modern computer and high speed internet connection.
A forex robot can do many things that you cannot. For example, it can watch the markets all day and all night, never missing a possible trade. Be aware though that in order for it to do this, you have to leave your computer on and connected to the internet 24 hours. If you cannot do this you will either have to close all trades before you switch off, or find remote hosting for your robot. Remote hosting has a cost but the benefits can make it worthwhile once you have the robot working profitably on a live account.
Since the different robots apply different systems, some have a better trading history than others. You can check on user feedback in forex forums, but as we said for brokers, do not rely on the feedback of one person who may be in a very different situation to yours. Generally, the better a person understands the forex markets the better they will do with robots. A lot of the negative feedback comes from people who buy a robot and try to set it up without even understanding the basics. If you have read through our forex trading lessons and tried a little practical trading on a demo account you will be way ahead of those people and have a better chance of success.
The best known robots are sold through the independent online retailers which usually gives you the advantage of a 100% no questions guarantee for 2 months. So you have a chance to try them out on a demo account with no risk. An example of continuously successful robots are Wall Street Forex Robot
Some people are unwilling to trust their trading decisions to a computer program, especially at first. It is true that it is wise to be cautious in the beginning, because there is always the chance that you will misunderstand something. But many people find this less stressful than trading for themselves, and the robot has the advantage that it will always be consistent and will never base its trading decisions on emotions.
Always use the software in demo mode until you are familiar with all of its settings and features and can see that it is making consistent profits for you.
From Trend lines to Gold, there is a Robot to suit your preferred trading. For a full list of the Forex Robots we support, click on the drop down menu above.
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