All things you have to know about Forex Bots
In this part we are going to explain about the Robots that work in the Forex and Stock markets. You’ll be familiar with the concept of the EA and also how does it works.
Keep in mind, Forex Robot also known as EA and Bot and there are different kind of Robots based on its algorithm.
A forex robot is a fully automated trading system that will scan the markets on behalf of the user. If the forex robot finds a trading signal based on its built-in algorithm, it can place a trade automatically for you. The forex robot can also manage the trade by placing a stop loss and take profit. Some forex robots will even have a trailing stop loss, break even and other money and risk management features.
Using the Bots
Forex robots are mostly developed to run in the popular MetaTrader 4 (MT4) platform which is free to download from most forex brokers across the globe. Interestingly, the MT4 platform refers to forex robots as expert advisors. You will notice the term forex expert advisor or forex EA frequently interchanged with forex robot. At the end of the day, they are effectively describing the same thing.
In order to start using a forex robot, you just need to download the MT4 platform from a forex broker. You can then choose from the forex robots on the RoboLifeChanger to use on your trading account.
Each Robot has own special features for running on the market. We provide different kind of EA for you based on various markets condition. Robots based on their duty, frequently analysis the markets and they are up to date based on new cases. Of course, it is not guarantee about all of the positions that Robot will open and close but it is important to know after a week or a month, your account profit will be green.
Without trading experience
The best forex robots will usually have already been optimized by the robot developer and come provided with default settings. There is an instructions that will explain how you can setup the forex EA on your charts, including the currency pairs and chart timeframes that the EA has specifically been designed for. Therefore, they are ready to use for traders of any experience level. If you get stuck at any point, you could always reach out to the supporter, and we are happy to help you get fixed your problem.
Forex robots are developed by computer programmers who code the forex robot to analyze charts based on a combination of technical analysis, fundamental analysis and price action analysis. These forex robot developers will often spend many hours testing forex robots with different combinations and settings to find something that produces good results.
Forex robots or tested over historical data to see how they would have performed in the past. This is a process known as back testing. Whilst back testing can give you a rough idea of how a forex robot would have performed historically. Back testing can be a good way to see if a forex robot strategy has some potential and also to see what currency pairs and timeframes it produces the best trading results on.
All of our Robots will work with a minimum amount of balance which mentioned in the its instructor. It is important to only trade with a forex robot using an amount that you feel comfortable with. What may seem small to one trader could actually be a significant investment for another. In saying that, most forex brokers will let you make a deposit into your trading account of just $1. You could even use a demo trading account to begin with until you have the funds and feel confident enough to trade on a live account.
We can refer to the verified results and back tests of a forex ea in order to get an idea of its historical performance. You can view statistics in Myfxbook such as overall gain, drawdown, days running, profit factor, currency pairs traded, timeframes, etc. Whilst there are legitimate forex robots which have shown a good performance over many years, there are no guarantees in trading such is the nature of the markets. You should of course make sure the robot is running with a risk or lot size that you feel comfortable with and never ever trade more than you can afford to lose.