What Are Forex Trading Robots? Can They Make Me Money From Forex Trading?
To answer that question Forex Trading Robots or Expert Advisors are Automated scripts of code/computer program designed to place trades on behalf of the trader.
To explain this further, lets say Trader A trades the currency markets for a living and Trader B is a Beginner Forex Trader. Traders A and B could reach an agreement to hire a programmer who would design a program cloning the Trader methodology of Trader A who happens to be some Trading Guru.
If this happens, Trader B would have the program attached to forex trading charts he/she wishes to trade off of and the Trading Robot would automatically place trades on behalf of trader B using trader A Trading methodology.
And now for the second question; 'Can Forex Trading Robots Make You Money?
Well, in a way they can but you have to know the exact market cycle the robot was designed to exploit (to learn more about market cycles you can read this blogpost 'Market Cycles in the Currency Markets') because believe it or not there is no single trading robot that was designed to work in all market conditions.
Secondly, you have to have some level of discretion gained from practice trading. Experience goes a long way in helping a trader make money from currency trading, the sad part is you have to actually understand how online forex trading works and this can only come through learning how to trade the forex the right way by acquiring quality forex trading education.
Manually test the strategy the robot operates upon on a demo account till you get the hang of it, this will help to build your confidence level so as to help you trust the trading robot, overall though i must add that i don't use robots because thats just what they are, Robots!
You might be have an entirely different perspective from mine but after all is said and done it's your money you'll be trading not anyone else's.
Hope you found this post interesting, looking forward to your thoughts, comments and opinions on this one guys, don't forget to share this with your friends.
Cheers...
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Anas Abba is an Active Forex Trader and Fund Manager at DigiTrix Fx Firms. His "Crack-the-markets-with-your-mind" Style of trading has helped 100+ of Aspiring Forex Traders all over the world achieve their dreams of Financial Freedom Through Currency Trading. Connect With Anas Abba (Forex Coach) on Google+ or Join His "Schooling Y'all on Forex" Community to get The Hottest Forex Trading Tips, Techniques and Strategies.
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