Introduction to robot trading
The forex trader of the 21st century is more concerned about saving good time and profiting consistently at the same time. Instead of sitting on the computer analyzing mt4 charts, monitoring trends and placing trades (etc.);
Why don’t we automate the process? yeah, this is the basis of robot trading or automated forex trading.
Simply by using a forex trading robot or an expert advisor (forex ea), one can trade the forex market even while sleeping ( I like sleeping a lot) without compromising risk management and profit-making efficiency.
As beautiful as the concept sounds; if time is not taken; you might fall into the trap of using crap trading systems.
I have created this article to show you in detail – a profitable view of robot trading using a forex bot or a forex ea.
Keep your eyes open as I answer your questions in detail
- – what is robot trading
- – what is automated trading (a deeper term than robot trading)
- – Forex trading robots dissected
- – Forex expert advisors made clear
- – A quick comparison of forex robots and expert advisors
- – Examples of forex robot and expert advisor ( 1 each)
- – Where to download Forex robots and advisors( Free and Paid)
- – Why I will not tell you the best expert advisor for mt4
- – Why you should care about forex robot and expert advisor reviews
- – How to create or design a forex robot/forex ea
What is Robot Trading?
Definition: Robot trading is the act of using software acting as a robot to monitor the forex market, analyze situations by using a defined forex trading strategy and then make decisions; either to open, buy, sell, or close trades without any kind of human intervention.
Advantages:
- you don’t need to understand forex trading to use them
- and save the normal forex trader lots of time
- by tracking the market for every possible opportunity; the profitability of the normal human trader is quadrupled!!
- Emotions attached to looking at your money swinging in the market are eliminated totally because a robot obviously will not make emotionally driven decisions.
And many more
Disadvantage:
As good as it sounds; The biggest disadvantage is that it’s easy to blow your money especially because the strategy behind the software will fall short at times.
I personally love robot trading though ( I make a living creating them for forex traders)
Automated Forex trading is a Deeper Term
Why? Because some robots are not fully automated
Let me explain.
When you are using software that trades for you 24/7 without any human intervention; it is called robot trading and at the same time automated forex trading
But
In a situation where the trading is not fully automated and some human intervention is needed to open, close and make other trading decisions; then it’s no longer robot trading because only some part of the trading is automated.
An example is when you use an indicator or a trading signal to make a trading decision.
To avoid confusion and being nerdy; it’s not bad to use these two terms interchangeably.
(I love clarity though)
Forex Trading robot Defined
Forex robot ready to trade
If you have checked on what robot trading is above; then you won’t be baffled by this short definition of a forex robot.
Definition: A piece of software attached to your forex trading account 24/7 usually using a forex vps as the case may be and then making trading decisions based on a pre-determined set of forex trading strategies or signals supplied to it by the programmer. (Usually programmed using the Mql4 or Mql5 languages)
Forex expert advisors made clear
As the name implies, A forex expert advisor (or Forex EA) is an “advisor” that can tell you how and when to enter a trade. Its advice are governed by a set of forex trading strategies or rules which are programmed to understand the forex trading market.
They work mostly on MT4 and MT5 Platforms and the program is usually written in Mql4 or Mql5 languages.
This could be in form of a trading signal or a fully automated trading system popularly called a forex trading robot or semi-automated robot.
A quick comparison: Difference between a forex robot and expert advisors
These two terms are used interchangeably but don’t always mean the same thing.
- They are both software which is programmed to help you make trading decisions.
But
- Expert advisors don’t really trade for you on autopilot; they only suggest or advise the best entry or closing points. On the other hand, trading robots do all the jobs on autopilot without any human intervention.
Example of forex robot and expert advisor
I spent my undergraduate years learning how to program computer software and it did not take me long to discover my love for creating forex robots and expert advisors that can work on mt4 using mql4 language.
- Scalper rider is a forex trading robot I created not quite long ago and as it the name implies, it scalps the market for profits.
- GUI is a forex trading expert advisor based on the Letter M strategy(Price action)
While there are lots of fx robots and eas out there; it’s important to take a deep look before buying and using any. And that leads to the next tip.
Why you should care about forex robot and expert advisor reviews
It is very true that expert advisors including indicators and trading robots can be very profitable,
but it is also true that you can be scammed over and over again if you are not careful and that is why you should care about forex trading expert advisor reviews.
This will help you make money-saving decisions when buying expert advisors (forex trading robots and forex trading indicators)
More on how to test forex trading software will be revealed in my next article
Where to download Forex robots and advisors (Paid)
Below is a list of where you can download forex trading robots;
More will be added shortly, but prior to that time be careful to check on reviews before buying any forex trading system
Why I will not tell you the best forex robot for mt4
I could list as many as possible but I am not supposed to do so because forex trading is very different.
Just like every forex trader has a preference for their best forex trading strategies and trading brokers, it happens for expert advisors as well.
Some of us traders want to make money fast while some of us are ready to be patient to make small money every month.
So, the answer depends on you. Moreover, I have done this before and I got blamed for my recommendations. (just been sincere).
Update: I did a good job listing my top 5 best forex robots
But what If you wanted to make your own Forex Robot and expert advisor?
Then you need to learn this trade: expert advisor programming
You will need to learn a programming language called mql4 or mql5 and also have a good knowledge of forex trading,
Then you will be able to build your own trading robots and indicators.
But instead of wasting your time and cracking your brain, why don’t you allow me to handle that for you.(winks)
I have a ton of experience in turning a trading idea into a robot or semi-robot. So just contact me.
Robot Trading Summarized
You might be losing a lot of money while wasting a lot of time if you are not using forex trading robots to trade.
While the term automated forex trading can be used interchangeably with robot trading; don’t do not always refer to the same thing.
It’s also important to make sure one is using the right trading software either an expert advisor or a robot.
I put an alt now, but I will be so much happy to know that you spent your precious time on my website and then leave a beautiful comment.
I am looking forward to answering your forex trading questions.
Ask below using the comment section.
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