Forex Robots, Are They Worth It?
It is my opinion, after 15 years of Forex trading experience, that Forex Robots can be extremely helpful for both the beginner and experienced trader. However, it is important to remember that the use of a robot alone will not necessarily be a full proof way of profiting from Forex Trading. You should download free demo trading, such as the MetaTrader program to try out Forex Trading without risking your money. You also need to become familiar with charts and charting. They come in many different forms. They can look like regular line graphs as well as bars signals and buy sell signals. Some show ranges in which you should buy or sell currency. You need to understand the complexity of the charting and technicalities of the Forex Market.
After you have a full understanding of the Forex Market and have tried a demo program where you use fake money to trade, you can then begin to think about purchasing a robot program. Robot’s follow the market trends and make logical decision in advising you when to buy and sell. The currency market where you buy and trade currency against other currencies is sort of like a roller coaster or a modified bell curve. It is measured in pips which go up and down in fractional measures. You can bet for example that the Euro will go up in reference to the dollar. For simplicity, if you invest $10,000 in the Euro and it was 1 Euro to $130 USD and by the end of the day, it is 1 Euro to $131, you can make approximately $100. The robot’s follow those trends and suggest that you enter a trade when the roller coaster is at a low point in reference to other previous positions and suggest you sell after it has reached its peak and is rolling down the hill. There are robots that will suggest trades over minutes, days or even months.
In summary, trading robots, once you have a clear understanding of how Forex trades occur, can be very valuable. That being said, you need to be very cautious with your money and closely monitor the market. The Forex Market does present a risk of both gains and loses and no robot system is perfect. However, I believe if you play it right, you can make a lot of money using them.