What Are Forex Robots?

What are Forex robots? They're not the kind of robots that are connected to Skynet and will eventually take over the world, if that's what you're wondering. These automated devices are simply software programs that help you trade the market.

Side note: If you're looking for information or reviews on specific pieces of Forex software, check out our Forex software page here .

What They Are

Foreign-exchange software is not actually a robot, but instead it is a program or piece of software that is installed into a trading platform. It's basically a set of rules and conditions that are used to trade the market.

forex robots

It analyzes technical data on Forex charts and determines when to get into a trade and when to get out.

These Forex robots use historical data and algorithms to determine the most likely time to place a profitable trade, based on the programming of the creators.

How They Work

With a piece of Forex software, you typically don't have to do much when it comes to trading your account. In today's world, that is a welcome change of pace. You work hard at work, work hard at home and even work hard at play. To be able to sit back and let the software take care of your trading for you...that's a relief. The only potential issue is whether or not it works. Sure, you can put a monkey in charge of placing your trades for you, but if the monkey loses money constantly, you're not really gaining anything. And we all know the only way that would work is if you put Ceasar from Rise of the Planet of the Apes in charge of your trading.

Installing the Software

Some people are scared of using foreign-exchange software because they think it will be hard to install or set up. Have you ever installed any software on your computer? Did you install a messenger program or iTunes? If you did, you can install Forex robots.

Once you get a piece of software, it usually comes with a self installer. You just double click on the installer and a wizard (no not Gandalf) walks you through the setup process. About the only thing you have to do is choose the folder where your Metatrader platform is located. If you don't know what Metatrader is, check out this explanation.

After you get the files installed, you open up your trading platform. You then open the chart of your favorite currency pair. On the left side of the trading platform, you can click on a tab that says "Expert Advisors." In that list, you'll see the software you just uploaded. You can usually just drag-and-drop that onto the chart. Some expert advisors require you to customize some settings before it starts trading. They usually include a user's manual or some other kind of instructions to help you get the settings just right.

Does it Work?

So does this type of software actually work? Yes and no. The vast majority of software does not work over the long-term. It might have a few good runs here and there, but ultimately, you will lose money trading it. There are a few pieces of software that you can use which will make you money. In fact, I tested out a piece of software for a long time and it was profitable every month I used it. You can read more about that particular program here .

Should You Use It?

I can't tell you what will work and what won't all the time. Some people have great success trading with this type of software while others lose their shirt. Before you buy a piece of software, just make sure that you understand how it works. Check out some reviews, like the ones on our site. Then make an educated decision for yourself and try the Forex trading system out on a demo account.

Ultimately, this decision is up to you, but you can use the resources here on the site to help make your decision easier. If you liked this article about Forex robots, feel free to share it with your friends through the social networking buttons on the bottom of the page. Thanks for stopping by FTR!

Return From Forex Robots to Forex Trading Software

Return From Forex Robots to Forex Trading

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