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Trading robots rely on trading signals and built-in trading systems that enable it to function independently. These features make these robots popular with new traders who are virtually clueless about forex trading. Do Forex Robots Really Work? Forex trading robots are gaining popularity as they help their users optimize time and capital.
Because the forex market is open 24 hours a day, a person can keep trading while he is working his trading robots what is job through his forex robot. The rising fame of robot utilization leads to the manufacture of substandard versions that are a total waste of precious resources.
Final Thoughts shares Forex trading robots are designed to help traders who want to use automated trading methods to assist with the technical analysis and repetitive elements of forex trading. Forex robots can automatically trade 24 hours per day and are simple enough to buy over the internet.
Some manufacturers promise get-rich-quick schemes to market their products. This is a pitfall that new traders should be aware of.
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Not all trading robots are efficient. With the infestation of the robot market, finding good and efficient ones can be tough.
It is important to do a lot of research before deciding on a robot to purchase. Here are some of the characteristics to look for or avoid when you are looking to narrow down the short list of Forex Robots to buy.
Avoid Forex trading robots that only offer back tests as verification of their profitability.
Backtests are simulations only against tick data price data from a broker or third party sourcehence they are not an accurate or true reflection of trading in actual market conditions.
Delays in trade execution and slippage can severely affect the profitability of the forex robot. So what you have is a trading robot that has been optimized to suit historical data, rather than one that is flexible enough to adapt to current market conditions. To sum up the back testing argument, with the benefit of hindsight it is quite simple to optimize a robot to produce a profit, unfortunately, in live trading, we cannot benefit from this luxury.
What is a Forex robot?
Hence backtesting is not a good indicator of the future profitability of a forex robot. Look For Live Trading Statements, Not Demo Accounts Not only do demo account data feeds sometimes vary in price and speed, they also do not give an accurate representation of the speed and accuracy of trade execution, no matter what your broker tells you, even if the price data is the same, the trade execution will vary enough to greatly affect your profitability.
The longer the period of live trading statements the better.
Be Aware of Trading Conditions That is, be aware of any restrictions on minimum take profits and stop losses, as well as spreads and leverage which may affect the operation of your forex trading robot. Avoid Robots that Rely on a Take Profit that is Too Small or the Average Win is Too Small If the difference between a win and a loss is too small, relatively small changes in slippage and trade execution can severely affect profitability. Be Aware of the Type of Money Management if any Used Many forex trading robots use some form of Martingale Theory, which effectively stacks lots or doubles lot sizes when a losing trade occurs.
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If the forex robot uses this form of money management there is a very real chance of over-leveraging in the event of prolonged periods of drawdown. The fact is that to achieve these very high win-loss ratios, you must also trading robots what is floating losses or losing trades for extended periods before they may or may not realize a profit.
This usually indicates that trades either do not have a stop loss present or carry an extremely wide stop loss, either of which is potentially dangerous to your trading account. Time after time I have trading robots what is these types of trading systems come unstuck after the worst case scenario happens.
Description A forex trading robot is a computer program that can do the trading instead of a human trader.