Trading Forex Robots
A further appealing benefit of trading forex robots is that as the trading robots
makes all the decisions this is a responsibility that the trader doesn't need to concern himself with.After all, this is a responsibility that can wear out the nerves of traders.
So what is a forex robot?
A Forex robot is a program capable of performing certain actions that the trader has decided upon in the terminal without his direct participation.
These programs can carry these out mechanically and automatically.
That is why Forex robots are also called Forex expert advisors or automated trading systems (ATS).
So the act of placing trades with forex brokers is placed within a program meaning the trader does not become involved in any way.
When the forex robot is installed into the trading terminal you just need to connect it to the broker's server, adjust it and then leave the expert advisor alone to trade as per the strategy it has been programmed with.
What are the advantages of trading forex robots?
When you look at the psychological angle a trading robot becomes irreplacable.
The stress caused to the trader when making decisions is no longer a factor so trading becomes less stressful.
It's not necessary for traders to be totally conversant with the intricacies of fundamental analysis or some of the more technical aspects as the calculations are already programmed.
Besides, a trading Forex robot can process trading signals even in the absence of a trader at the workplace.
A trading robot in development
Trading robots are developed by using the MQL4 programming language on MetaTrader.
It was the development of forex robots that trading terminal developers had in mind when they created this language.
It allows trading systems to be easily programmed and they can then trade online 24 hours a day.
Any programmer that knows the language will find this easy to do. Although ordinary users might find this more difficult.
Forex Robots and Indicators
You can increase the effectiveness of the forex robots when you create your own technical indicators.
These perfectly complement all of the indicators that already come with the MetaTrader4 terminal.
Using indicators in trading robots will generate trading signals and realize analytic functions.
Expert Advisors or Integrated and Custom Trading Robots
The MetaTrader 4 trading terminal comes with a number of integrated trading robots (expert advisors).
They have the functions of an independent trading system and can also provide audible alerts for trading signals.
The MT4 trading terminal has had this specifically built to demonstrate the programming tool and this is popular with novice traders.
There is a huge variety of options when creating a custom expert advisor.
With a custom expert advisor, you can set up various orders as per time and price, open offsetting orders automatically and much more.
There are programs that could actually remove the need for a trader to be at their workplace.
Testing of trading Forex Robots
The trading terminal of a forex robot is used for programming and you can test them on historical data before they are used.
It is just one more feature of the expert advisors.
This function is quite useful as it allows the results of the automated trading system to be checked against previous data.
So you can evaluate your profit-making chances as well as identify any problems.
As the behavior patterns of an expert advisor have been tested under differing market conditions before real trade has started you can then tsrat trading without any manual involvement.
You can optimize the input parameters of the expert advisors to improve their effectiveness using a special window in the terminal.
And if you are a Beginner...
Newcomers to trading may be a little daunted by the apparent complexity of the performance capability of the forex robots but traders would be able to program their own automated trading system within a month of starting their trading career.
It will positively affect the results of his work.
Even if it is hard for you to trust your money with a computer program, you can adjust a trading robot to produce sound alerts, allowing you to spend less time on graphical analysis looking for signals to open or close a position.
Although there are a lot of expert advisors (trading robots) available and advertised via the web finding a profitable one is difficult.
If you randomly used all of them there would be a high risk of losing your deposit so it's best not to buy the first expert advisor you find.
Take note of the fact that there are some fantastic performance results in testing on one currency pair however this may not translate to a different currency pair. That is why it is better using expert advisors on the instruments used at testing.
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