Today many spheres of life are becoming more and more automated, because it is very convenient. The process of automation has touched almost every sector and Forex trading is no exception. Thanks to this process traders have an opportunity to receive a passive income without any extensive knowledge in the field of market analysis and trading skills, everyone can use a trading robot and thus receive income from its trading. So, the necessity of conducting transactions by yourself is no longer a priority, and the issue of controlling the robot’s work is in the first place.
Everyone knows that a computer can handle calculations of any complexity instantly, which a human cannot do. Just a few decades ago traders had to make calculations and charts by hand. At the moment there are a lot of special programs that fulfill their tasks in a short time and with maximum effectiveness.
What are forex robots, and how do they work?
This article is about automated trading and its nuances. Forex trading robots are automated systems that implement a trader’s trading strategy based on a preset algorithm and that perform the task of opening and closing trading orders as well as market analysis in whole or in part. Automated trading systems (ATS) are installed on platforms, where the automated trading is allowed.
Automated Trading: Pros and Cons
The use of forex robots has both advantages and disadvantages. According to many fans of automated trading, the positives in such systems are more than any other. Often traders who fail to choose the most appropriate strategy model and correctly configure it speak ill of robots. The main advantages of using Expert Advisors include:
- Saving time. All the trader needs to do is to load the ATS, test it and then monitor its work and adjust the settings.
- Increase of trading operations productivity.
- Elimination of emotional errors when making deals.
- Large selection of TS allows you to configure several systems.
- The robot does not overstep the risk threshold.
Disadvantages of using advisors include:
- A wide range of advisors often causes confusion. Sometimes it is difficult for traders to figure out which EA will be appropriate for them.
- Most of the available software does not bring the desired results, as it is made by dishonest manufacturers.
- All computer programs can occasionally “glitch”. The robot is no exception.
If you want to start down the path of a trader, you can first use https://topbrokers.com/forex-brokers-for-usa-traders to find a broker.