| Introduction | | | | martingale system as this can blow your account in a |
| Forex Robots are automated systems that trade the | | | | single trade. It is also important to choose a broker |
| forex market for you. They are also known as expert | | | | who has a competitive spread on the pair that the |
| advisors (EA's) and can be referred to as automated | | | | forex robot trades on. Many systems look good in |
| trading software. | | | | back testing due to slippage, spread and execution |
| Advantages | | | | delays not being taking into consideration. It is a good |
| They are useful if you don't have time to trade the | | | | idea to forward test the expert advisor before using it |
| currency market on a daily basis. This is referred to as | | | | on your live account. |
| day trading and in some cases scalping. The | | | | What to look for in a forex robot |
| automated software will can trade for you and make | | | | Make sure that it uses a stop loss. It would be an |
| you profit provided you choose a good forex robot. | | | | advantage if it runs on currency pairs with low |
| There are reviews all over the net on the different | | | | spreads. Also check the time that the ea is active. |
| robots available. Forex forums are a good place to | | | | Scalping EA's that run during the quieter times are |
| look for information. The also reduce the stress day | | | | amongst the most profitable and have little risk. Even |
| trading can cause and help aspiring traders who have | | | | scalping robots can bring big profits with small |
| discipline and emotion problems. These can both have | | | | drawdowns. |
| a negative affect on trading. Fear and greed are | | | | Summary |
| eliminated when automated software trades on your | | | | Forex robots do work, it is just a matter of back |
| behalf. | | | | testing and forward testing until the system is |
| Disadvantages | | | | optimized to bring the highest amount of profit with the |
| Some people claim that forex robots do not work. Of | | | | smallest amount of risk and draw down. I use an ea |
| course not all work but there are a few that can | | | | on my live account that I have setup on a virtual |
| produce profit provided they are used correctly. | | | | private server and it brings me great results everyday |
| Factors that have to be considered are: Does the | | | | without me having to go through the stress that |
| forex robot use a stop loss? You should never use a | | | | manual traders do. |