You Can be a Successful Forex Trader

Forex Trading Robots

Forex robots can be used as a good trading tool but are not a magic bullet that will make you a fortune overnight. Robots should be used cautiously and monitored closely

Forex Trading Robots-An Overview

Forex expert assistants, or simply forex robots, are computer based programs that were specifically designed to help foreign exchange currency traders make trades that profit as much as possible. When trading, things are very fast and those who trade can easily make bad decisions without any technical basis. This happens even to the best of traders, it is simply the human factor. Forex robots help remove this factor and can make a higher percentage of profitable trades based on technical factors and not just gut feel or emotion.
These programs can help remove human errors and emotions from trading by keeping track of all possible trades and the processes of trading. Most robots include an interface that directly functions within any exchange platform you may be using. This software mocks human actions, but leaves out the emotions and guesswork.
Emotions are a factor that often influences trading and causes many to miss out on profitable trades. People try to put their intuition into trading, but this frequently ends up as an unnecessary gamble. If they don’t base their actions on trends, charts and numbers, but on beliefs, people often lose out. Computer softwares have no emotions and they can easily help guide a trader to make decisions based on technical factors and trend setups devoid of human emotions. Also, they don’t select between trades – they make profit with every opportunity, big or small, even when a human trader wouldn’t even consider trading. Robots can scan all possible trade positions and analyze which offer the best opportunities, this broad look at the overall markets are impossible for an individual trader to keep track of.
The robot has a set of procedures and calculations that it must go through before making a decision. Information about trends, indicators, moving averages, pivots, oscillators, support or resistance levels, trend lines and long term trends allow the software to choose the most likely profitable trading positions. A real trader may hope and pray for a trade of his choice to continue making profit and may even find some excitement in this. A computer program only has one goal and never has to deal with emotions or risk taking gambling.
It is true that even forex robots are not infallible and do generate bad trades, but they do have a “stop-loss” feature, which allows them to stop all the trades and picks that lose a portion of money that is higher than acceptable. Forex robots can generate profits however market conditions and external world events can and will effect robot performance.
These are the basic functions and methods of forex robots. They can be a great aid in many situations and sometimes can help traders make substantial profits.
There are thousands of different robots available on the market with more being available daily. Most will have a set-up package where the trader will have a number of custom settings to select establishing position sizes, risk factors, trading pairs among others.

Warning: Most robots are designed to perform under certain market conditions which are continually changing so robots that perform with winning trades today may give it all back tomorrow. Robot trading can be profitable but one must be aware of limitations and market conditions that a particular robot will be successful trading in.
Some Popular Trading Robots
Listed below are a few of the more popular trading robots available. There are 1000's of these robots on the market, some have proven track records and can produce profits if used appropriately. Unfortunately robots are all not te same where many low cost and even some expensive ones will quickly drain your trading account.
Top Ranked Robot
best forex trading robot The Forex Revolution Leading edge robot currently having some success, platform will be continually updated. Includes membership to a community of experienced forex traders
Simple Forex Robot
Forex Trading Machine - Uses Price Driven Forex Trading (PDFT) where no technical indicators are considered but only uses the current price of the currency pair and a time element.
Winning Forex Robot
Million Dollar Pips Uses a safe a risk to reward ratio, programmed to trade on the 1M chart. Very tight stop loss to minimize losing trades and take small profits.
Popular Forex Robot
Forex Megadroid Robot Reverse Correlated Time and Price Analysis (RCTPA) theory developed by group of experienced traders meant to perform under all market conditions.
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