Forex Robots (sometimes referred to as EAs or Expert Advisors) are software programs that place automated trades. These tools can be used by both beginners and experienced traders.
Most Robots come in downloadable format and run on the MetaTrader 4 (MT4) platform. Installation is very simple and involves importing the .ex4 or .mq4 EA file into the “Experts” folder.
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One of the advantages of using these automated trading programs is that they are designed to get the most performance from the investors’ money. EAs always attempt to make the buying and selling deals in the most favorable conditions.
Traders investing on their own will not always be able to see the opportunities at the right time. Fortunately for investors, automated forex robots make the work less complicated. In fact, we met many professional traders who make millions of dollars each month using these automated forex robots.
Through these programs, traders only have to worry about editing the right parameters to set the percentage of risk they are willing to take and the amount of money to invest in each trade. With such help from the EA, you can make successful trades even if you have little knowledge of the forex market.
Many EAs start as personal projects that professional traders build for themselves. If the robot gives us good results, the developers begin to contemplate the idea of selling copies to other investors so that they can also benefit from the results, and the developers make extra money.
On the other hand, automatic forex robots can also result in losses. If used correctly, EAs are the perfect solution for investment with the lowest risk. However, traders are carried away by the emotion of the moment and start playing around with the settings of the bot. Inexperienced users increase the risk and the investment amount settings and end up losing money.
Be careful about picking the wrong EA, as many Internet scams promise high-profit robots and then turn out to be a hoax to get your money. Or even worse, make you lose money that you invested in trading.
Some Expert Advisors also generate signals that can help trader place manual orders.
In short, using a forex robot you will no longer need to be viewing charts and performing actions for 24 hours every day. The robot will take care of all operations in the most appropriate time and work hard to achieve the targets set for each investment. Meanwhile, you can go on with your normal life without worrying about how the trades are placed. Also, you can be sure that the EA will be as objective as possible.
Finally, due to the wide range of untested forex robots that are distributed over the Internet, it is your responsibility to do the proper research before trusting the product. There is a lot of fraud, so do not be fooled by robots that promise to make you rich in a short time.