How to use a Forex Trading Robot?
Posted: Jul 07, 2019
Manual forex trading has a tough time to compete with automated forex trading robots. Over the past decade, a trend emerged which started to slowly replace manual trading with an automated approach. While this trend started to accelerate at the turn of the last decade, we are still in the early phases of wider adoption as each new trend on the back of technological breakthroughs comes with problems which need to be addressed. A lot of work, time and capital has been deployed in order to create the best FX trading robot and more is being invested into this sector. The next decade is likely to see explosive growth as more and more manual trading set-ups will be replaced by smart automated robots.
Using a FX Robot EA is very simple. There are two different operating models; one which requires the download of a special software which then communicates with your MT4 Trading Platform and one which operates in the cloud and therefore no downloads are required. All you do is connect your MT4 Trading account, already equipped with the necessary options in order to turn your terminal into a modern automated forex platform, to a master account.
With only a few clicks you can be ready to go. After you select the best FX Trading Robot, open your MT4 Platform and press "CTRL+O" which will result in a pop-up with terminal settings. Navigate to the tab "Expert Advisors" and tick the boxes "Allow automated trading" and "Allow DLL imports". The three check boxes under "Allow automated trading" are optional, but it is recommended that the first two are checked and that the third one remains unchecked. Now you are ready to allow your preferred FX trading robot manage your portfolio and grow your account balance.
Why use a Forex Robot?
Most forex traders have a full-time job and therefore not the time to trade forex properly. Forex trading may be one of the toughest professions to master which is why professional traders, banks and funds deploy hundreds and often thousands of analysts, traders, portfolio managers and compliance officers. Retail traders are unable to match this type of engagement and are usually restricted to trading from the comfort of their living room or home office, after they return from work. This s often the worst time for trading and explains why so many forex traders end up with losses. Forex automatic trading robots are now changing this as they level the playing field and this allows every trader to take full advantage of the earnings potential offered in the forex market.
Advantages of Forex Robots
A robot for forex trading will execute a trading strategy without your supervision. This means as you are catering to your day job, your FX trading robot will be active in the forex market making money for you. You can think of it as your employee who works tirelessly and free of emotions. Psychology and emotions are two of the greatest obstacles in the way of generating consistent profitability which is why using a robot for forex trading is gaining popularity from all sectors of the forex market. Even professionals start replacing their manual approach with an automated one.
There are a lot of different tasks required when currency pairs are analyzed properly and a forex robot can handle them without the need of human supervision or interference. The best ones come powered by artificial intelligence which learns from its own mistakes and makes the necessary corrections to the trading strategy. Using a forex robot will turn forex traders who face losses into owners of profitable forex trading accounts.
I am a software engineer in Spy-FX company. We have more than a ten years of experience in forex trading software.