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Forex Trading Robots Or Automated Expert Advisors – What Are They?

Posted January 7, 2009 – 2:19 pm in: forex trading robots

Forex trading robots, also called automated expert advisors or forex trading software are essentially system-integrated artificial intelligence software that monitors the markets, and executes buy and sell orders for you. In short, forex trading robots trade either automatically on your behalf or based on a set of configurations if you wish to.

These forex expert advisors take care of managing all trading operations such as sending buy and sell orders to your broker’s server, making the necessary adjustments to stop loss or take profit.

Expert advisors for forex work differently in the way they enter or exit the market and execute orders since they are programmed according to different trading strategies. There are dozens of versions in the market developed by successful forex trading experts.

The benefits of using a forex trading robot/automated expert advisor:

1. Based on Winning Strategies and Results-Guided Intelligence

Since they are configured by top forex traders, the trading strategies are already programmed based on proven winning trading strategies. The methods and responses to take in various market conditions and price fluctuations have already been hardcoded into the program, making the automated forex trading software a consistent performer.

2. Not Reliant On Emotions Or Gut Feel

A human trader is often swayed by his or her own greed or fear. This can often hinder successful profit-taking and stop-loss trades. Emotional trading decisions are largely responsible for deep losses and low profits for any trader, even the experienced ones.

3. Accuracy

Accuracy is one important characteristic of a forex trading robot. Since it is a program that follows a set of parameters, algorithms and rules, it is able to perform trading operations accurately, avoiding human error in the process.

4. Autopilot Management

An expert advisor can trade on autopilot without your intervention. In other words, you can be doing your own things and it will still make profitable trades for you. Whether it is exercising a stop-loss order or taking profits, it is able to handle that on complete automation.

5. No Need to Learn Forex Strategies and Skills

I guess the most frequently asked question by all new forex traders is if they need to learn and master forex strategies and skills before they can make money with automated forex trading robots. The answer is this – you DO NOT need to know all the complicated stuff.

In fact, users do not need to know anything beyond the basics of pips, buy and sell orders and currency pairs. Expert advisors are there to carry out the calculations, placement of orders, etc to make you profits.

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