Forex robots are pieces of software that will automatically handle the currency trading process for you, it enters and exits trades with the goal of making a profit. A lot of traders eventually switch to a piece of software like this because they are tired of entering in all these trades manually. When you’re trading manually you have to spend a lot of time each day keeping up with the market, and you have to spend a huge amount of time staying current with the trades you have active. A robot like this can take the pain out of this process for you, eliminating the need to enter this information manually.
The majority of forex robots will only come prepackaged with one specific way to trade. They only have one set of rules they follow, no matter what the market conditions could be, they’re built to trade strictly currency pair. Because the market is constantly changing hour by hour this can be a big problem, as each currency pair will need to be treated differently. This is why the very best robot is quite different from the others, forex experts are constantly updating the software, and these people monitor the market 24 hours a day. Some will come with the ability to change the setting in order to fine tune your robot. Later we will be given traders who use robots themselves the opportunity to post their setting here to help their fellow traders.
Choosing a forex robot is probably going to be the hardest part of setting up your automated trading. At present the internet is swamped with them and all promising to make you vast amounts of money. You will need to do some research to find out which are genuine, which are scams and which ones are just a money making rackets for the programmer. Most will charge about $70 to $200, but there are some free forex robots about if you know where to look. All news and reviews are extracted from major forex reviewers, vendors and bloggers. We also add our own to that in order to provide you with what we hope to be a very in-depth and ongoing guide.
Top Five Forex Trading Robots
This is one of the best trading robots over the last few years, consistently performing well for many traders. It can and has been known to double ones money in only one month. You download Fabturbo, install it on your MT4 platform, configure it and let it run. Fabturbo will automatically buy and sell pairs of currency in the forex market without any help or intervention from you. To find out more information read are article on Fabturbo.
Forex Megadroid has not been around that long (2009) but already it has become one of the very best out there and one of the most popular amongst traders. Why? Well there is only one very simple reason for that really and that is because it works!!! It is very easy to download and set up and is completely automated, so you don’t have to spend hours in front of your PC. This robot has an advantage over others in that it is designed to trade all different types of trading conditions.
This is a very slow and steady forex trading robot, looking at long term investment. It is designed to always close a trade in profit, hard to believe isn’t it? But this isn’t going to hit the headlines for its ability to hit the high profits as the others in our top three. The Gold Mine Robot will slowly pump small amounts of profits into your account on a daily basis. Downloads in minutes and works for you 24 hours a day. Set it up and let it run automatically for you, just come back from time to time to check on your profits. Try it out with a free download demo…