Introduction to FOREX Trading Robots.
FOREX Trading robots simply called FOREX robots, FX bots or FOREX trading software are programs specially designed to automate FOREX trading in real time using highly sophisticated short-term algorithms.
A bot has been defined as a program designed to repeat the same operation in an indeterminate number of times with certain degree of intelligence, so a FOREX bot once configured can trade your account 24 hours of the day. It determines when is the best time to go long (buy) or go short (sell) a currency for maximum profit.
There are two categories of FOREX trading Software available today. There are;1. The Fully automated software: This trades your account with the barest minimum input from the human trader. All you do is to install and configure the software to work with your account and watch it bring in the profit.2. Semi Automated software: At times called Expert Advisors. This type of software plays the role of an advisor. It analyses the market to determine the best time to enter a trade based on a trading strategy and the trader will have to take a position based on its recommendation. It also offer exit strategies. Entering and exiting a trade, is done manually by the trader by interacting with his FOREX trading platform.
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Now let's go to the advantages a FOREX trading robot offers a trader.Advantages of trading with FOREX trading software.With a FOREX bot at your service, you wouldn't have to;* Stay awake all night or look at charts all day analyzing and checking your open positions to see if a trade is about to go against you. Your FOREX robot works for you 24 hours every 7 days of the 365 days of the year. Even while on vacation your FOREX robot like an obedient servant does its work, raking in great profits for you every minute.* Learn to read charts, understand indicators like the palm of your hands. You will have to know about resistance and pivot points on FOREX charts. Your FOREX bots have been designed by professional FOREX traders and are made to think like an experienced trader. You may never be able to be a better trader than your FOREX software.* Guess when to enter or exit a trade as each robot normally possess a tested FOREX trading system/strategy to ensure you are never behi nd in your trades. At least many traders, just log into their accounts each day, selecting positions on guesses.
We will now go to more reasons to make you fall in love with FOREX trading software in the next post/article.
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