Forex is the largest and busiest trading market in the world with daily turnovers of up to 5 trillion USD. In such a competitive environment where prices can fluctuate in the blink of an eye, it is imperative to go beyond classical methods of trading. This is what drives traders to download Forex robot.
The human mind can only take into account so many factors and react to only so many simultaneous changes. However, when you add automation into the mix, things change a little. You then have the experience of the human mind matched with the precision of a software.
The robot is also known as Expert Advisor (EA) and comes with a set of inbuilt programmes. These set of codes analyze the volatility of the market at given point in time and makes decisions without requiring the user’s involvement.
Note: You must remember that every Forex robot for free download is just a trading strategy mapped to a set of codes. So, quality of a robot depends on the intrinsic strength and accuracy of the strategy itself. If the strategy itself is flawed, even the greatest of coders will never be able to come up with an efficient Forex robot.
So always consider the strength of the strategies employed by various trading platforms before venturing to download Forex robot. Research the approach and understand the tactic before trusting a platform.
Why are traders turning to automation?
Most Forex traders today use a combination of manual skills and expertise along with the accuracy offered by the software. Let’s understand why.
- Market never sleeps
The first and obvious reason for using trading platforms is to cover longer periods of market activity. For instance, you can have a robot continue to trade and make essential gains even while you’re asleep.
- Backtest results
With trading platforms like MetaTrader 4, it is possible to backtest a strategy for no added costs! This innovative approach gives you a chance to forge new tactics and approaches and check its feasibility.
- Do away with emotions
Another essential advantage of using automation is that it doesn’t come with emotions. You could be haunted by the memory of a terrible experience on the USD/JPY some months back and refrain from going down that path – even if all indications are positive.
However, with a trading platform, it carries no emotional baggage and checks only logical indicators.
- Gain courage to trade as a beginner
As a novice trader, it is common to find yourself lacking the courage to pull the trigger on a trade. In the world of Forex, even a moment’s stutter could have significant consequences. Therefore, with a trading platform just check your rules and risk limits and leave the rest to the software.
You can find these Forex robots download options available 24x7 for affordable rates on the internet. Go through the reviews and individual strategies used by each platform before making your pick.
Let us know in the comments what you think about automation in FX trading and whether you’re interested to download Forex robot!
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.