Automated trading systems known as Forex advisors or robots are very popular trading software, but among market participants opinions on the effectiveness of trading robots differ. Some traders prefer to use Expert Advisors as they can save a lot of time and exclude the possibility of making ill-considered deals influenced by emotions. Other participants prefer manual trading.
The truth about trading bots
There are advantages and disadvantages in the use of Expert Advisors, which we will consider in this article. Looking ahead, we say that there are more pros of using robots. Often the reason for the negative feedback about the automatic trading systems is the traders’ inability to choose the best Expert Advisor model and configure it correctly.
- Saving time – traders need to download, test the trading system, and then only occasionally make adjustments: they don’t need to spend all day in front of the computer.
- Higher efficiency of currency trading operations in the short and long term.
- Simplification of trading. Software can take into account many features of technical analysis, which are difficult to remember for a trader with little experience.
- The robot scans the market around the clock, having access to the Internet. Thus intervention from the trader for opening or closing of orders isn’t required.
- Increase in income. Software with different settings can additionally increase the deposit from 10 to 150%. The higher the risk, the higher the percentage.
- Emotional mistakes when making transactions are excluded.
- A wide range of trading bots based on different trading strategies and currency pairs makes it possible to configure several systems. In this case, each of them will bring profit.
- With the right settings, the bot will not exceed the risk threshold.
Disadvantages of using bots
- The wide range of trading bots available to traders is often confusing.
- Most of the available software will not bring the desired results, since it is originally created solely to take money from traders.
- Good results on history during tests do not guarantee similar results in real time.
If you want to start using modern tools in Forex trading as soon as possible, then you should first study the list of here. This will help you to become a part of the currency market and take part in trading.