Automated forex trading software and forex trading robots has been the talk of the town among forex traders in recent years. While automated forex trading software has been available to the large banks and hedgefunds for many years, it’s only with the fast growth in processing power in home computers, that they have become available to the general public. Forex robots have been used by institutional traders for years to crunch numbers and provide signals to traders. These robots used to require stand alone servers and very fast computers, but now, it’s possible to get the same results with automated forex software running on your pc or laptop. The price has gone down considerably as well from several thousand dollars to only a few hundred tops and some are even cheaper.
The influx of forex robots and other automated forex trading software has led to much debate among traders on how effective they are. Older more traditional traders that have grown up in the old school of forex trading have been less than enthusiastic about them. They claim, with some truth, that there’s no replacement for human knowledge and experience and that they can outperform them consistently. I believe there’s some truth to that, but I also realize that these professional traders didn’t get those results overnight. In truth they probably spent many years before they were profitable and that most banks and institutions employ tens or even hundreds of junior employees to crunch the numbers and do the analysis for the trader. For people that don’t have access to these resources, automated forex trading software is as good as it gets. Today, there is a whole new generation of forex traders that make money. They are young and not generally educated in a bank. They trade forex from their laptops and take full advantage of what technology has to offer.
This is why forex robots are worth looking into for private traders. With these types of software you get the same analysis that the pro’s do, but at a fraction of the cost of hiring 10 business school students. Forex robots have the benefit of being able to calculate numbers much faster than any human. This means that you will get the signals on time every time. Forex software has recently evolved to a level where it can now actually carry out the trades as well. Most robots use the MetaTrader 4 platform for this. This makes them almost turnkey, you download the robot, install it and then simply press a key and forget about it. Then check back next day to see how much money you made.
Forex robots have one big advantage over any human trader: They don’t have emotions! They do not get greedy or scared. They do not make irrational decisions or try to win back what’s lost on bad trade right away.
You should do research though before handing over your money for any forex robots as they vary a great deal in strategy and profitability. Some are very good and others are just lackluster. Check out the reviews on this page for inspiration.