What is a robot?

Mar 16, 2021 at 10:21
1,266 Views
23 Replies
Member Since Apr 01, 2020   231 posts
Mar 16, 2021 at 10:21
In Forex we know that many people use robots, is it possible to make profit all the time by using robots and is there a lot of capital available from using robots. Does Forex have the legitimacy to use robots?

I expect the right answer from everyone who uses robots to break the law in Forex.
Member Since Nov 06, 2018   83 posts
Mar 16, 2021 at 15:08
It is a bot that will trade for you on your behalf automatically.

Most bots are terrible, so I wouldn't bother.

You aren't breaking the law by using one.
Member Since Jul 23, 2020   759 posts
Apr 02, 2021 at 16:38
PeteLanceley posted:
It is a bot that will trade for you on your behalf automatically.

Most bots are terrible, so I wouldn't bother.

You aren't breaking the law by using one.
True. EA is good in same sense. But I prefer manual trading.
Member Since Mar 16, 2021   477 posts
Apr 03, 2021 at 01:52
I usually wanted to know the details about the robot. I know something about robots. So it would be great if someone could share his opinion about the robot.
Member Since Jul 27, 2020   16 posts
Oct 07, 2021 at 18:15
Trading bot is an algorythm for making trading decisions. The whole process is carried out automatically without any participation of a human being.
Member Since Jul 20, 2020   399 posts
Oct 09, 2021 at 10:04
It basically places buy/sell orders for you. It will give set TPs and will move it as TSL. The reasons for entry are set by the programmer/trader. It can be successful but doesn't come close to manual trading.
Member Since Apr 03, 2021   470 posts
Oct 11, 2021 at 00:32
Yes, I think good beginner learn manually rather than relying on robot, but sometimes not all trader can work profitable although already have more experience, using robot trading is one way as investor trader want to make money from forex business, another way for investor trader is looking social trading and looking, good PAMM trader.
Member Since Apr 09, 2019   538 posts
Oct 12, 2021 at 08:11
FXOday posted:
Yes, I think good beginner learn manually rather than relying on robot, but sometimes not all trader can work profitable although already have more experience, using robot trading is one way as investor trader want to make money from forex business, another way for investor trader is looking social trading and looking, good PAMM trader.

Completely agree. I started out using an EA without any real knowledge of trading and was relying on what others told me I should be doing. This led to many mistakes, money being lost and some ropey account management. I was naiive in thinking it was as easy as that. Learning to trade for yourself is far more rewarding in terms of finances but in terms of personal development also.
If you can't spot the liquidity then you are the liquidity.
Member Since Jul 27, 2020   102 posts
Oct 12, 2021 at 09:43
They are very common in forex broker and no, there is no law saying that you shouldn't use it. You are allowed to use it.
Although, I will say that you are better off trying on your own since you can grow and improve on your own. But I respect a choice for taking bot trading.
Member Since Jun 21, 2021   33 posts
Oct 12, 2021 at 11:01
Forex robots take the mechanical work out of the forex trading equation. They cannot however help you any further. They cannot come up with strategies of their own and therefore they cannot adapt to changing market conditions.
Member Since Sep 13, 2021   8 posts
Oct 12, 2021 at 11:16
I like to use complex indicators rather than robots. This leaves me free to add extra analysis that no robot can every take into account
Member Since Jun 17, 2021   46 posts
Oct 14, 2021 at 07:16
You are right Troy, Trading robots cannot adapt to the changing market condition because they only use past data when predicting future movement. It surely is risky to solely rely on them.
Member Since Jun 16, 2020   57 posts
Oct 15, 2021 at 03:44
Absolutely, a beginner should first learn about the forex market rather than using bots. It's important to learn about risk management, trading strategies, and how to use technology tools to improve efficiency when trading.
Member Since Aug 10, 2021   178 posts
Oct 16, 2021 at 01:21
Robot trading is not trading, and successful traders believe in themselves, and ultimately one needs to trust in themselves in order to become a good trader, and you are right that robot trading is very risky.
Member Since Feb 14, 2021   4 posts
Oct 16, 2021 at 02:58
Williamfreed posted:
Robot trading is not trading, and successful traders believe in themselves, and ultimately one needs to trust in themselves in order to become a good trader, and you are right that robot trading is very risky.

I disagree with your comment....
Robot trading is an extension to your self to trade 24hrs/daily. Even you are away from the chart, thru robot you still can trade and have consistent profit.
You know why I am commenting you this? because I am a robot user with consistent result since past 2 years until now and this robot giving me 10% return every month.
Lets grow our wealth together under one umbrella - WealthAccess
Member Since Feb 14, 2021   4 posts
Oct 21, 2021 at 02:48
Unellene posted:
it is better not to rely on robots in your work, only on yourself and your decisions
How can I dont rely on robot if you have consistent profit for past 2years until now?
What is your concrete reason why you enter in trading business in the first place?
Because mine is to have a consistent profit...
Lets grow our wealth together under one umbrella - WealthAccess
Member Since Jun 17, 2021   12 posts
Oct 21, 2021 at 05:42
An automated trading systems, a subset of algorithmic trading, include programs that automatically create buy and sell orders and submit them to a market center or exchange
Member Since Jul 03, 2021   18 posts
Oct 21, 2021 at 05:56
Yes, it might even turn out to be profitable to use robots and for some people it just works alright. Honestly, I don’t see any harm in using them.
Member Since Jul 19, 2020   751 posts
Nov 04, 2021 at 15:04
Problem with robot is it does not work all the time. If you are programmer and convert into your strategy into an EA that can work, as you can change it according to the market situation.
Member Since Jul 31, 2018   530 posts
Nov 04, 2021 at 18:44
I use robot on all my accounts
Work hard and play hard
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