What is a robot?

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.

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.

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.

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.

Trading bot is an algorythm for making trading decisions. The whole process is carried out automatically without any participation of a human being.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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...

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

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.

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.