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.

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.

angelicafreeman posted:
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.

In my opinion, new trades should not use it. They should rely on manual trading to learn.

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.

Dictiony posted:
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.

I think using robot is not good for any trader. Because of it, No trader can gain proper knowledge about trading.

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.

A robot can be a pretty useful option, but it is often far from the most reliable option, and you can get the result just as well by hand.

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

it's better not to know, so as not to include them in your work later, beginners don't need this

I believe that sometimes it is better to work without a robot. This simplifies the work of a trader too much and sometimes extremely much.

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.