Basically, robots and other forms of automated software, promise to make traders big profits with little or no effort on their part. As far as I can see, some of them are still being sold and some new ones come every now and then. Why would Forex traders want to use robots? Their main goal is making easy money out of the Forex market, without doing anything manually or having to sit at the computer.
Most Forex traders lose and when they get fed up of losing, they look for the other ways as the solution. Some robots are able to scan numerous charts and watching their movements all at the same time, which is beyond human capability somehow. Some robots offer solutions to find profitable trades even in erratic market chaos when the trending direction is unclear. By following the best trend, they can maximize their profits and possibly eliminate chances of taking losses.
Obviously, trading against the trend leads to loss after loss while trading with it, maximizes profits regardless of the method or robot that is used to trade. They make some pips trading inside the tight range during the slowest forex market time, while they usually set a few pips target and either a too wide, or no stop loss. They succeed to make profit in most of the trades they make, because they make a few pips in each trade.
Also, humans, not software, can follow up with economic conditions or keep up with the financial news. Robots can only find positive trends and trading signals, but sometimes their functionality is adversely affected by jittery trends or false information. Automated forex trading software or robots are good opportunities for their developers to make money, not for you as a Forex traders. However, they use this as an opportunity to create a robot or software or an e-book, DVD, course, seminar, webinar, … to sell and make money.
If the robots they sell, could really make money through trading the currencies, then why they are selling them to others? Most robots are scalpers. It is only an experienced trader who is able to distinguish when to enter the market and when to stay away from.
I only pray that those guys using those robots discover this site before its too late! Thanks and happy trading. Your article above is so tru…. All that being said, I do however strongly believe in the power of semi-automating your trading. What I mean here is that I believe that if I have a set of criteria already in place before I make a trade….
Sorry for going on here… but…. I am not disciplined enough as a human to be a good trader so I rely on a little help from my cpu friends….
You are right about the semi-automated robots that help the traders manage their positions, move the stop loss and target, hide the stop loss and target from the broker and…. In the above article I am talking about the fully automated robots that are sold over the internet. They make the novice traders lose money and get disappointed on trading. So it is not an auto-trading robot. It just plots the lines. He wants to share it on LuckScout for free. It is a while that I am checking it to see if it is good enough to be shared on the site, and I have come to this conclusion that it can help novice traders learn technical analysis much easier and better.
So I have decided to share it on the site. So in general I agree with you that some robots can help. This cBot will get the most of your winning trades. It will prevent hitting the target while you are surfing a winning trend, without risking the pips you are already earning.
Erik, I enjoyed your comment about the robots. I would like to check them out. Am i professional trader. It allows us to trade manually as well. Using robots help us very much especially if you actually do it right in the parameters and if you understand the market and keeping in mind that there are lots of scam and stupid robots.
One of the biggest problems is that we need a VPS for those. A friend recommended me a platform called vertex which have great features which saved us thousands of dollars. One of the main features is the free EA hosting! Do a quick Google search for details. Actually robots are good and very useful. They automate our trading and help us to get better results and performance.
Of course this depends on the robots. For example i mix manual trading and automated managing of these trades. I use a robot called profit defender to set automatic trailing stops to my manually opened trades.
If there are any other traders who do the same please share your experience here i would like to get other traders opinion. The robots that help you manage your open positions are helpful. Or you have to rent a VPS and let the robot work on it 24 per day. By accident I stumbled across this site…. It took me quite while to accept: There is no such thing as easy money….
I am fortunate to be a South African. We have a legendary world class golf player: Gary Player who said: And today, roughly hours roughly 12 years later, I can look back and say: Player, You were right… Now I can dance with the market…. I no longer look one dimensional to a chart. The Market Or she of me. I look at her. We love and respect one another. Do we beg to differ? Like any normal couple would. We just sort it out. Counseling Thank you, Mark Douglas Trading in the Zone and all the other friends books, seminars, you tube etc who unconditionally shared there knowledge,wisdom and inspiration.
You want to dance with the market? Can a robot have any of these? I have to go. I want to go and dance…. I have developed my own which proves it is possible. I recently recovered funds from a scam broker, Omega Options. They intentionally make you loose trades so you deposit more money.
I had to hire a professional to get my money back. Lesson learnt, happy to share my experience. This is why robots became popular.
Before you read the rest of this article This eBook shows you the shortest way towards wealth and financial freedom: Article by LuckScout Team. November 20, at July 19, at 5: November 20, at 1: November 21, at 5: November 24, at 1: November 24, at 4: August 18, at August 19, at 4: November 20, at 9: November 21, at 8: May 5, at July 21, at 8: March 1, at 6: July 21, at 1: July 21, at 3: December 13, at January 13, at 8:More...