Forex Trading Robots
How Does A Forex Trading Robot Actually Work?
Forex or the Foreign Exchange market is the largest financial market in the world, with a volume of over $2 trillion ($2000 billion) a day. That massive amount compares to a tiny $25 billion a day volume that the New York Stock trades, so you can see how huge Forex really is. By the way, Forex can be called, ‘Retail Forex’ ‘FX’ ’4X’, ‘Spot FX’ or just ‘Spot’. Forex actually equates to more than three times the Global trade of stocks and futures markets combined. Its so huge its awesome!
So what tools do you need to start trading forex?
Well that all depends on how you intend to trade. If you like the adrenaline pumping thrill like the pro traders on Wall street, then you can go manual. Let me warn you though, that this not for the faint hearted. You should spend money on a good trading education and not go live for at least 2 years. It’s no secret that over 95% percent of traders don’t last because they get to greedy and don’t stick the rules of trading.
What other options are there then? Well there are two other options, follow signals or let a robot do the work for you. Following signals involves signing up to a forex trade report from a pro-trader and follow his direction of when to trade and when not to. This is fine as long as you happy to stay up all night and get the signals, because forex trades 24 hrs a day, 5 days a week. It can also be expensive to subscribe and you have got to be able to trust the guy who is telling you to ‘Sell, sell sell’.
The other option is to trade with a robot. No not R2D2 from starwars, but a piece of software that will enter and exit trade for you. So what’s the pro’s? Firstly, it never deviates from the trading rules and is not susceptible to emotion and never seeks vengeance. You can also download it in one go and never have to pay a monthly ‘subscription’ fee. And you don’t need the two years of training to run it successfully.
So how does it actually work?
Well its really quite simple. The first thing you need is pretty obvious though, a computer with an internet connection. Obvious, I know but some people have not fathomed this one before. What else? Well you need to sign up to an account with a broker and they will provide you with a trading program free of charge called Metatrader 4. This is the real machine behind the operation and allows you to watch market trends and make manual trades.
The last thing you need is the ‘brains’ of the operation. You must buy the robot from a separate retailer (eg FAPTurbo). You simply download it onto your computer and it saves to your ‘expert adviser’ folder in metatrader. An expert Advisor is an automated robotic script written in MQ4 language that can work in the Metatrader4 platform and make trades for you! To get it make trades for you all you have to drag the adviser from the folder and dump it on the appropriate chart to trade from. You then click on the smiley face on the chart and adjust the parameters as specified by the robot provider?.
Don’t worry because the robot providers usually provide a comprehensive manual and ‘follow my mouse pointer’ videos so you can follow every step along the way.
Want to discover more about trading robots. I show my results with the world’s #1 forex trading robot at www.myfapturbostory.com
By: Peter Welsummer
Article Directory: http://www.articledashboard.com You can catch more of Welsummer’s work at his blog www.MyFAPTurboStory.com. Here you discover why FAP Turbo is the world’s #1 forex trading robot! www.MyFAPTurboStory.com
Take a Look at This Forex Trading Robot HERE
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