Advantages and Disadvantages of Robot Forex Trading
Auto trading is a process by which your trade will be open by automatically and also will be closed automatically as well as everything will be organized In according to the balance of trading and there you have not to do anything. This is a program that is organized by programmer in according to code (Robot) where the command is given that how to be the movement for what situation, how much pip will be profit, how much pip will be loosed and how much volume will be traded on how much pips as well as how highest risk you will be taken to do trading and etc etc.
Advantages of Robots:
- It will keep trading by own self for 24 hours
- It will never breaks rules because there are always a system ongoing
- There are a lot of setting that you can set and run by your own wish
- It takes less time to make data analysis and make effective
- It make very less trading loss because it works by basic currency.
Disadvantages of Robot:
- It is essential to setup into PC which remains open for 24 hours. That’s why need separate VPS services
- It does not support in all brokers and that’s why your target cannot be come.
- A robot cannot able to work on different currency and that’s why for trading on different currency you have to buy more robots.
- You don’t have any chance to do trading in the middle of robot trading if you do then your robot can be done wrong trading.
- Most of the robot cannot able to do trading in the high volatility.
- A lot of new trader don’t learn by own self and trade by robot and in such process make them unwilling to learn forex.
What you need?
This is an automatic process and that’s why you don’t need to stay in front of trade but for doing trade you have to follow some things.
- VPS-virtual private server
- EA-Expert Advisor
If you will not able to keep open of your pc for 24 hours then you have to buy some spaces on VPS. Their are some companies whom will keep open their computer 24 hours for you and for this you have to pay in per month $10-$50. But there are some brokers will given their traders in such facilities freely by some conditions.
You have to be your own robot software. In such it is essential to buy it and it is a special software and that’s why it is not free . You can buy robot from $80-$250. But there are some robots those are more expensive like $1000 or more.
Some Vital Points During Buying Robots:
If you will keep some vital points before buying a robot then you will able to buy a good robot.
- Back –test
- Profit factor
- Risk Reword Ratio
- Month Return
How to Install EA?
Generally EA contains two file. The main EA file have to META TRADER folder to experts folder and if have more file then in according to directions you have to maintain and copy them. You have to make enable on Meta trader expert advisor option You will setup your robot in according to your own wish by different kinds of EA parameter.
Forex robot will keep continue your trading for 24 hours in the absence of your and it is an automatic program and that’s why if you will not able to understand the market and will not able to understand that how good this program is organized then your dream may not be true. That’s why it essential to know the market of Forex at first then you have to start using robot.