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A Newbie Guide to Forex Robots

It surprises me every day how many new Forex traders that I talk to, it seems never ending. With that said, I want to be able to provide a guide for beginners and newbies to Forex robots.

What are they, how do they work, and how can I use them?

I will answer all these questions and more.

A warning

To start, I have to mention that a Forex robot is not a toy. So many people that jump into the market want to make profits right away and go right to automated tools. That’s fine, you can try a Forex robot but lower your expectations and don’t assume that you have found a winner right away. Finding the best forex robots is something that will happen through testing over periods of time and establishing your own strategy as a trader.

forex robot example
This is what Metatrader 4 looks like (click for larger).


The details

Let me get into some more details now. A Forex robot is an automated trading system that works on the MT4 (Metatrader 4) trading platform. Depending on the EA (expert advisor, another term for Forex robot) these systems can trade different timeframes and pairs while the user is not even at their computer.

Every Forex robot has a different strategy, some of the most common are trend based, martingale (which can be dangerous) and scalping. All of these strategies have positives and negatives. Using an EA with one of these strategies and watching it trade is a good way to actually learn how to manipulate the market as well.

Setting up MT4 and a Forex robot is actually a pretty simple procedure. You just have to download a couple of files and install them, it is quite seamless. I suggest for newbies 

metatrader 4

interested in automated trading that they start with a free Forex robot, this way they don’t have to deal with any start up costs. Traders can easily get themselves a demo account with a broker, find a free robot and start testing it immediately. This is a good way to learn how these systems trade and it gives traders the opportunity to find out if they prefer automated trading.

My experiences

I have traded manually for years and over the past 5 I really started to get into automated trading. For me it was a blessing, knowing how to win trades manually was a plus and automating my manual strategies was a way to automate my own Forex robot earnings. There are many commercial Forex robots, some are good, some are garbage. All I can say is don’t get ahead of yourself and really see if you can find a way to utilize a software to the best of your ability.

There is a Forex robot out there for each and every one of us, find yours and don’t look back.

About Patrick Ryan

Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their goals, whether they are short or long-term. Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested.

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