These robots are complex software products that allow you to automate a good portion of your trading activities. They can quickly analyze markets for you, find the best opportunities to open positions, and some of them can even trade for you. Some of these robots have really impressive profitability, but it’s also possible that some developers are simply lying to you about potential profits. In this article, we’re going to tell you how to test these claims and how to find truly functional robots.
How these robots work
These programs that can help you enhance your trading experience are also called expert advisors or simply EAs. Indeed, they serve as a virtual expert that tells you which trades can turn out profitable or execute them for you. Some EAs are known to be very profitable since they are rational and don’t get distracted by human emotions. They also calculate probabilities and analyze trends much faster and more precisely than any real expert can. That makes them really useful for just about any trader.
If you’re thinking about using one, make sure your broker allows it. The rule of thumb here is: look for brokers that allow you to use the MT4 and MT5 trading platforms — they usually support trading with bots. Unfortunately, even if your broker allows automated trading, that’s no guarantee that you will be profitable in the long term. Forex robots are effective, but they are not perfect, so losses are possible at all times. Moreover, some robots may not be as effective as they’re being advertised.
Can these robots be a scam
Of course, complete scams when your funds just get stolen and you don’t get any software are pretty rare. But many robots on the market are far from being useful. Some developers exaggerate profits a trader can make with their trading programs, and others advertise features that don’t really work. It is very important to choose a robot wisely since they can be pretty expensive, and you don’t want to get useless software in exchange for a large sum of money.
How to choose a robot
First of all, you should do some research. Look for any reviews online and choose only the developers with a good reputation. Don’t fall for promises of extreme profits: if it seems too good to be true, it’s an obvious scam. Moreover, some developers allow you to test their robots before buying. Use a free trial period to understand whether you can make money with a certain bot or not.
