Introducing the expert advisor trading robot
The forex robots are rather aptly known as expert advisors (ea) by the forex trading community. Trading robots are now taking all of the work out of working from home. But are they any good? First of all, some of the best forex ea designers say their bots trade better than humans. Would you seriously be comfortable with a robot trading forex using your funds? Let’s find out.
The forex ea robot: how it works
To an expert advisor, forex trading on the global markets is no more difficult than playing chess. The markets move, and the forex ea reacts. This is because of its programming. Forex traders have been using tried and tested strategies for decades to forecast market shifts and increase their profitability. If you could know the market prices tomorrow, imagine how much money you could make today.
A forex bot cannot travel in time, but it can analyse multiple market movements and compare them to thousands of indicators and professional strategy-based conclusions. Best of all, it can do it in milliseconds… all day long.
Forex bots use trading indicators
Perhaps the most famous of all signals is the moving average. A moving average is an algorithmic calculation that creates a smooth rounded line running along the pointed spikes of a price line. So, whenever the price line crosses the moving average, it indicates a price reversal and a trading opportunity.
The forex bot has this parameter and thousands more, running simultaneously. Therefore, if dozens of indicators and strategies are all suggesting the same price move, then the forex bot makes the trade under the restrictions and controls you set in place.
How to protect yourself when using a forex ea robot
Trading safe is the same whether trading on instinct or using a forex ea. Savvy traders set their lot limits based on the amount of free margin (available funds) on their account, not based on a hunch. Therefore, a general recommendation is to use a Stop Loss that automatically closes the trade if the markets go the wrong way. Be sure You set Take Profit to an acceptable limit so you don’t miss out when the price reverses again. Most noteworthy, a forex bot will always follow your initial parameters without doubt, emotion, or exception.
Which is the best forex ea robot?
Exness does not recommend a specific forex bot. The best forex robot is one that is constantly being updated and upgraded, but those enhancements vary. As a result, what is considered the best forex ea at the time of this article might not be number one by the time you start reading.
First get to know what forex trading really means before you turn to trading robots. You can get access to today’s most popular forex auto trader software from the Exness MT4 platform. Setting the forex bot to make very small trades can teach you a lot in a relatively short time. Try following the trading bot with larger demo trades to understand how the Bot is reading the markets. Exness recommends you learn the markets through practical experience before considering one of the free forex robots as your main trading strategy.
If you’d like to test your skills with a risk-free demo account, follow the steps below. You’ll get free access to some of the best forex ea robots in the industry. With high leverage and low deposit, you’ll also be able to open a real account and make real trades in no time.