{"id":3144,"date":"2009-07-30T10:07:31","date_gmt":"2009-07-30T15:07:31","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3144"},"modified":"2009-07-30T10:07:31","modified_gmt":"2009-07-30T15:07:31","slug":"should-you-use-forex-robots","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/30\/should-you-use-forex-robots\/","title":{"rendered":"Should you use Forex robots?"},"content":{"rendered":"

By Daniel Hoffner<\/strong><\/p>\n

Before you consider purchasing a Forex Robot, you have to pick a Forex broker to
\nwork with, and a “platform” to use. Which trading platform to use? There are
\nhundreds of brokers in the market, which means that you connect to them through
\nthe internet, and trade through them. Usually each broker has his own platform –
\nhow your screen looks, how to track of your funds, etc. When choosing a broker
\nits important to pick a big, regulated company, so that one morning you won’t
\nwake up to find that your company has gone bankrupt, together with your money.
\nRead the about tab on his main menu.<\/p>\n

It is preferable, but not a must to pick a broker who uses a “metatrader 4” platform. Since it has become popular lately, many robots are written for it. Some brokers offer free money, but that doesn’t mean too much, as you can’t redeem it, but it lets you enlarge your margin. Pick
\na broker that gives a margin of at least 100:1 (not more than 400:1). Since
\nwe’ll recommend later on working with intraday trades, therefore its important
\nto pick a broker who uses tenths of pips (like fxcm). This decreases the
\nspreads, which is meaningful in intraday trading.<\/p>\n

Lastly, always when starting to work with a new broker using his demo
\nplatform. Mistakes made by unskilled fingers can cost a lot of money (I meant to
\nbuy not sell).<\/p>\n

Forex robots (also called expert advisors) cost money. The ones that cost no
\nmoney are usually worth that much. Robots can be very useful, especially for
\npeople who don’t have the time or patience to sit in front of the computer all
\nday. Of course, they don’t profit 100% of the time, so its advisable to buy a
\nrobot which has a high percentages of wins, and a refund offer if you are not
\nsatisfied. You can find recommended robots at %LINK1% or %LINK2%. My experience
\ntells me that robots are better on opening the positions, than closing them. The
\nbest way, therefore is to let the robot open the position, then monitor the
\ntrade carefully, and decide for yourself when to close the position – if the
\nrobot hasn’t closed it yet.<\/p>\n

There are all also mechanical systems that indicate
\nto you exactly when you should buy\/sell. But you have to be in front of the
\ncomputer to do the trade, but you have more control.<\/p>\n

When deciding manually to close your position, if you’ve reached your take
\nprofit level, let the position close. Don’t let the position remain open in the
\nhope that it will continue in your favor, because many times the profit you
\ncould have earned will be wiped out. A bird in hand…<\/p>\n

Even if you haven’t reached your desired profit, but the trading becomes wobbly
\nover a time, that means that the trading can go against you, so its better to
\nquit while ahead. This is especially true when all the trends\/indicators that
\ncaused you to open the trade, have changed direction.<\/p>\n

About the Author<\/strong><\/em><\/p>\n

If you are interested in looking over a variety of the best and latest Forex
\nAutopilots (also called Expert Advisors or Forex Robots) you can visit my site
\nat www.forexautopilottop.tk<\/a><\/strong><\/span>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Daniel Hoffner – Before you consider purchasing a Forex Robot, you have to pick a Forex broker to work with, and a “platform” to use…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3144","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=3144"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3144\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}