Forex robots are scripts which are coded with automated forex trading strategies. The best way to use forex robot software is to import these scripts into a forex platform such as the well respected MetaTrader platform.
The forex robot will then automatically enter and exit trades for any time period specifed or even around the clock.
The only downside is that you have to always leave your computer on. The other alternative is to have your forex robot hosted on your own virtual private server. Many traders chose to use forex robots as their sole method of trading, whilst others will use it as part of a larger overall strategy.
Forex robots are essential trading software for many traders
To really get an insight into how well an automated forex trading system will work depends on the strategy employed and obviously it is critical to undertake back testing of the robot software and have a strong money management system in place from the onset.
Back testing is essential for getting a better idea of the robot’s performance including risk versus reward and other such variables and indicators.
More information about back testing money management is available under our trading tip category. However good your strategy, without backtesting and money management in place you will fail. Get it right from the beginning.
There are a multitude of forex robots available on the market. One of the best is the FAP turbo which is very well respected. For more information about online forex trading tips please feel free to navigate our site.