Areas of market consolidation near the resistance and support levels and how to use them in trade.
FX robots…Who are they? Scammers or trader’s helpers?
Perhaps every trader would like to sit back and see his/her accounts replenishing without even lifting a finger. That is what Forex trading robots could actually do for you if they are tuned/chosen correctly, of course.
Forex trading robots are special automated trading systems based on a set of trading signals that help to determine the moments of entering into trades automatically without human meddling. They are available to all Forex traders and can be easily bought over the Internet.
Sounds great, I believe everyone would like to get someone making profitable trading bets for the token amount of money. But if it was so easy, every trader could become a millionaire. And it is not the case as you see.
In this article, we will tell you about benefits and drawbacks of the Forex automated trading systems (simply, FX robots) so as you once and for all define for yourself whether you need to buy them or not.
Forex robots were created to remove the psychological element of trading that is as you know may become really detrimental for your trades. They just open the trade at the proper moment without giving a second thought. They are capable of scanning lots of charts at once in a way that humans physically cannot. Robots are able to suggest the most profitable trades even in unstable markets where the actual trending direction is dim – not clear. These are all their advantages I suppose.
What are the drawbacks?
The main problem with robots in most cases, not the robots themselves but the merchants that sell them. The Internet sellers promise all-time beneficial trades to their customers, but in practice, their merchandises are nothing more than scams designed to drain traders’ accounts rather than to replenish them. So, if you really decide to buy an FX robot you carefully read authoritative testimonials online and check out relevant reviews.
Suppose, you bought a fine, really good FX robot. Does it mean that you may relax and just see how money flowing into your account? If only. Remember that not a trading software, though capable of scanning of millions of different chart within seconds, cannot be compared with your brilliant human mind. The robot’s technical advancements should be complemented with trader’s research and observations. Forex automated systems are programmed for certain market environments, they may not recognize a particular positioning of quotes and technical indicators. And as you know the market behavior is very dynamic, it changes all the time; it has an infinite variety of ups, down, and sideways. So, here is a good piece of advice. You may buy this robot to improve the performance of your trades, but don’t reckon with full your certainty on the machine. Use its opportunities to improve your personal “human” trades.