Forex robots or expert advisors are certain software coded in MetaQuotes language (A special language used only for programming Forex indicators and expert advisors) to be used in mt4 indicators (Meta Trader 4) platform for trading forex on autopilot. It sounds great when you imagine a winning system coded into a Forex EA and applied within MT4. But there are many complications surrounding forex auto trading robots.
A forex trading robot is a robot by all means. This facet of forex robots practically forces you to take immense amount of precautionary measures and severe testing steps. In order to make sure that the performance of the forex auto trading robot is identical to that of the manual trading of the same system, you would need to run extensive comparisons between the results of both trading methods of the same forex system. This phase of comparing results have to be in addition to testing the robots for accuracy of the signals etc. Trading forex with MT4 expert advisors require lot of preliminary work regardless of the effectiveness of their performances on live accounts.
Average forex traders fail to understand that even forex trading robots need considerable testing and tweaking in order to be profitable on live accounts. Imagine you have a robot servant at your home. Since it does not have a brain of its own, you would need to rehearse, test and duplicate to automate certain tasks before you put yourself at comfort. The same theory works with forex robots.
Even if you have the world’s no 1 forex trading robot at your fingertips, how you intend to use it can dramatically change the final transaction outcomes. Nevertheless forex robots just by their literal attitude do nothing special. But if the forex systems programmed are winning ones, with careful tweaking and testing the robots can be turned into real money machines on live forex accounts.