What is a Forex Robot?

[jamiebrwn]

Forex Robots or expert advisors are scripts coded with automated forex trading strategies. You import the scripts into MetaTrader platform and your robot will enter/exit trades for you automatically 24 hours around the clock. As such. you have to always leave your pc on. If not, you can host your forex trading robot on a VPS (Virtual Private Server). Some traders prefer to use automated trading robot as their sole trading system and others using it to manage part of their portfolio. How well forex robots work depends on the adopted strategies and money management system. To understand how well your forex robots work, you should ask or backtest the robot software. You will get a better idea on their performance (risk/reward ratio, consecutive wins and losses and etc).

[dwspro]

Forex robots or also known as expert advisors are defined as scripts coded with automated forex trading strategies. These scripts are imported into a platform called MetaTrader.

What the robot will do is basically to enter and exit trades automatically within 24 hours round the clock. Hence, personal computers or laptops that cater this program should always be on while the system is running. If an instance that the pc cannot be on 24 hours a day, traders have an option of hosting forex trading robot into a VPS or Virtual Private Server.

[dannylohra]

I wrote some .mq4 files but not sure if they are going to work with MT5.

What is a Forex Robot? My robot respectively EA is working indeed like a robot, it trades 100% itself and sends me the return on my bank account. The only thing it doesn't do is coffee

I bought the Buru trader from my EA IBFX, but I didn't stop coding. I just have more time to analyse the market for the positions I do manually.

If someone is interested I can share some of my .mq4 without warranty of course

[henryduncan12]

Originally Posted by dwspro

Forex robots or also known as expert advisors are defined as scripts coded with automated forex trading strategies. These scripts are imported into a platform called MetaTrader.

What the robot will do is basically to enter and exit trades automatically within 24 hours round the clock. Hence, personal computers or laptops that cater this program should always be on while the system is running. If an instance that the pc cannot be on 24 hours a day, traders have an option of hosting forex trading robot into a VPS or Virtual Private Server.

Thanks for sharing such info. I always wanted to know about forex robots and MetaTrader and got both answers together.

[ctech]

Yes, Forex robots or EA are great tool to use since when you develop a trading strategy, you don't need to sit before your computer and just wait your robots to work.

There are various EA out there for you to choose from, you need time to choose, some are expensive, but you should remember no EA can guarantee you make the money.

in the days of highly volatile market, I advise you to sit before the computer by yourself which will be more safe.

[traderxxx]

robots are usually a waste of time and money....the only good EAs are the ones that are managed by some sort of money manager than tweeeks and twurks the EA during the year bc there is no 1 system that will be constantly making $

[FXInnovation]

that is true, there is never any guarantee, however one might focus on those robots hich have been running on real money accounts, and not just back testing.
Robots with good real money account performance can therefore be a good investment strategy.

[DenisTabert]

Actually forex Megadroid is one of the ones I recommend and I do believe it's on the top forex robots thread as well. Another one that I like and use which is like forex Megadroid is a forex robot called "forex demolition" It's not available for purchase yet but you can sign-up for the mailing list. The upside is that it was created by a buddy of mine who I know is not a scammer for sure, and the product works.

[henryduncan12]

Recently I was searching about Forex Robots and its working and found one blog packed with good info about it. It will more help to know more about it.

Source: globaltransition dot net/what-is-a-forex-robot-and-how-does-it-work

[foe]

very helpful discussion