Forex robots are automated forex trading systems which utilize the power of computers and dedicated software programs to trade the foreign exchange markets automatically.
Traders setup currency exchange accounts, purchase automatic foreign exchange robot trading software, and enter the initial parameters in a forex trading system. Then, they simply monitor their accounts for status and watch their funds grow. As unbelievable as this may seem, a good forex robot will scan for foreign currency trading opportunities twenty-four hours each day and execute buy and sell orders without any human intervention.
Robotic foreign currency trading programs remove all human emotion from the trading decision process. Orders are executed solely based on calculations and limit thresholds. There is nothing for the forex trader to do but watch the system operate.
The success rates of these automatic currency exchange trading robots vary considerably and traders should do their homework before using any forex trading system. The volatility of the FX market can work wonderfully with these forex trading systems as they can use the volatility to execute many winning trades per hour.
Each forex system has a certain amount of downside risk so traders should examine both backtesting and live trading results when choosing the best system for their use. Some FX software is specific to a particular currency pair while other software will work with any currency pair, and even stocks and options.
The overall the cost of these robotic forex software trading systems tends to be insignificant in comparison to the amount of money won that can be won in successful currency exchange trading.