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Forex Robotics can be described as a system for trading currency markets automatically using software written specifically for this purpose. This generally takes the form of a mathematical algorithm written in a programming language to be used on a trading platform. The most popular and common form of Forex Robotics for the average trader is Expert Advisors for the MetaTrader trading platform. The Expert Advisors for MetaTrader are written using its own programming language called MQL4 (MetaQuotes Language 4). These expert advisors are commonly referred to as Forex Robots. Now, that is enough background. What is more important is whether the concept of Forex Robotics works for currency trading. Lets quickly look at the pros and cons: Pros:
- The market is monitored and traded 24/7 (except for weekends of course).
- Trades are done automatically.
- Criteria and lot sizes can be preset.
- Trading is done without emotions.
- The products are generally tested in detail and have good profitability ratios.
- Some products are of poor quality and will certainly cost you money through losses.
- Good products initially cost money to buy.
- Despite all the claims, no product is fail-proof. Your expectations should be realistic.