What is a Forex Robot?
A forex robot is computer software – often referred to as an artificially intelligent trading algorithm – that is used to automatically execute forex trades. It independently analyzes the forex market to look for technical patterns that offer opportunities for profitable trading. Then it uses this information to determine the best trade entry and exit points.
Forex robots are also called expert advisors if you are using MetaTrader 4 or 5.
How Forex Robots Work
Forex robots work by monitoring the forex market. They are designed to automatically recognize technical patterns like breakouts, reversals, and momentum that offer trading opportunities. When a pattern is recognized, forex robots will trigger a buy or sell order to enter a position.
Once the movement is completed, forex robots will automatically exit the position for a profit. If the expected price movement doesn’t happen or the trade goes against you, the robot will use a stop loss to automatically limit the consequences of the trade.
Forex robots are a lot like forex signals, with the main difference being that they trade automatically on your behalf. Whereas it’s up to you to decide which signals to trade on and which to ignore, forex robots will trade on every signal they detect.
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You can’t go wrong, the robot is programmed to win when the price is low or high, it can identify the exact moment to buy and sell.