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Forex Robots
By Des Ingham
Forex Robots are all the rage at the moment but there are advantages and disadvantages to using them. One huge advantage is that it eliminates human emotion from the equation, and anyone who has traded will tell you that this can be a big plus for you.
It is so easy to get twitchy when in a winning trade and take a small profit when if you had only stayed in the trade you could have taken many more pips.
And it is easy to stay in a trade when the trend has turned against you for fear of losing, only to find you have lost your shirt in the trade! Another advantage is that you can set your Forex Robot up and then get on with your life and come back to it at the end of your working day. After all, who wants to sit in front of a computer gnashing your teeth all day? Also Forex Robots are nothing if not consistent. They will look for the same trading set ups each day, and only trade when the conditions are right. Whether they will be consistently good or bad is another matter. The disadvantages are that you lose control over your trading to a robot! You have to let them get on with it and you will stand or fall by the success of your robot, and not your own methods or intuition. Also you must be very careful how much money you are prepared to trade. You do not want to come home to an empty account. And be sure that the software for the robot is easy to download onto your computer and that it is easy to use and compatible with your trading platform,as this is not always the case. There are some wonderful Forex robots out there, just make sure you check them over first and that they will suit your trading and personality. |
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This intel was contributed by Des Ingham
Des Ingham
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May, 2012
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