Forex robots are automated trading systems programmed to trade according to user-specified settings. They can trade different currency pairs while keeping an eye on trends, prices and news – with an integrated risk management tool allowing users to set trading preferences and choose high, medium or low risk trades as desired. When used properly, forex robots can make an invaluable addition to your investment portfolio; but keep in mind they still can incur losses at times.
There are various ways to obtain a forex robot, but the ideal method is finding one that suits both your trading style and budget. Start your search online for either free or paid robots which have been reviewed, either as download files or through brokers – always test out any robot in a demo account first before investing any real funds!
Many traders devise their own forex trading systems based on technical analysis and price movement patterns, then automate them for live trading environments to save time and effort. Some systems prove more successful than others and even generate profit; it is essential that you find one which meets both your needs and your budget as well as risk tolerance.
Building your own EA in MetaTrader requires programming skills and the use of specialized programs, but can be time consuming if you employ multiple trading strategies. Luckily, robot builders exist that allow traders to transform any manual trading strategy into an EA without complex coding – saving costs on hiring professional programmers while helping you save more in the long run.
To build an expert advisor, first choose your currency pair and trading period of choice, before creating your trading strategy. Here, you can specify parameters such as how many trades to open each day, stop loss and take-profit levels and money management rules; most robot builders feature drag-and-drop interfaces that make adding and connecting blocks of code simple; you may also create a demo account in which to test out your robot under realistic trading conditions.
Once your robot is completed, uploading and activating it on MT4 can be accomplished by clicking on the Expert Advisors tab in the Navigator window. A pop-up window will appear allowing you to configure its settings – most significantly the MagicNumber, which separates personal orders from those executed by robots and prevents it from closing your trades in tandem with its own orders. You may also change its default risk and profit targets before clicking “OK” to activate it.