It is simply about choices. Hopefully this article can provides you with some answers before you make that decision.
Here are 4 key points to consider:
1. Do you have the time to trade?
Do you have the time to monitor the Forex market, read the news and analyze charts? Because the Forex market is global, market sessions overlap one after another over the course of 24 hours every day (5 days a week). So unless you do not sleep, it is almost impossible for one to keep track of all the market sessions.
2. Having the knowledge and experience.
If you are an expert, you most likely do not need such system. However, if you are new or just a casual trader and want to profit from the Forex market than you probably find such automated system useful in your trading. While such software alone won't necessary help you to be become a professional trader, but it can help make decision of what to buy and sell much easier and faster for you. Basically, it can identify, execute and manage trades in your absence and when you are asleep.
3. Can you trade without emotion?
When you place trades on your own, do your emotion impacts your trades? Emotion such as should I sell now and take my profits or should I hold on to it longer for a higher profit? Should I cut my losses or continue to stay in the trade? Automated software program also known as expert advisor can help take the emotional part of making trade decisions out from you. This is because in the software program the decision has to pass through a certain set of parameters before it can go ahead to open or close a trade.
4. Maximize the opportunity to trade in the Forex market
Although Forex is a 24 hour market but not all the time we are awake at our computer. Therefore, those times that we are asleep or away from our computer are considered as "lost opportunities". One way to solve this is of course to outsource your Forex investment to some professional traders to trade on your behalf. The other way is to install a Forex automated trading system to trade for you 24 hours a day.
If you are a manual trader and you are happy with the amount of profit you are currently getting, you may not want to change your strategy. Of course, the choice is still up to the individual.
Forex robot or expert advisor has certainly gained much popularity and it is used by both beginners and professionals in the Forex market. It is estimated that over half of all Forex trader uses some sort of software in their trading. That is why they don't have to always glue themselves to the computer screen all day.
In summary, Forex robots can be a good choice for both novice and experienced traders who want to use such automated system to monitor and analyze the market in their absence. However, take note that automated system can also cause money loss if the trade turned out to be a bad trade due to market volatility. There is simply no such thing as a perfect Forex robot that can consistently makes you profit after profit in every trade. If there is, the developers of the software would have kept it for their own use. It is also not realistic to expect the robot to make millions of dollars for you within a short time. If they so claimed, you need to run away from them as fast as you can.
One has to acknowledge the fact that there is NO "Holy Grail" out there. The sooner you realize this, the better it is for your trading account. Hence, if you want to be successful in the Forex market, regardless of manual or automated trading system, you need to have good trading strategies, strict discipline, good money management and consistency.
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