A Forex Robot also called an EA, is a piece of software with inbuilt programmed rules that automatically make trade entry and exit decisions on the Meta Trader 4 platform for Forex trading.
The Robot/EA works by utilising predetermined strategies or rules for making trade decisions. The rules are programmed on the EA, which it uses to automatically enter and exit trades.
With implanted strategies, the EA is capable of making trade decisions in a way that humans cannot. The can thoroughly and effectively scan the market looking for opportunities with high levels of accuracy.
For example, if you have a successful trading strategy that relies on indicators, candlestick patterns, support and resistance levels, or other stuff, you can implant it on a robot, and just sit back and allow the EA to do the hard work for you.
In manual trading, a trader normally establishes the trading rules and then follow those rules every time she or he wants to enter or exit a position.
As such, a manual trader has to glue himself or herself in front of a computer screen and wait for the appropriate time when the criteria for making a decision fits with his or her rules—something which is tiring and complicated.
With Robot trading, the trading rules or strategies have been ingrained in a computer program, and your trade decisions will be made automatically without your intervention.
Ability to trade non-stop
Trading with a Celestial Trading Tools Robot, you can trade profitably 24 hours a day and increase your profits. Celestial Trading Tools have many coded strategies on a robot, it will perform the buy and sell actions while you spend your time on the beach.
Removes emotions from trading
One of the main reasons why traders fail is emotional trading. However, a forex robot lowers or eliminates emotions from the trading equation and give you a reliable way of earning money.
A Robot cannot fear to make a trade neither can it start making greed-driven decisions.
Reduces trading errors
Automated trading systems can perform complicated calculations without making errors.
Since humans can be at fault, traders normally find themselves making silly mistakes, which could have been avoided. Since robots make decisions based on pre-set rules, they greatly minimize trading errors.
No – The EA does not guarantee profits, there is a risk that you could lose some or all of your monies and therefore you should seek independent financial advice before deciding to follow the EA.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss in excess of your initial investment with no exception for expert advisor and managed account. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading spreads bets and CFDs. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.