Forex robots are traders' indispensable assistants in the international currency market. They are also called forex-trading advisors. Frankly speaking, today no successful forex trader or broker can do without such a helper, because robots are able to work on a round-the-clock basis and are free from emotions and stress.
The statistics says that 80% of successful traders are actually automatic advisors. Other 12% are successful up to the moment when emotions prevail. Main enemies of profit are fear, avidity and futile hope. Even the most professional trader, who knows for sure where the market goes and what the figures will be in a particular period of time, can make a mistake and as a result incurs losses. To return what was lost the trader runs great risks and in the end loses everything. The trading robot is beyond any illusions concerning the currency market and never makes silly mistakes, because it buys and sells according the input program and best trading strategy.
Some traders prefer economize and use only free robots, because they suppose that they can control the situation themselves. Nevertheless, the profit depends on the invested funds and if you want earn more, be ready to spend some money on a better advisor.
Of course, when you just Open Forex Account, there is no need to invest much money. Use free versions that are quite enough for the beginning. With time and experience paid robots are vital to make profit. Note that the correlation of invested money and result should be logical: it is nonsense to buy a 300$ robot for 200$ deposit.
To buy a forex advisor a trader should attend a trading platform and search for a robot. If you know the name you can buy it on the developer’s site and get technical support like a bonus. If you find a paid robot for free, be ready that the program may work with mistakes what will lead to losses.
There are also advisors created for a particular broker. Then it means that a trader should find that reliable broker. Anyway it will bring money (even in a more secure way).
When you buy a forex robot, notice the following:
Its trading peculiarities
The monitoring function
How much it costs
For instance, if a robot makes 5% of profit no one will demand 250$. However, if it makes 10-30%, notwithstanding high risks, it may and should be more expensive. Many traders pay attention to the slump during a trade comparing it with profitability.
For those who like trading him- or herself, there are always indicators forex. Indicators are the lines mathematically calculated over Open, Close, High and Low for a particular period of time or over the lines of other forex indicator.
Indicators can be also free or paid. The main point is that how many profitable signals it produces in proportions with unprofitable ones. To make a choice traders often discuss indicators on forums or watch trading videos. Besides, such communication is also good for improving programs.
However, indicators are often just a part of trading strategy, which is controlled by a trader himself. That is why it is up to the trader to decide how to built his or her strategy and what result he or she wants to see. Nevertheless, the better the components are the faster and better the success is.