Which Is Better Automated Forex Trading Robots Or Manual Trading?

As more and more people join the Forex trading market, there has been a lot of talk, or at least hype about “Forex trading robots” and their effectiveness. The claim to be able to make you a lot of profits without you having to babysit them. To be able to know if trading robots or expert advisors (EAs) are effective, you have to understand what they are. An EA is a software program that is electronically coded with a trading strategy or technique that when it is started will trade as programed. However, the trades it makes are based solely on its programed strategy, there are no emotions or gut feelings associated with them.

I truly believe that when trading both common sense and good judgment are a requirement. Therefore, when it comes to EA’s, I feel they are some that are of good quality, but you have to find the one that is right for you and will trade the way you like to trade. A quality trading robot is designed to analyze your trades, preform your entries, stop your losses, adjust itself to the changing market conditions, and close your trades with out any emotion, whatsoever. It is possible to find EA’s that can be programmed to use your trading strategy or adjusted in a way that the robots own strategy will work more like yours.

Before you commit to using one of these emotionless tools, you should first consider the following questions: How long was it back tested for? What is its proof or history of winners and its percentage of losers? What is the reputation of the company offering it? What exactly is it designed to trade? It is advisable to be cautious of claims that state a robot can trade anything in the markets. Take the time to research these claims by doing a Google search and checking it out on the different blogs and forums.

However, I do feel that an EA can be beneficial, if used in the right manner, for an experienced trader. Not only will it add to his trading strategies, but it will also give him another indicator to confirm his trade analysis. In other words it could help him have more confidence when trying to decide whether to enter a trade or not, a decision even experienced trader struggle with!

I truly believe to let an EA trade an account without human input would be very “foolish and risky”. To get you to see this from a different angle, answer this question: Would you get on a plane if you knew that it would only be controlled by the “auto-pilot”, without any human input? I know I wouldn’t feel safe.

It is vital to understand that no Forex trading robot can fully guarantee you will be able to make a profit using it. Are you still thinking about using one of these robots? If so, take the time to thoroughly read the vendor’s “Terms and Conditions” or “Disclaimer Notice” and make an informed decision on your own.

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