A forex trading robot is a piece of software that will automatically handle the currency trading process for you, it enters and exits trades with the goal of making a profit. A lot of traders eventually switch to a piece of software like this because they are tired of entering in all these trades manually.
When you’re trading manually you have to spend a lot of time each day keeping up with the market, and you have to spend a huge amount of time staying current with the trades you have active. It can take the pain out of this process for you, eliminating the need to enter this information manually. The majority of Forex trading robots will only come prepackaged with one specific way to trade. They only have one set of rules they follow, no matter what the market conditions could be, they’re built to trade strictly currency pair. Because the market is constantly changing hour by hour this can be a big problem, as each currency pair will need to be treated differently.
Some trader prefer to use automated as their sole trading system and others using it to manage part of their portfolio. How well forex robots work depends on the adopted strategies and money management system.
To understand how well yours it work, you should ask or back-test the robot software. You will get a better idea on their performance (risk/reward ratio, consecutive wins and losses and etc).This is why the very best Forex trading robot is quite different from the others, Forex experts are constantly updating the software, these people monitor the market 24 hours a day.