6 things you can do to make money with Forex Robots

By | February 15, 2017

6 things you can do to make money with Forex Robots

6 things you can do to make money with Forex Robots

 

First Three

ONE- Trade Forex Robots on a continuous basis: Many Forex traders believe that you can simply buy a Forex Robot. Use the settings provided by the supplier. Set it up on your VPS and let it run. Like an ATM machine you can then make regular weekly or monthly withdrawals for the rest of your life. This is called the set and forget approach. Although this is possible and it highly improbable that this will occur. The MakeMoney Forex robot is an example of this.

TWO – Use Forex Robots to get the best historical settings. Your Forex Robot can also be used to determine the best settings that worked in the past. This would entail running millions of setting alternatives using testing software. The result is that you will get optimised settings that show you the best results you would have achieved over the last 3 months to 5 years. Under the assumption that history will repeat itself you could then use those settings for future trading. The Good Vibrations EA is an example of that.

THREE – Learn under which market conditions your Robot performs best. During the testing process mentioned in TWO you can obtain trading records and graphs which will show you during which periods the Forex Robot made good gains and period when drawdown or losses were made.  By overlaying those periods on the trading charts you can then determine whether the Forex Robot does well in trending or sideways markets and avoid the negative phases when trading the Robot. The grid Trend Multiplier works well in a Trending Market.

 

Next Three

FOUR – Forex Robots can be used to create and present trading information. Forex robot don’t always need to trade. They can for instance create tables showing the trading status of a number of currencies and the markets as a whole. The 360 Degree Forex Market indicator is an example of this.

Five – You can use the EA to do all the difficult and complex part of trading whereas you do the part that requires skill. The Double in a Day EA is an example of this where the Forex Robot tops up a successful trade on a risk free basis after a trader has entered the trade.

SIX – You could even create a robot that is a hybrid of the above. It creates information, identifies trades, lets the trader review the trades and confirm them, then continues to trade the trade. The RSI Trend line EA is an example of that type of EA.

Forex Robots can be a fantastic help to Forex Traders. Make sure your expectations are in line with what they can deliver.

 

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