The way in which your trade will automatically open and close itself and everything will be driven automatically according to the trading balance, where you have nothing to do is called auto trading. This method is a programmable code-based sorting method (robot) where it is said how the method works on the base of market movement, how many pipes to profit, how many pipes to lose, how many volumes of trade will be open, risk will take up to the maximum amount etc.etc. everything need to forex trading.
Advantages of robots:
•Trade will be automatically for 24 hours.
• It works on a specific system. so the rules never break.
• There are numerous settings that can be handled through own settings.
• Data analysis is done effectively in a very short period of time.
• With basic knowledge any new trader can income in this way.
• Working with a specific currency, the trading loss is very low.
Disadvantages of robots:
• Need to set it to run on PC for 24 hours. So it has to be done differently through the VPS services.
• Not all brokers have support, so your target income may not.
• A robot usually cannot operate in more than one currency. So to set up robots in multiple currencies, need to buy robots per currency.
• In robot trading, you do not have the ability to trade in this way because the robot formula will accidentally lose the trade.
• Most of the robots cannot trade at market high volatility.
• Many new traders take the robot's refuge directly without learning it themselves As a result, Forex cannot learn for real.
What is needed?
Since this is an automated trading method, it will work even if you are not sitting in front of the trade. However, it takes a few things to trade in this method.
1. VPS- Virtual Private Server
2. EA – Expert Advisor
If your PC cannot be turned on for 24 hours, then you need to take some space on a PC which is known as VPS for 24 hours. That is, there are some companies that will keep their computer running for 24 hours so you have to pay $ 10- $ 30 per month.
Secondly, you have to have robot software, in this case you have to purchase it, since it is a special software system so it is not free. Different Forex Robot Providers charge different prices to their robot's work. You can buy robots within $ 5- $ 20. However, there are many robots which buying price up to $ 1000 .
Considerations for buying robots:
To understand the extent of the auto trading system (robot) you are trying to purchase, whether it is profitable or how reliably it is or how effective the auto system is, you need to look at some of the details that you will find in the specific section of that particular robot. In the points of below, you can purchase a good robot.
· Profit Factor
· Risk Reword Ratio
· Month Return
How to install EA?
Typically there are 2-3 files for EA. You will need to copy the original EA file from the root folder of your computer's Meta Trader to the Experts folder, and if there are more files, copy them to the folder that you are asked to enter as per the instructions. And the Meta Trader's Expert Advisors option should be enabled. And with the different types of EA parameter settings you can set your own robot.
Forex Robot will continue to trade in your absence for 24 hours but it is a programmable method, so the market understands how well the system is designed, if you set the robot without verifying it and hope for profit, then your dream may not come true. So before using any robot, in addition to the above, make sure that the robot is set for at least 6 months demo account. Then set the live trade finally. Otherwise it will not take long for your hope to become hopeless. Understand all the settings of the parameters your robot, then start.