Forex Trading Robot – A few thoughts about trading robots online

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Forex Trading Robot – A simple but effective guide

There are a multitude of places to find trading robots. Not only is there the MetaTrader terminal, but there’s the mql4 page, as well as the mql5 page online. These are the “official” marketplaces, but keep in mind that these expert advisors are not written by anybody special. Quite frankly, the gist traders around the world that have the ability to code. Being a good programmer doesn’t necessarily make you a good trader.

As I record this, there are over 240 pages of robots that you can choose from, varying drastically and cost. Ratings of course are all over the place as well, as some will have performed better than others at certain points in the market. But that’s the biggest problem, most algorithms can only perform in the market conditions that they are optimize for. Because of this, most automated traders will use several different strategies.

Of interest is that some of the larger firms in the United States are now starting to push robots, including Ally. They are known more for retirement accounts, but they are starting to offer currencies as well, and have an entire section devoted to robots. There are also firms around the world that specialize in automated trading, such as the Forex broker RoboForex in Singapore, where automated trading seems to be a bit more popular.

Quite frankly, one of the things that you should keep in mind is that large banks such as Goldman Sachs spend millions of dollars on algorithms. It is very unlikely that you are going to find one for $50 that can match that type of performance. Remember, they are trading with large and real size, meaning that it is actually crucial that their algorithms make money. While many of these robots can make money from time to time, in the end it is essentially putting your finances in the hands of someone else that you don’t even know. If you are going to do that, you will probably be better off trying to find a financial fiduciary it to trade your money for you.

If you do choose to go the automated row, you can write your own script. The MQL4 programming language is rather simple, being a derivative of C++. There is a complete and thorough set of documents online, and plenty of examples. However, one of the benefits of being a retail trader is that you can simply follow the market. You’re not trying to move it, you’re not trying to outsmart it. If something is rising in value, you buy it. It’s really that simple.