Today, traders prefer using Forex trading robots over manual trading. Expert advisor is automated and saves a lot of your time as manual Trading includes higher risk and stress. If you are reading this article, you are looking for a forex trading robot to automate your trading.
Using a Forex robot requires little knowledge and or expertise. Despite this reason, it is recommended to conduct your research and check the performance before using an EA.
1. Trading Robot Saves Time
Forex robot is a huge time savior. Unlike humans, they make the best trades depending on the market conditions. It is tiring for humans to sit in front of a computer screen for hours to make the best trades.
A Forex robot is programmed using artificial intelligence. It works without rest and according to the set of logic and principles with which it is developed. A trader may be able to stay up all night but that isn’t healthy at all. They are capable of making trades in less than a blink of an eye.
A Forex robot is capable of making trades and results in profit in less than a blink of eye.
2. It is cost-effective
Another advantage of a Forex robot is its cost-effectiveness. Imagine wasting thousands of dollars in manual trading due to a lack of experience. The greedy nature of humans forces them to become victims of traps and lose money.
To be honest, all of us have faced losses in trading due to our greed. A trading robot costs less than $500 and not only does it save the amount of time that traders put in a trade but also it guarantees a profit.
Forex EAs are a one-time investment and they do not have emotions like humans. Traders spend hundreds of dollars on Forex courses with no guarantee of profit. On the other hand, Forex robots are cheaper, and a previous profit history can be verified through MyFxBook.
3. Close Trades Automatically during High Market Volatility
Another major advantage of using a Forex robot is its ability to automatically close trades. Emotions differentiate Forex robots from humans. Due to emotions, traders do not close trades even in high market volatility. Often, traders will wake up with bad news about market volatility and the loss they suffered in this volatility.
Traders need some time to figure out the market movements and what to do in case of market volatility. On the other hand, a Forex robot can make smart trades faster than in a blink of an eye. It is effective for traders who do not want to get affected due to the market.
4. It Keeps Drawdown Low and Makes Profit
In Forex trading, drawdown (DD) refers to how much money you have lost in your account balance or from a particular trade. It refers to the difference between the peak or high point in your trading account balance and the next trough or low point in the balance of your accounts. Drawdown is a big worry for many Forex traders and it is where the Forex robot comes to the rescue.
A Forex robot keeps the drawdown low and results in high profit. To understand this, you have to observe the performance of a well-known Forex robot.
Red Horse is a well-known Forex robot that keeps the max drawdown to 19.7% and guarantees monthly profit between 5% to 17%. These results can be verified from the MyFxBook.
5. It Does not Make Errors Like Humans
The word error is associated with traders when it comes to decision-making. It can be of any form ranging from the wrong lot size or calculating the wrong position. Traders make errors due to the pressure of trading and of course they are also humans.
Robots are better than humans in trading because they are automated and programmed for this purpose. However, it doesn’t mean robots are better than humans. Not to forget, they are programmed by humans.
Conclusion
Forex robots have many advantages over manual trading. Regardless of that, they can also cause a high drawdown in some cases. A forex robot not only saves time but is also cost-effective.