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What is a Forex Robot?

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  #1  
Old 21-02-2011, 19:03
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Default What is a Forex Robot?

Forex Robots or expert advisors are scripts coded with automated forex trading strategies. You import the scripts into MetaTrader platform and your robot will enter/exit trades for you automatically 24 hours around the clock. As such. you have to always leave your pc on. If not, you can host your forex trading robot on a VPS (Virtual Private Server). Some traders prefer to use automated trading robot 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 your forex robots work, you should ask or backtest the robot software. You will get a better idea on their performance (risk/reward ratio, consecutive wins and losses and etc).
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Old 22-02-2011, 10:18
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Forex robots or also known as expert advisors are defined as scripts coded with automated forex trading strategies. These scripts are imported into a platform called MetaTrader.

What the robot will do is basically to enter and exit trades automatically within 24 hours round the clock. Hence, personal computers or laptops that cater this program should always be on while the system is running. If an instance that the pc cannot be on 24 hours a day, traders have an option of hosting forex trading robot into a VPS or Virtual Private Server.
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  #3  
Old 24-02-2011, 10:27
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I wrote some .mq4 files but not sure if they are going to work with MT5.

What is a Forex Robot? My robot respectively EA is working indeed like a robot, it trades 100% itself and sends me the return on my bank account. The only thing it doesn't do is coffee :)

I bought the Buru trader from my EA IBFX, but I didn't stop coding. I just have more time to analyse the market for the positions I do manually.

If someone is interested I can share some of my .mq4 without warranty of course :)
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  #4  
Old 17-11-2011, 06:54
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Default Re: What is a Forex Robot?

Quote:
Originally Posted by dwspro View Post
Forex robots or also known as expert advisors are defined as scripts coded with automated forex trading strategies. These scripts are imported into a platform called MetaTrader.

What the robot will do is basically to enter and exit trades automatically within 24 hours round the clock. Hence, personal computers or laptops that cater this program should always be on while the system is running. If an instance that the pc cannot be on 24 hours a day, traders have an option of hosting forex trading robot into a VPS or Virtual Private Server.
Thanks for sharing such info. I always wanted to know about forex robots and MetaTrader and got both answers together.
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  #5  
Old 06-12-2011, 15:35
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Default Re: What is a Forex Robot?

Yes, Forex robots or EA are great tool to use since when you develop a trading strategy, you don't need to sit before your computer and just wait your robots to work.

There are various EA out there for you to choose from, you need time to choose, some are expensive, but you should remember no EA can guarantee you make the money.

in the days of highly volatile market, I advise you to sit before the computer by yourself which will be more safe.
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  #6  
Old 08-12-2011, 00:29
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Default Re: What is a Forex Robot?

robots are usually a waste of time and money....the only good EAs are the ones that are managed by some sort of money manager than tweeeks and twurks the EA during the year bc there is no 1 system that will be constantly making $
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  #7  
Old 08-12-2011, 18:58
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Default Re: What is a Forex Robot?

that is true, there is never any guarantee, however one might focus on those robots hich have been running on real money accounts, and not just back testing.
Robots with good real money account performance can therefore be a good investment strategy.

Last edited by FXInnovation; 08-12-2011 at 19:00.
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  #8  
Old 24-12-2011, 11:16
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Default Re: What is a Forex Robot?

Actually forex Megadroid is one of the ones I recommend and I do believe it's on the top forex robots thread as well. Another one that I like and use which is like forex Megadroid is a forex robot called "forex demolition" It's not available for purchase yet but you can sign-up for the mailing list. The upside is that it was created by a buddy of mine who I know is not a scammer for sure, and the product works.
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  #9  
Old 24-12-2011, 11:42
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Default Re: What is a Forex Robot?

Recently I was searching about Forex Robots and its working and found one blog packed with good info about it. It will more help to know more about it.

Source: globaltransition dot net/what-is-a-forex-robot-and-how-does-it-work
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  #10  
Old 28-12-2011, 10:45
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Default Re: What is a Forex Robot?

very helpful discussion
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  #11  
Old 28-12-2011, 14:27
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Default Re: What is a Forex Robot?

Quote:
Originally Posted by traderxxx View Post
robots are usually a waste of time and money....the only good EAs are the ones that are managed by some sort of money manager than tweeeks and twurks the EA during the year bc there is no 1 system that will be constantly making $
Not usually. 100% waste of time and money. When I started learning forex I came across many of these 'superb' tools. They say that they will make money for you ? Easy money with no effort .. Is that true ... NO!
If forex robots were so successful or some of them were, then they should double and double and double the money invested and suddenly would be making millions.
Even if some robot is successful it would be for some short amount of time because the market is changing constantly, if you could predict what robot is good and switch them at the right time, then you don't need them. The real trader is you, not some automated thing ..
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  #12  
Old 30-12-2011, 11:29
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Default Re: What is a Forex Robot?

Robots are always a benefits sometimes and sometimes it just make you lose. Theres no good EA out there that i could probably say is awesome.

I have being using KangarooEA and i'm with it although EURUSD are unstable at the moment.
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  #13  
Old 02-01-2012, 13:39
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Default Re: What is a Forex Robot?

hmmm I would not trust an EA so much !! I would trade by my self !! even I know that EA's are not so bad recently but you never know )
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  #14  
Old 18-01-2012, 10:13
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Default Re: What is a Forex Robot?

Robots as automated trading systems are also used in the forex market on a certain number of forex trading platforms. These systems are programmed under a certain coded programs that are referred as trading robots.
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  #15  
Old 19-01-2012, 09:37
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Default Re: What is a Forex Robot?

A forex robot is a piece of software that automates trading decisions. The most popular robots for retail traders are built around the Metatrader platform.These robots run on metatrader as "expert advisers" and they can do anything from giving you a signal to place a trade, to placing and managing the trade for you automatically.
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  #16  
Old 22-01-2012, 15:27
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Default Re: What is a Forex Robot?

Quote:
Originally Posted by traderxxx View Post
robots are usually a waste of time and money....the only good EAs are the ones that are managed by some sort of money manager than tweeeks and twurks the EA during the year bc there is no 1 system that will be constantly making $
Some point you are right but there is robots that's worth money to spend.:cool:
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  #17  
Old 23-01-2012, 06:26
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Default Re: What is a Forex Robot?

Forex robots are computer software designed to interface directly with whatever foreign exchange trading platform you run. The software will manage all your trades in every way from start to finish. Essentially it is referred to as a robot because it mimics all of your actions, only it takes mistakes that are inherent to human emotion out of the picture.

Last edited by bonniesmith; 23-01-2012 at 06:29.
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  #18  
Old 16-02-2012, 12:54
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Default Re: What is a Forex Robot?

forex robot is a good alternative for those who do not have time to sit next to the computer all day long, but still want to make intraday trading in forex. However, I don't believe in finding a "successful" robot in the web and use it just because its good reviews. Use a robot only if it does exactly as a manual strategy that you tested for at least a year and you know for sure that it works. Otherwise you will your money on finding a profitable robot.
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  #19  
Old 24-02-2012, 00:21
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Default Re: What is a Forex Robot?

Sincerely, it's hard to find a profitable EA.
I would concern you to develop your own, according to your strategy.
You could ask me: How? If I don't have enough knowledge?
And I would answer: So, if you don't know how to develop a good strategy, how would you know if any other investor's strategy is good too?
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  #20  
Old 24-02-2012, 19:14
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Default Re: What is a Forex Robot?

I do not believe in profitable EA done by small investitors such like us.
Big players can move the market with small moves and some dark strategies.

Use EA to make some tasks automatically: open or close orders, creat trailing stop orders, etc.
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  #21  
Old 24-02-2012, 19:16
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Default Re: What is a Forex Robot?

Another point would be: If you have a good EA, whay would you sell it for a couple of dollars?
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  #22  
Old 25-02-2012, 22:51
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Default Re: What is a Forex Robot?

a lot of great discussion. I love it.

I know many people are torn about ea's are they good? do they suck? can they really make money?

For me I use ea's almost exclusively and I do so because it is impossible otherwise for me to participate in the forex market.

First truth I have discovered. ea's can't out trade humans, in terms of profitabilty, You take a seasoned veteran trader and pit him against a great ea for an extended period of time and the trader will be far better

Truth 2. Most traders are not profitable! lets be honest most people are marginal in there trading. There are very few of us who can call themselves consistantly profitable.

Truth 3. We can exploit ea's to make money as long as our expectations are in check and as long as we have a good strategy to do it.

For me I test, test, and test some more. Most ea's are junk and they go right in the trash. Every so often I find a jem and I hold onto it, but it is my experience that ea's do lose there profitability over time. There is that rare exception but overall ea's are good until there not good anymore.

The trick is to be on top of them. Right now I'm trading about 4 ea's live but I have at least that many being tested. If an ea has legs I run with it and when they start to lose I steady reduce my risk and if they are profitable then I increase risk. its a balance.

Also many people ask why would a developer sell his ea for a couple hundred bucks? To me the answer is simple. A well marketed expert advisor launch will earn anywhere from $3000- up to I don't know 100k or more. I mean what did fapturbo earn? The sky is the limit.

I don't have problems making developers rich if they are selling something that actually works. I can't stand deceptive marketing though and crap that isn't worth a dime.

But I look at the richest men/women in history and they all have one thing in common. Diversification. Why limit yourself to just trading? If you created an ea and it is a good performer why not earn and extra 10k or more??? You'd be crazy not to

Anyway if anyone wants to see some live testing check me out in the expert advisor section. One thing is for sure, I'll never bullsh** ya. I test real ea's on real accounts and I report the results. If an ea is decent I'll tell you, if it sucks I'll tell you.

The reason I even got involved in forum posting in the first place is to have somebody to talk to about forex. I tried talking to my wife that didn't go well :D I tried my friends but there not into it so you guys are my hope. I really love forex and I love the idea of being completely financially free.

Anyway you guys have a great weekend.
Thanks,
John
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  #23  
Old 06-03-2012, 06:07
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Default Re: What is a Forex Robot?

Where to get the back test result for the forex software.... If you have any idea to get back test result for forex software, share here! There are many authorized sites to provide the back test result.... What do you think, which is the best?
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  #24  
Old 12-03-2012, 09:25
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Default Re: What is a Forex Robot?

Problems are also happen while using forex robot for trading.... So, always automated service from forex software cannot provide fine result!
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  #25  
Old 27-08-2013, 13:54
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Default Re: What is a Forex Robot?

forex robot is great dollar fisher on forex through metatrader4...
This robot is programmed for en
tering and close the market based on the programed script on its robot...
using the robot, all trade make easy and profitable......
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  #26  
Old 28-08-2013, 09:38
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Default Re: What is a Forex Robot?

forex robot is a complex script of programming language that doing planned job in metatrader. script work based on lead of language programming.
Any traders very helped with this kinds of robot....
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  #27  
Old 31-08-2013, 19:26
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Default Re: What is a Forex Robot?

Forex Robot is a softwere which is used for automated trading. There are lot of forex robots available now and most of the robots are commercial. It's becoming a good business. But you have to be careful in choosing the best if you are interested. A forex robot is as good as its creator.
Forex robots or EAs use different forex trading strategy for automated trading. A grid EA make several orders in one side. A trend EA make buy order if price increase and sell order if decrease. Also this EAs follow different mm. Some used fixed lot , some variable. Now most of the EAs are following martingale money management which can be proved very damaging.

Thanks.
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  #28  
Old 04-09-2013, 11:42
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Default Re: What is a Forex Robot?

Ok, here is my concern. When I go to those EA web-sites, everything looks so bright and shiny. They guarantee 1000%(!) income per month etc. But they Don't explain how it works in the details. Sorry, but I prefer to know what is this thing doing before trust it my account. It is even better to take a look at the source code and comments to it. I want to understand the logic of it!
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  #29  
Old 09-09-2013, 13:29
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Default Re: What is a Forex Robot?

Forex robot is like a baby. You have to invest a lot, take a good care of it and when it grows you have the post card on every holiday. And that is mostly it.:(
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  #30  
Old 19-09-2013, 13:34
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Default Re: What is a Forex Robot?

Quote:
Originally Posted by samuelp80 View Post
forex robot is a complex script of programming language that doing planned job in metatrader. script work based on lead of language programming.
Any traders very helped with this kinds of robot....
well, I would not agree on metatrader part, since the best robots are created not for metatrader platform/ I mean bnks and financial institutions are working in forex, but they are not doing it with MT.
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  #31  
Old 11-11-2013, 14:50
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Default Re: What is a Forex Robot?

I like all the post here very informative.
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  #32  
Old 21-11-2013, 23:05
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Default Re: What is a Forex Robot?

EA is a software designed for MT4 platform which do the trading for you.EA is not advisable for newbies though,you must go manual first to hone your skills in trading.
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  #33  
Old 26-11-2013, 03:13
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Default Re: What is a Forex Robot?

Most of my trades are traded by EA automatically. Using EA to trade is better than sitting in front of computer working hard and late.
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  #34  
Old 05-12-2013, 07:32
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Default Re: What is a Forex Robot?

An Expert Advisor (EA) is a piece of software or a program written specifically for the MetaTrader platform. An Expert Advisor can just advise traders which trades to make or can be programmed to automatically execute the trades on a demo or live account. So EA is like a robot performing automated trading functions.

Expert Advisors are very flexible pieces of software that can take any information into account that is available on the MetaTrader platform. They are written in their own proprietary programming language called MetaQuotes Language Version 4 (MQL4).

The best place for test yours EA are Armada Markets which have a fastest execution speed and low commission
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  #35  
Old 05-12-2013, 20:04
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Default Re: What is a Forex Robot?

Well,there is a thread already opened.You can just reply there.The best robot is just yourself and commitment together with time management.



https://forex-metal.com/affiliate/47225/1*
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  #36  
Old 06-12-2013, 15:49
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Default Re: What is a Forex Robot?

there is always a risk attached to a robot, they might fix a wrong trade...........
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  #37  
Old 11-12-2013, 19:42
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Default Re: What is a Forex Robot?

Good question with good answer, I think so, some of my EA run well for a begining time period with good result but after many weeks it can not run again, i dont know why it be like that...




https://forex-metal.com/affiliate/47225/1*

Last edited by shere1779; 11-12-2013 at 19:46.
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  #38  
Old 02-01-2014, 09:22
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Default Re: What is a Forex Robot?

An Expert Advisor (EA) is a piece of software or a program written specifically for the MetaTrader platform. An Expert Advisor can just advise traders which trades to make or can be programmed to automatically execute the trades on a demo or live account. So EA is like a robot performing automated trading functions. Before using robot, please use backtesting on this robots

Armada Markets
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