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In order to become successful as a forex trader, one needs to spend a lot of time assessing and evaluating market fluctuations. Also, you must watch for latest forex news and statistics. This way, you can keep yourself updated with the recent market trends and get the most out of the forex world.
Luckily, there is a tool that can save you plenty of time and energy. Yes, you got it right – Forex Robots. Instead of sitting in front of your system the whole day, you can pick the most profitable EA from the available list of best forex robots in 2019 (you can find this list on numerous trustworthy review sites) and let it trade on your behalf.
But, similar to any other innovation, you have to get yourself ready and make up your mind about how automated trading systems work or what you can expect from them if you completely switch from the manual handling of your trades to automated ones. This is exactly what we’re going to discuss in this post.
Introduction – Robots are growing in popularity because they can outperform manual traders
This is certainly the biggest reason why a lot of traders are preferring automated solutions over their manual trades. As forex robots work on algorithms/instructions inserted by the traders, they always do what you want them to do. Unlike manual process where forex traders are required to keenly monitor the forex market to grab the best possible opportunities, forex robots greatly perform this activity on behalf of the trader and that too without feeling exhausted or tired.
Since these forex robots make use of smart instructions, they tend to deliver great profitable results without much human intervention.
In manual trading, the margin of error is definitely greater than automated solutions. These robots are smart enough to implement the given instructions in context of current market movements so that the user can enjoy ultimate accuracy and success.
Multiple Data Sets – Robots can analyze multiple data sets simultaneously
Let’s admit it, human capacity is limited. No matter how trained or experienced a forex trader is, it’s not possible for him to sit 24/7 in front of his system and accurately assess and interpret findings. Especially, when it comes to handling more than one data set, you’ll need a helping hand to deal with it correctly. As automated robots are designed to multitask, they can provide better results with accuracy and perfection.
Execution Speed – Expert advisors can open and close trades much faster
As a manual trader, it’s not possible for you to always open and close trades at the right time. After all, you’re a human and you cannot invest in your 24 hours assessing, observing and placing trades. Just like your other family members, you need time to sleep, eat or engage in your favorite activities. Expert advisors, on the other hand, are designed for a special purpose. For them your comfort is foremost. This is why, they keep on working day and night without feeling weariness or exhaustion. As these robots are always awake and alert, they’re capable of opening/closing trades at right time. This aspect can work wonders for the trader as they can avail the best possible opportunities currently available in the market.
No Emotion or Anxiety – Humans are more likely to make analytical mistakes
The biggest disadvantage of using manual procedures for your forex trades is the influence of various human emotions such as greed, anxiety, excitement or fear. Many times you’re hesitant to place a trade just because you’ve heard some rumors about that particular currency pair in the last week. Similarly, you can directly place a trade without realizing its current market status if you’ve earned some profit from a specific currency pair recently.
Remember, forex market is unpredictable. Currency pairs that have performed incredibly well last week can result in huge losses the coming week. Manual trading promotes procrastination which certainly is the biggest barrier for budding forex traders.
As forex robots are designed to deliver, they’re not affected by any human emotions. Their work is to simply assess the market conditions, pick the right pair, make use of different indicators to evaluate the expected profitability of those trades and seal a deal for you.
Conclusion – Robot or Not?
As a forex trader, it’s your responsibility to determine which particular trading system fits your trading strategy. However, it’s also important to understand that sooner or later you have to switch your manual procedures to automated trading to get the most out of the trading business.
Also, if you’re a novice forex trader, you can easily start or run your trading business if you invest in the right forex robot for your trades. Even if you’re an experienced trader or wish to continue any other side gig to augment your source of income, automated trading can be a perfect solution.
