What is a forex trading robot?
A forex robot, also known as an Expert Advisor, is an automated forex trading software program that is designed to automatically implement and operate Forex strategies on behalf of the trader. The forex robots can have control over the trading process based on a predetermined set of orders or criteria that were laid down. It’s no secret that most of the investment banks and wealth management companies use trading robots in their activities. The most popular forex trading robots or Expert Advisors are designed for the Metatrader platform, especially on the MT4. This is because this particular platform has a wide recognition among beginners and experienced traders and it is quite flexible with customizable strategies.
There are two main types of forex robots:
Automated trading robot – it is about the Expert Advisor that fully replaces trader’s decisions. During a predetermined period, all the functions and operations are carried out without the participation of the trader.
Signal-based robot – this is an Expert Adviser the main task of which is to inform the trader when and how to open a trading position, which lot size is best-suited, where to place the Take Profit and Stop Loss orders, and so on. This type of adviser may ask for permission to enter the market.
So, if you have a profitable strategy and you use it for a long time, consistently making a profit, you can look for an MQL programming professional who can create a solid automated trading system based on your manual strategy. If it seems difficult for you, going for a free forex robot is also a smart decision, since there are many ready-made trading robots. However, in the latter case, make sure the system works, as there are many scams in the market.
What are the benefits of a forex robot?
A professional automatic system has several unparalleled benefits, as listed below:
- An ordinary person cannot work around the clock, but the robot is designed to work continually.
- A forex robot can work simultaneously with an unlimited number of financial instruments;
- The trading robot completely eliminates the human emotions, which represent a big obstacle especially for beginners;
- If the trading program is done professionally, it cannot make a mistake. The robot will never put an extra digit or a comma in the wrong place and it cannot make mistakes in the calculation of trading positions.
Where do I find free forex trading robots?
There are many resources that deliver read-made systems, but you should look for the best forex robot. You can download free forex robots on our website, so we suggest you to have a look here: https://quivofx.com/expert-advisor/
How to install a forex robot?
Setting up the robot is not a big deal. After downloading a compiled forex robot for Metatrader 4 with the file extension .ex4, you just have to copy and paste the file into the “MQL4/experts” folder and restart Metatrader. You’ll find a detailed description here:
Even if it is called an automated trading robot, it needs an optimization first. Make sure you apply the optimization procedures for any robot you utilize, even if it is offered as the best forex robot! They have many different input parameters which have to be optimized every few weeks, so as to adapt the market changes. For additional info about “optimizing a forex robot for Metatrader”, check this link:
What is a Virtual Private Server and why do I need it?
The VPS, deriving from Virtual Private Server, is a kind of hosting service in which the end user is presented with a virtual dedicated server. It emulates a real physical server: there is root-access and it is possible to install your operating systems and software programs (Windows or Linux-based). On a single physical server typically run several independent virtual servers. However, each Virtual Server runs separately of the other, meaning that the failure of one server does not affect the operation of its neighbors.
In other words, a VPS is a remote computer system located in a data-center. The VPS is needed for the smooth operation of a forex robot. With your personal computer, you cannot provide the required conditions for a break-even trade (risk of power outages, loss of Internet connection, computer crash, etc.). Data centers have several independent sources of power and access to the Internet, so that in the event of failure of one of them, or even more, this does not affect the operation of servers.