Forex Trading Robot – Why Do We Need It?

Forex trading robot – the proof that a trader needs it

Forex trading robot is the subject of this free lecture from EA Forex Academy. The mentor Petko Aleksandrov explains the importance of using Forex trading robot, and why the traders need it. In the lecture you will learn the benefits and the advantages using them. Enjoy!

Hello traders, I continue now with the next lecture where I will explain you why we trade with Forex trading robot and why it is so important.

Because probably many people would say now OK I have the trading strategy, I see clearly where I have to buy, where I have to sell and why should I place Forex trading robot when I can do this manually and I can actually execute the trades by myself. And they would be right.

But the question is how would you know if this strategy is profitable?

Maybe I am lying to you. Because many people are lying over the Internet. You will see so many strategies and you will see so many people that are selling strategies, they are selling systems and they sell them so expensive. Hundreds of dollars, thousands of dollars for a single strategy, for a single Forex trading robot for example, or whatever is it.

But how would you know if this strategy is profitable without Forex trading robot?

The thing you can do, is you can go back in the chart and you will start. Here is a buy signal with the Bollinger Band but I don’t have the RSI, and you will place here a line and you will place the Stop Loss and the Take Profit. For example, let’s take these two entries that I have:

Forex trading robot set up
Example set up for the system

If I enter here buy and then I will place a Take Profit 74 pips higher. So, here the price is 108.91, so plus $74 that would be 109.65. Let me put it just a little bit higher 109.65. Where is it? It’s right over here a little bit higher. And you will place your Stop Loss somewhere down 93 the lower.

But after that what you have, is a sell signal. Actually you will notice that there are many more entries. How would you know which one was the first? How would you check that? You can enter short here, you can sale over here. Because I can see there is confirmation not over here but over here with the Bollinger Bands and with the RSI(with the Forex trading robot you know exactly where the entry happened)

And then you have buy somewhere over here and then you have sale over here. And then you have buy over here and if I go back to the chart you will know where is the beginning, how would you know that?

We don’t know where the trade was first open because this depends where you were in front of the computer. And here comes the huge question and a huge, huge frustration for many traders that they just realize they cannot check actually if this strategy is profitable or not.

Because how would you know when would you have been in front of the computer? You don’t know that. Even you decide “OK, doesn’t matter what happened in the past, let’s see what will happen now. ” And you start the trading:

trading with the system
Following the system

You will follow it and for example you catch this trade, you sold here, you will have profit, then you will have your Stop Loss hit, then maybe two-three times you will have your Take Profit. And then what will happen, is you will stand up because you cannot stay in front of the screen all the time, and you will eat, go out, do your job, do your activities, you will go to sleep.

And what happens during this time with the strategy?

You will miss many entries and finally you will realize that you cannot understand is this strategy profitable or not. And this is one of the huge, huge problems in manual trading. Plus that we cannot stay in front of the computer 24/7. Or let’s say from Monday to Friday, because the Forex market is closed during the weekend. But the Forex trading robot can make it 24 hours, 5 days a week, and the whole year.

There is a small trading over there in Sunday night with some of the paid platforms but we don’t trade during these times. Anyway, their volatility is not huge.

You are not a machine, you cannot stay in front of the computer 24 hours. And you will start wondering if your strategy is profitable-you will make profits, you will make losses and you cannot really prove to yourself that this strategy is profitable.

Here comes the Forex trading robot.

Actually by having a Forex trading robot, by having this strategy automated we can see perfect result in the past. We can see how this strategy performed and we can trade it automatically 24 from Monday to Friday.

And you don’t need to stay in front of the computer. You don’t need to follow and to wonder do this indicators match, is the one first and then the other one is not, and what actually is misleading you, and what you are missing. And actually you will have very quickly the answer is this strategy profitable at the moment or is it not:

Forex trading robot
The solution is the Forex trading robot

In the Basic algorithmic trading course + 3 Robots I will talk a little bit more about that and I will explain you as well what means repeating indicators and how misleading they could be when you are trying to prove to yourself if one strategy is profitable or not.

I really hope you understand what I meant so far because it’s very important. It will save you a lot of work and believe me money because many people are losing money when they are trying to trade with strategies manually.

Thank you for reading, for any question please write in our SUPPORT FORUM, on our website.

If you are interested in Expert Advisor Studio software please visit the EA Studio page, where you can test it for 14 days absolutely free. 

More algo trading courses you can find in the Algorithmic trading courses section.

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