If you’ve found this page then you’re obviously aware of Forex Robot trading.
Forex Robots are automated programs that work off of special mathematics based on historical market patterns. Also known as Expert Advisors they are typically run on your Forex Brokers Meta Trader 4 platform.
Forex Robots have experienced huge growth in recent times as more and more people learn what they are and, more importantly, what they can do to your bank balance with very little effort.
Today I’m giving you an unbiased view of Forex Robot Trading versus conventional Manual Forex Trading. Let’s get started!
Forex Robot Trading – Pros
- They provide a good introduction to the markets without the steep learning curve
- They leave you more time to get on with your life and less time trading
- They take most of the fear and greed out of trading
- Most of them are fairly inexpensive ranging between $97 and $300
Forex Robot Trading – Cons
- You must leave your computer on and connected to the Internet while the markets are open or pay a virtual MT4 hosting company to host your Meta Trader 4 software
- Excluding rare cases, you will never know the details of the trading strategy used which would normally provide you with confidence and piece of mind
- Some Robots don’t use effective risk management strategies, ie. they may be very accurate but when they eventually lose they can hurt your bank balance
Now let’s look at the Manual Forex Trading and see how it differs.
Manual Forex Trading – Pros
- Learning to trade manually enables you to continually improve your knowledge and experience giving you the confidence and skills to eventually rely on trading as a reliable source of income
- Gives you control over how much you risk on a trade and enables you to practice good risk management techniques, minimising risk on each and every trade
- Systems can be adapted to fit almost any time frame so that trading can fit in with your life
Manual Forex Trading - Cons
- If you are completely new to Forex trading then there is a steep learning curve but a good home study course can teach people of average intelligence all they need to know in a few weeks
- Traders will have to deal with fear and greed. Subscribe to our newsletter for a link to a good book that can help eliminate these emotions when you trade.
- You’ll need to devote time to trading. Most systems can be adapted to trade 10-20 minutes a day or you could opt to spend a few hours trading at once.
Our View
Take the bull by the horns and do both. Both approaches are viable, compliment each other nicely and will maximize your return in the markets.
To get started, take a look at our recommended Forex Robots and start with our No. 1 pick. While you’re setting that up and testing it out on a demo account, get yourself a reputable Manual Forex Trading System, like our best seller, to start your trading career!
Good luck and most importantly, have fun and enjoy it!!
