Forex trading on your own is a full-time job; it needs a lot of patience and knowledge. Psychological factors like emotions, greed and fear play an important role and affect the success or failure of a trader.
Also, a majority of Manual Forex traders tend to the incorrect decision at the most critical time of trading, which negatively affect their profitability. However, all Fore EAs or Robot are not reliable. You must find out the best one and try it on a demo platform before trading it live on your real money. Always trade with a trustworthy Forex broker in Dubai, UAE.
However, with the advancement of technologies like Artificial Intelligence and computation capacity, the shortcomings of Manual trading can be avoided by using fully Automated Forex trading systems.
Automated Forex trading systems are also known as Forex Robot or Forex EA (Expert Advisor). These are the trading software that uses Algorithmic programs and Mathematical formulas to make lightning-fast decisions for you and transact on the trading platform. Such a complicated algorithm and fast decision are almost impossible for human traders when trading Manually.
This trading software is developed using the most popular language, MQL4 – which is the widely used standard computer language in the Financial industry.
In short, the Forex EA or Forex Robot trades 100% automatically, 24*5, with minimum human intervention.
Hence the traders must observe caution and stop the EAs or Robots during a highly volatile market.
The steps to start Automated Fore trading are as follows
1. MT4 Installation — You have to open a trading account with one of the best Forex Brokers in UAE and install the MT4 platform at your computer or on a VPS (Virtual Private Server).
2. EA or Robot Installation — Purchase the best performing Forex EA 2020 or the Forex Robot license. Download the EA from the vendor’s website and install it on your MT4 platform. You will get a manual on how to install an EA on MT4, or you can also take help from the support team selling the EAs.
3. EA Activation — Activate the Forex EA and enable Autotrading. Use the activation code provided by the EA vendor to activate the EA on MT4 platform. Now it is ready to go; it will trade on its own.
If you think that you will successfully earn profit the next day just by finding the best Forex EA or Robot of 2020, then you will be disappointed.
The experts in the field of Forex Robots with years of Forex trading experience and extensive research on Forex EA / Robot trading have few tips for you. These tips will help you to improve the performance of a Forex Robot / EA in 2020.
Forex Robots have their own advantages and disadvantages. It is difficult to get a well-performing Forex Robot that can generate profit consistently. Even if you find an excellent Robot you have to pay an expensive price to buy it.
An alternative to Forex Robot can be Forex Signals from well-experienced traders. Find the list of Forex Signal providers on our Forex Signal Providers page.
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