At Forex Robot we have a range of Expert Advisors
If one of your forex goals for the year is to work with an expert advisor or a trading robot (Hey, that's me!), then let me help you out by outlining the main advantages in doing so. Let me remind you though that this trading strategy requires a bit more knowledge, experience, and research so make sure you do your homework before running an Expert Advisor.
Even though the forex market is open 24 hours a day, humans like you can't possibly stay up all day and night throughout the trading week just to keep track of price action the entire time. Well, that could be doable with copious amounts of coffee and energy drinks, but that ain't healthy at all!
Every forex trader out there has probably grappled with either greed or the fear of losing at some point. Human emotions can cloud decision-making sometimes and can lead a trader to deviate from a tried-and-tested strategy.
Another advantage of having an expert advisor is the ease of conducting backtests, particularly on an MT4 platform. In fact, I've written a short tutorial on how to backtest and EA on MT4 and you'd be surprised to know that it just takes a few clicks to see how a system fared over several years!
While humans take a few seconds or longer to digest market information and figure out how to react to price movements, a forex robot can react instantly and execute a trade faster than a blink of an eye. This can be beneficial for day traders who are looking to profit from quick price moves based on 1-minute or 5-minute charts.
Aside from having emotions interfere with making trading decisions, being human also entails making mistakes. This can be in the form of making wrong calculations in position-sizing (gasp) or entering an extra zero in the trade lot size (double gasp) - errors that can be avoided when using a forex robot.