Robot Forex or Expert Advisor (EA) is a software developed with automatic programming rules to replace humans when making trading or exiting decisions on MetaTrader 4 or MetaTrader 5 in forex transactions.
Forex investment has many different strategies, depending on the experience, skills, and qualifications of each trader, as well as manual trading. Many traders prefer automated trading to increase their chances of making profits. Therefore, the following article from Learn Forex Trading will help you understand the automated trading tools of robot forex. To apply them easily in trading activities.
What is Robot Forex ?
Forex Robot or Expert Advisor (EA) is a software developed with automatic programming rules to replace humans in making trading or exiting decisions on MetaTrader 4 or MetaTrader 5 in forex transactions.
For a manual trade, the user must set up trading rules. And follow them when you want to enter or exit a trade. This also means that traders need to monitor the chart on the monitor screen constantly. Then, wait for the right time to make a decision. Of course, all of these activities will be very complicated, causing a lot of fatigue and pressure for investors.
As for EA Robot Forex, all trading rules and strategies have been configured on the computer program. Therefore, trading decisions are made automatically and traders do not need to intervene.
In other words, the Robot will monitor the market on behalf of the user. And place trading orders according to their wishes.
Functions of Forex Trade Robot
Robot Forex has the following main functions:
- Start making a trade.
- Manage opened orders.
- Exit transaction.
- Create notification signals for investors.
- Copy trades from one exchange to another.
- Perform automatic transactions 24/7/365.
Benefits of using Robot For Forex Trading
The benefits Forex Robot EA gives the user are:
- Continuous trading 24/7
The ability to trade non-stop is the first benefit that Robots bring. With this tool, you can easily trade 24/7/365 to increase profits through coding the strategy on the Forex Robot so that it can be deployed according to investment purposes. After that, the Trading Robot will automatically execute Buy and Sell orders according to the installed rules.
- Eliminate emotional factors in transactions.
If an investor makes a trading order, it more or less still contains an emotional element. This sometimes affects business strategy. Meanwhile, Forex Robots are machines. It only works according to the programmed analysis algorithm. Therefore, the entire emotional factor will be eliminated and not impact any transactions. This helps investors optimize business strategies and increase profit opportunities.
- Minimize transaction errors
With complex calculations and high logic, investors will sometimes make mistakes when processing. However, this situation does not happen with automatLearn Forex Trading systems because they make decisions based on installed rules. Should minimize errors during the transaction process.
How MT4 Robot works
Basically, Robot Forex for MT4 or MT5 both work by using the rules and strategies programmed by investors to make buying or selling decisions.
Thanks to these programmed rules, the Forex Robot self-evaluates and analyzes each transaction before making a decision.
Also, some Best Forex Robots There is now also the ability to carefully scan the market to find investment opportunities with high accuracy. This ability is even more precise than manual human market research. Thanks to that, it brings optimal profits to users.
For example:
Your successful trading strategy is based on indicators, candlestick patterns, resistance, support levels or other tools, you can completely install them on the Robot. At the same time, allow the computer program to operate. After that, the Robot will perform all transactions on your behalf according to the installed rules.
When you program a sell order to execute at the moment a currency pair reaches a resistance level, the Robot will follow this programming exactly. During the trading process, if you want to adjust the strategy, you can reset the parameters so that the Robot will update and perform as required.
Because trading targets are encrypted, all orders will be executed automatically, including take profit and stop loss to help you protect profits and reduce losses.
See More: You will lose if you do not know about Trading
How to use Robot For Forex Trading
To use Trading Robots, you need to find a reputable, highly reliable provider to build an EA. If you have the knowledge, you can also design your own EA.
Next, you choose a Robot that is compatible with the trading platform. Because the EA connects directly to the broker’s server, you can also install multiple robots on the same trading platform. To serve many trading strategies, helping to maximize profits when trading.
After completing the installation of the Robot, you can add tool charts and time frames so that the Robot can execute the trading strategy with the rules installed.
Note: Before letting the Robot run official transactions. You should install it on a demo account to test its functionality. When everything is ready, you transfer them to your official account.
Free Forex Robot for MT4/MT5
The MQL5 page provides Robot Forex free, so you can make automatic trades. This is a website that owns a large database of Forex Robots. Includes free and paid for you to choose according to your needs.
Here, you also have many automated trading systems, from simple to complex. However, before downloading them, you should carefully consider the compatible platform.
Cheap server to install Robot Forex
To avoid interruption in Forex trading due to computer configuration, users should prepare good infrastructure by investing in a separate server for this activity. In particular, the VPS virtual server is the ideal solution for investors because of its cheap price. Get the highest administrative rights and ensure data security.
At Hosting Viet, for just 2.5 USD /month, you can own a virtual server powerful enough to meet transaction requirements. That is 1GB RAM and Hosting Viet offers an additional 1GB free (for Basic package 1), minimum network speed of 150Mbps, unlimited bandwidth, use of popular operating systems (Windows, Ubuntu, CentOS…), and uptime reaches 99.99%. In particular, users are also granted the highest administrative rights (Stop, Reboot, restart, Reinstall OS, VNC).
See More: How to register ICMarkets broker account
Benefits of renting virtual servers for Forex Robots
Renting a virtual server at Hosting Viet not only saves money but also has many other benefits, such as:
- 99.99% uptime: Thanks to the outstanding virtualization system KVM, Block Storage, and Firewall have high performance. So when combined with advanced cloud technology,, Cloud OpenStack. It will help the entire system always be uptime, avoiding downtime.
- Super fast installation: With the infrastructure of a powerful SAS SSD Enterprise hard drive combined with KVM and Cloud OpenStack technology, installing a VPS virtual server only takes 30 seconds.
- Full control of VPS: Users are granted the fullest administrative rights to the VPS. That is the right to reinstall the operating system an unlimited number of times, Starting, Stopping, rebooting, shutting down, and using the VNC screen.
- New Dell Server: All servers used are Dell Servers, and CPUs are of the latest generation, so they provide high performance. Therefore, compared to other regular VPS at the same number of Core, RAM, and SSD. Viet Hosting’s VPS offers superior performance.
- Friendly management interface: The management page is used entirely in the US so it is friendly and does not cause difficulties for users. Even people who are not tech-savvy.
- 24/24 technical support: Hosting Viet’s technical team operates 24/7 and will quickly respond. Helps users fix problems immediately.
Conclude
Above Learn Forex Trading has shared with you about Robot Forex. As you can see it has the ability to help with non-stop trading. From there, it contributes to bringing good profits to investors. Therefore, what are you waiting for? Apply this automatic system to reduce pressure. Besides, don’t forget to learn more about hedging and breakouts to trade more effectively.
Good luck!
