The idea of being able to automate Forex trading is nothing new. In fact, investment programs that allow you to deposit money with them so that they can trade on your behalf have been around for years. They typically promise to return a specified percentage of your deposit each month, so it could take a while before you actually make your money back. Although some of these programs are legit, many are scams that people rarely get their money back from.
In recent years new methods of automating Forex trading have emerged. New technology has allowed the development of software programs that are designed to be able to trade on the Forex markets on your behalf. They are usually referred to as Expert Advisor's (EA's), or Trading Robots. Although they can be quite expensive to buy, these software programs are relatively easy to use for someone with a limited knowledge of Forex trading themselves.
The Expert Advisor's work by utilising artificial intelligence that enables them to identify possible opportunities to profit from exchange rate fluctuations. They are able to analyse past market trends far quicker than a human possibly could, and this is one method that they use to decide if there is going to be some movement in the exchange rate of a currency pairing. By giving them access to your online Forex trading account, Expert Advisor's can open and close trades all day long, without you even needing to be in the same room.
Now you are probably wondering if it is really a good idea to give a piece of software free reign over the funds in your trading account. The thought of checking what the Expert Advisor's has done for you overnight when you wake up in the morning, to find that it has lost all your trading money on a bunch of useless trades is worrying to say the least. For this reason, you should always test out any such trading software on a dummy account. Most online brokers will give you one, and if yours doesn't you can easily switch to one that does. Experimenting on a dummy account will not only tell you if the software actually works, but it will also allow you to get used to the various settings that come with the software.
Although they are no substitute for hard learned human knowledge of Forex trading, Expert Advisor's do offer newbie traders a way to get their foot in the door. There are several different Expert Advisor's on the market, so you should do your research into which one is the most effective before you part with your money. Relying on software to trade for you will probably not make you rich, because if they could do that then their manufacturers could charge a lot more for them. But, if you really must find a way to automate Forex trading, a good Expert Advisor is not a bad choice at all.
Author Resource:
Buy Forex Megadroid today, and conduct Forex arbitrage trading on auto-pilot.
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")