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Forex Robots

The idea of using forex robots to make you money while you sleep--or work your day job, or sit in a beach chair drinking pina coladas, or whatever--is compelling. Computer programs such as the Forex Megadroid, Forex Ambush, and Forex Automoney have shown great promise.

However, the idea of forex robots is often more compelling than the reality. Many forex robots are mediocre at best. Other automated currency trading programs work for one currency pair, or one trading style, or one market condition only (trending vs. range-bound market).

Due to the varying qualities and purposes of different forex robot programs, it is vital to read forex robot reviews before investing money in a forex robot.

Robotic Intelligence Ain't All It's Cracked Up to Be?

Similar to what happens with forex signals, some currency traders tend to put too much faith in the smarts of a forex robot. In reality, many forex robots are not all that intelligent. Indeed, some forex robots are simpletons. Simple can be good, but isn't always.

Many forex robots fail to account for what psychologists call "emotional intelligence." Any successful FX trader can tell you that the currency markets are extremely influenced by emotions--namely, fear and greed. An average forex robot may underestimate these factors.

The classic example of this shortcoming occurs when volatility in a chosen currency pair increases dramatically. For instance, if a terrible U.S. jobs report comes out, way worse than expected, and the market starts going crazy, flying this way and that.
The average forex robot will take one of two actions at this time: either cash out your position at the market price, which is almost sure to be a disadvantageous one, or else let your money take one frightfully bumpy ride because this crazy f&*#ing robot is trading without a stop loss.

A margin call can happen quickly if you're not careful.

Forex Megadroid: An Example of a Really Smart Forex Robot That Really Works

One the other side of the spectrum from your simpleton FX trading robot is a truly impressive automated system such as the Forex Megadroid. The Forex Megadroid is a serious robot.

Forex Megadroid utilizes "Reverse Correlated Time and Price Analysis" (RCTPA), a software algorithm that boasts positive calls with up to 95 percent accuracy. This may seem like an outrageous claim, but the Forex Megadroid crew gives you a chance to test out the system with no risk thanks to a 60-day money back guarantee which you can use to execute eToro forex trades or trades on other sites.

The Forex Megadroid, as of now, only trades the EUR/USD.

Looking at the Forex Megadroid is a good place to start when it comes to seeking out FX robots because this system shows that a forex robot is only as smart as the programmers who made it. A computer geek with no currency trading experience cannot create a great forex robot.

The inventors of the Forex Megadroid, by contrast, are professional FX traders who are savvy to the ways of how the currency markets actually work, as opposed to being in love with technology for technology's sake.

For example, the Forex Megadroid is programmed to be invisible to forex brokers. This can be a definite advantage because certain forex brokers, once they identify that you are trading successfully with an FX robot, will "tag" your account and begin trying to prevent your robot from making money. That's a jerk move, no doubt, but it happens every day.

Smart FX robots, created by smart FX traders, look out for things like that.

Forex Robot Reviews: Essential Reading

One of the reasons that we are so excited to be building out is to provide foreign exchange traders with legitimate forex robot reviews. As you know if you've Google searched "X Robot + Reviews," forex robot reviews are usually thinly-disguised sales pitches.

For instance, you rarely read about how difficult the average forex robot is to install and start using. Seriously, you could punch yourself in the face five times and have more fun than trying to install and trade with some of these silly robots.

Here at FCP, we want to focus on you, the trader, and your experience. Therefore, we will review forex robots popular and unknown according to three universal criteria:
1. Ease of Installation and Use
2. Profitability
3. Versatility (e.g. not limited to only one

Concrete facts and actionable advice are what we look for when we read forex robot reviews, so that is what we hope to provide to you, our reader, when we review FX trading bots.

VPS: An Add-On Cost for Most Forex Brokers

The vast majority of forex robots are only able to make trades when your computer is turned on and active. If you don't have your computer on, your forex robot is not working. Some traders will not mind this arrangement, but many traders won't find it satisfactory.

The solution to this problem is to subscribe to a Virtual Private Server (VPS), which basically means that you are using another computer to host and run your robot. VPS service can cost you $30 to $60 per month, so make sure to factor that into your FX robot purchase price.

Forex Robot Settings, Such as Position Size, Matter

So, you've found a forex robot that looks promising. You buy it (with a money-back guarantee of course). Now what? Do you just sort of let it do its thing?
Not without setting the settings, you shouldn't.

All forex robots should ask you, at the outset, to configure the robot before you start using the robot. "Configure" may sound like an intimidating computer word, but it's not that hard. You just need to think about your risk level, trading style, and favorite currency pairs.

Many forex robots, such as Forex Megadroid, give you a shortcut to configuration settings, letting you choose conservative1, conservative2, and so forth. In our opinion, you should spend a little bit of time getting familiar with what each setting means.
Evaluate forex robot settings according to:
1. Stop Loss Limits
2. Position/Trade Sizes
3. "Time In Market" (Scalping Pips vs. Trend Trading)

With certain forex robots, the choices that you make when you're configuring the settings can mean the difference between success and failure. If your settings are not suitable to your goals, you may end up in a situation where the robot works but you still lose money.

Be Realistic When Using Forex Robots

Yes, you want to make obscene sums of money trading the foreign currency markets. Yes, that is the reason why you are looking into forex robots.

Just remember to keep your wits about you when shopping for and using forex robots. If you think your account is going to double within two days of using a new forex robot, you are likely to be disappointed. It's important to educate yourself at forex news sites like fx360 before plunging headlong into the market.

If you stay realistic with your hopes and give your robot time to find the right trades, though, you may notice a steady stream of profits flowing into your FX trading account.

Important Forex Information

The most important step in currency trading is finding the right broker; our forex experts can help. See our
reviews of forex brokers for more information.  arrow

Forex Megadroid is a program you download that does your trading for you. It trades only the EUR/USD currency pair. Read the forex megadroid review.  arrow

Forex Automoney and Forex Ambush are forex robot programs that have gained traction in the FX community. See the comparison: forex automoney vs. forex ambush  arrow

Forex robots should never be used as an excuse for you to abdicate responsibility over your own trading strategy. Learn the 3 rules for working with forex robots.  arrow