Forex autotraders, generally known as completely automated trading solutions, are quickly becoming a very popular feature among FX traders for obvious reasons.
- They are 100% automated
- They eliminate fear & greed emotions which usually get in the way of trading successfully
- They work 24/7 so you don’t have to
The PRO’s above are obvious, but it’s extremely important that you pay attention to some critical pieces when choosing an autotrader so you keep the odds on your side when it comes to profitability.
Assuming your strategy is fully mechanical and objective, you can program your forex robot to trade for you 24 hours a day, or as long as markets are open for business.
A lot of companies create and sell forex robots however, and you need to be careful who you deal with if you’re in the market to buy one. You will often find hundreds of “companies” that pop up overnight on your Facebook ads offering “get rich quick schemes” with even money back guarantee, most of which disappear in weeks or a month or two.
Almost all of the made-for-purchase FX trading systems on the marketplace are typically not profitable, no surprise there. Make sure you do a list of research on the system before getting it. We have a checklist on our page, here, that can help you find the best one!