The Forex Robot known as the Bulletproof EA

Forex Robot – Unmasking the hype

A lot of buzz has been going around about using a so-called forex robot to automate forex trades using Metatrader 4, for example. Metatrader 4 has the option to attach an “expert advisor” to a chart and the “forex expert advisor” will be programmed to carry out functions depending on the parameters of its code. For example, a simple EA (or expert advisor) might place a buy limit order when the price of the Euro/Dollar exceeds the previous days price by 12 pips. It places a sell stop order when the price breaks 12 pips below the low of the previous day.

Whenever the charting application is run and the expert advisor is attached and working, provided permissions have been set for the expert to carry out live trading on the account, the trades will be executed automatically. Add into the expert advisor described above a stop loss of 35 pips and a take profit of 70 pips and you have a forex robot which will open and close trades automatically.

Add a further parameter, like stop loss of 35 pips cannot exceed 5% of total account value at the time of trade and you have a forex robot which also includes money management. So, you now probably understand what automated trading means and how using a forex robot (or expert advisor in metatrader) works. On the detail, it will be worth you viewing the following forex robot reviews video which outlines this process in detail.

Run Your Own Forex Robot

You can try this out for yourself. A series of short tutorials will show you how to do this. However, if you wish to purchase a forex robot which has been pre-programmed ansd is being sold, there are plenty of forex robot reviews sites and expert advisors ready for premium purchase online. Here are two examples for three different trading strategies, swing/momentum trading and scalping.

Online Forex Robot Ideas For You To Buy & Try

1) Long term forex robot strategy – Click here (longer term performance)

2) Forex Robot FAP Turbo (scalping strategy)

Please note, that FastTrackForex.com does not endorse these forex robots. However, you may wish to experiment with automated trading solutions such as the above linked products. The advantage of the above products is that they both carry an 8 week guarantee, so you can trade them on a demo or practice account and if they’re rubbish, get your money back.

Using Metatrader 4 to setup and run a forex robot is fairly straightforward. Normally, the expert itself will be an “.ex4″ file which can be saved in the c:/program files/Metatrader/experts folder. Then it will appear in the “Navigator” of Metatrader 4. You can attach the expert to a chart from the navigator. If the expert is setup correctly, you will see a smiley face in the top right hand corner of your chart. If the expert is not configured correctly, you will see an unhappy face.

This forex robot video will help you in the process.

Forex “black boxes” have traded off simple and complex algorithms for years. Really it has been the development of the forex platform metatrader (MT4 / MT5) which has really seen an abundance of forex robots come into the marketplace. You should be careful about being sold on the “forex robot” dream. Remember, a lot of these sites may just be rehashes of freely available expert advisors such as those that can be found on the excellent Forex TSD, a site for forex robot developers, traders and indicator programmers.

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