are forex robots any good
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Introduction
Forex bots have been hailed as the holy grail of Forex trading for many years now. Forex bots are programs, which essentially analyze the market and execute trades automatically based on specific variables or settings specified by the user. However, while many people attest to the effectiveness of using bots, there are also those who say that these bots do nothing but essentially drain your account. For a person who is new to Forex trading and who wants to start making money on autopilot forex bots sound great since all they need to do is to keep the bot running.
The success rate of Forex Bots
The success rate of a bot will mainly depend on how well it has been programmed. Highly advanced bots, which have been programmed to analyze the market using a number of different algorithms, are able to execute a higher percentage of profitable trades as compared to those which are not very sophisticated. Forex bots will draw on a number of resources such as mathematical analysis, trend history, current market trends, etc. Bots tend to be much better traders than human beings simply because they are able to achieve much more without emotion or second thought.
Use the Best Bot
People who want to use a bot to trade forex on autopilot, they need to find an effective bot. There are probably thousands of inferior bots on the market which are nothing but products of scammers who are looking for people seeking an easy way to make money. The best way to find the best forex bot is to check websites like for example www.ForexBlacklist.com . You need to find out from people who have used bots as to which bots are really effective and, which are a waste of time.
Use the Best Bot II.
The other thing people are encouraged to do is to run the bot, they have purchased in demo mode for a few days prior to handling over your live account. This will allow you to check exactly how successful the bot is without losing any money. Once you are satisfied with the performance of a bot that you should use it on a live account where real money is being invested. Whether you are a part-time trader or someone who makes his living off trading forex using a bot can definitely mean a higher percentage of profitable trades and with half the effort.