Do Trading Robots Really Help You Make Money on Forex?
June 16, 2021 (Investorideas.com Newswire) Forex is a network of thousands of connected platforms of banks and brokers where thousands of factors form an exchange rate. It is a bit different everywhere, depending on the statements of leading news agencies (such as Reuters) or banks.
You need to be an experienced analyst to predict how the rate will change. The value is influenced by a huge number of factors: politics, world economic situation, news, and even gossip. It is very difficult to study such a layer of information.
Dedicated systems make forecasting easier. The robots analyze the foreign exchange market and inform you when it is a good time to make a deal.
If you are choosing an out-of-the-box robot, go by expert opinions from reliable sources (Myfxbook, NuWire Investor, and so on). When making these ratings, analysts estimate the results of sales in real-time, drawdown, sale strategy, risks, and other factors.
Despite the fact that many stock players are skeptical about such robots, 70-80% of deals are made through them. However, you need to distinguish between complex programs of the leading banks and free robots. The former are developed by professional analysts taking into account lots of nuances, while the latter are usually lossmaking. In both cases, you need to make decisions yourself and develop a strategy. Only then can you order system development or adapt an off-the-shelf robot to your strategy in order to automate or scale your trading.
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