A forex robot is an automated software program that trades forex automatically. It is, in effect, a type of account management service and the executed trades follow a predefined set of parameters. This means that trading positions can be automatically opened or closed, depending on the currency price at the time of trading. Forex robots do not need constant oversight, allowing traders to concentrate on other currency pairs, other financial markets or completely unrelated tasks.
Advantages of Forex Robots
The main advantages of forex robots are that they are designed to operate 24 hours a day, execute trades without emotion or leeway for psychological influences and that they can act within fractions of a second. They typically rely on sophisticated trading algorithms that respond much faster than a trader. The speed, constancy and potentially wide reach of forex robots makes them well suited to high frequency, high volume trading.
Using a Forex Robot
Forex robots can be used as a trader’s main trading system or as part of a wider set of trading methods. Traders can choose to execute some buying and selling decisions themselves, while at the same time use a forex robot in another area of the market. The individual investor can track currency prices, which are highly volatile, while more or less stable currencies can be tracked using a forex robot. In the latter set of currencies, the forex robot will react only when there is a significant fluctuation in the price trend.
The signals produced by the 1000pip Climber Forex trading system aim to be highly accurate and produce consistent results.