Updated: Sep 23
If you have been into forex trading for some time now, buying and using a forex robot most probably came into your mind.
Now, your golden question is:
"Do forex robots really work?"
"Are forex robots profitable?"
Well, foreign exchange or forex is a very dynamic place of trading. Bigger institutions have more control due to a considerably larger amount of money they use in trading, as well other factors (e.g. inflation, bank rates, political factors, economic growth, etc) that could affect price fluctuation.
And certainly in times of economic recession, like what most countries are experiencing right now due to the Covid-19 pandemic, forex prices can run pretty wild. This can even be more true with very volatile forex pairs like GPB/JPY, GBP/AUD, GBP/NZD, XAU/USD (gold), and others.
Because of the extreme fluctuations with market price that could happen in the forex market world, forex robots are at risk of actually failing you, especially if you trade the lower time frame (1, 5, 15, or 30 minutes time frame).
Have you ever ever experienced being on a trade with 2 or 4 pips spread and then the spread suddenly became 10, 20, or even 30 pips apart? Just imaging what could happen to your open trades, including your pending orders (buy/sell stop and buy/sell limit orders).
Your risk of failing using a forex robot can also be influenced by the amount of capital you have, the lot size you trade, your internet connection (because if you suddenly loss an internet connection, your robot won't probably work at that time), and the time frame you're using.
So, the bottom line with the golden forex question "Do forex robots work?" or "Are forex robots profitable?"
My answer is YOU WILL MOST LIKELY LOSE YOUR MONEY WITH FOREX ROBOTS.
If you still want to try buying and using a forex robot, go ahead and please don't forget to drop by here at Thousand Business to share your stories.
Good luck and be careful at there! More pips to you.
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