Thebiggest advantage of the forex market over all other forms of trading such as stocks and commodities trading is the fact that the whole process can be automated easily. Today, there are numerous automated forex trading systems out there that promise to make you rich on autopilot. Many of these software programs may make claims, which sound too good to be true and quitefrankly, many are. The advantage of using an automated system over manually trading is that a computer program is not emotional and does not make trades based on gut feelings, which often turn out to be wrong. An automated program often called a forex bot will execute trades based on its analysis of the market and trends.
Thereare essentially two types of forex trading systems i.e. automated and semi automated. The semi automated forex trading bots or systems work by running scripts that you specify via the trading platform which mostly works by detecting patterns and using it to predict future market movements. Each time a buy or a sell signal comes up the platform will let you know of this, and you can then either take action by executing a trade or ignore the signal. However, it is imperative that you make the trade on time if you want to make a profit. Essentially this type of system can allow for a trader to even trade from their cell phone.
A fully automated forex trading system will mostly run on its own i.e.the system will find buying signals and execute its own trades based on the trends and predictions it is programmed to look out for. However, since the system does not take variables such as breaking news and current affairs into consideration the scrip can sometimes fail, and so it is imperative that you continue to monitor the bot as it runs, letting it run without proper supervision can be disastrous.
Amazingly, around 25% to 30% of the world’s trades are made by computers and mostly automated forex trading bots (and growing). However, it is important that you closely monitor the program you use, plus always use a program which has been proven to work. You can also let the program run in demo mode in your account prior to placing it on a live account just to ensure that the program really works.
You should be aware that 90% of Forex reviews are just dependent resellers who are trying to sell the product you regardless of its quality, very much like the developers themselves. Before deciding to invest money into a Forex trading robot, you should always check trustworthy websites like for example http://www.forexblacklist.com