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Creating your Forex Trading Robot

PostDateIcon August 26th, 2009
by Mike Ashford

Having an automated forex trading robot is the dream of every forex trader. There would be nothing better than going about your daily duties as you continue making money from an automated forex trading robot. A forex trader has two choices, either go buy an already completed automated system or create your own.

If you do decide to create your own forex trading robot, you need to ensure that your forex trading system is working. This should be done before you go looking for a software developer or using some of the current forex trading robot software available. Some of the considerations in your automated forex software could be

1. What Type of Forex Trader are you

The beauty of the forex market is that you can create forex trading system based on what type of trader you are.

If you prefer trading trends, then your forex trading robot should be based on trend trading. It would not make any sense to create a reversal based system when you are more comfortable trading a trending market.

If you are more concerned about making quick wins and don?t mind choppy markets, then a trend trading automated forex system might not be what you want. Be very honest about the kind of forex trader you are and you will be able to create a winning forex trading robot.

2. How often do You Trade

There are traders who love the thrill of entering and exiting the market as many times as possible. When you are looking for many small quick wins, instead of one big move, one should be creating a reversal or range trading forex trading robot.

Your automated forex trading system should reflect how comfortable you are in the number of trades you make in a day. If you are only comfortable with no more than 3 trades a day, then your automated forex system should reflect the same.

3. Money Management

A forex trading robot with no money management is bound to lose in the long run. Ensure you have built in money management principles that will allow you to trade your automated forex system.

You should be able to know how big a position your forex trading robot can handle given your forex trading capital. I have seen many trading robots that do not take into account losing trading periods. Make sure your trading robot can tell you how much you can afford to lose in a trade and you will be able to profit even during losing trading periods.

Lastly, before you decide to use you new forex trading robot, are you sure it is profitable? If you do not expect your trading robot to be profitable, then you really should not be trading with it. Trying to make a complicated automated forex system that does not work is a losing proposition. Keep the forex robot simple and you will be trading a profitable automated forex trading system.

About the Author:
I know a way to make thousands a month thanks to forex robots. I found a site called forex robot advice but don’t want to reveal their “secrets” here.
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Why I like Robominer
In the Forex marketplace, almost every week we see the release of some new trading system or Expert Advisor (an EA is an automated forex trading robot). Some of them work while most of them don't. However there is one EA that has been constantly making profits over the last year, generating over 86,908.00 pips in profit, and generated a 314% return in just 12 months, according to company figures.

This system that only a few seem to know about is RoboMiner. The RoboMiner EA is a long term investment system that pumps daily small profits into your account, it always closes trades with a profit. That's right, you will never have any trades close with a loss.

The RoboMiner EA uses a proven grid trading system that is so safe, it's as if your money is in you IRA account. This system generates a minimum 6-10 % return monthly, with compounding that's 100% return a year.

Let's do the maths here. If you invest $2,000 today, in 9 years from now that will turn into $1,000,000 minimum. Where else can you find such a safe investment that will give you this kind of return?

Best of all you can download a free demo of this EA, test it for as long as you want and see for yourself how it performs.

So go ahead and try the RoboMiner EA today. Click here to download a FREE copy of RoboMiner. You will never have any trades close with a loss.
What Are The Best Forex Robots?
Watch out. The only thing that some "autopilot" forex software products will do for you is... analyze the market. Sure, that's great because when a computer does all the analytical work for you, you don't have to sit in front of a screen looking at charts and candlesticks for hours on end.

But a ROBOT program goes much further.

Forex robots will actually DO THE TRADING for you, as well as the analysis work. A well-written Expert Advisor (EA) will buy at the right time and sell at the right time. It's the ultimate in hands-free currency trading... as long as it's a well-programmed forex robot.

So what are the best forex trading robots available today? I've tried several but only identified one I am happy with at this point... RoboMiner. It primarily works with the AUD/NZD currency pair and is programmed to only trade when you will make a profit. It takes profit when a trade has reached a 1.5% profit.

Why I don't like these EA's

PipsMiner. I first used the wrong settings and as a result lost money. Then I corrected my mistake and entered their recommended settings but still lost money with PipsMiner SE version. Here endeth my very brief PipsMiner user review.

Forex Megadroid. I was running the default settings in demo mode and it didnt turn a profit for me, so I got a refund from ClickBank. That's the nice thing about buying through ClickBank. Although the site promises world class support, it fell far short of that in my experience.

ForexBling. Support was inadequate. I had several questions about setup, but they were answered in just a few words when my questions really needed more info. Even the brief answers did not address my actual questions in some cases.
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