Pretty much everything, toll booths, self checkout lanes at grocery stores anything that becomes tedious for human hands and minds. I can tell you this from experience. The worst thing to do is just Google reviews and log on to Forex forums blindly and make your decision based solely on the opinions of traders. Even if they purchased the robot. How can that be? The answer is simple. Many traders that tune into these forums have unrealistic expectations. Often times they are novice traders who have been beaten up by the Forex market.
So naturally they opt to go automated, expecting a robot to achieve something they could not do themselves. Do not look at the Forex robot as the be all, end all. Look at it as an emotionless trader that you supervise, and you oversee. The robot will make trades without emotion and fear. The robot will not have a bias of direction before making or exiting a trade. Many robots will manage a trade, which is one of the most difficult aspects of trading. Getting back to the forums as an example.
I researched a robot I was interested in purchasing. Comment after comment was negative, however the back-test and forward test was quite the opposite.
How could this be, did the robot just stop working? I decided to go against the negative reviews and just go by the stats.
I ran the robot on a demo account and it got crushed. My gut feeling still went with the stats I was looking at which were over 2 years of live trading.
The profits have more than doubled what I payed for. Out of 5 robots I tested 2 were clear losers, 1 was near break even, the other 2 were clear winners. The 2 losers had one thing in common. They were cheap or free. The money management was almost non existent when I followed the trades.
All the robot did was enter and it was at the mercy of the market after that. One of the robots had a martingale strategy. It performed great until that one trade that blew it to pieces. Stay away from anything martingale , especially if no stop losses are used.
Are there good profitable free Forex robots? How does the robot trade? Does it make many short term trades where the execution of the trade is pivotal? Scalper robots would fall under this category. Remember to share and save this piece with your favorite social media by clicking the icons below.