Trading the Forex market can be very profitable by trading manually or by using automated software known as a Forex robot or Forex expert advisor.
When trading manually a trader would typically use what is known as a Forex system. These systems or methods as they are sometimes called rely on indicators that help to read price action. When day trading the Forex market it is important to use a profitable Forex trading system that is useful in the short term. Short term trading in Forex is also known as scalping. Scalping can be very profitable if done correctly which is why trading manually requires a high level of skill. There are Forex robots that can scalp and day trade which is good for those traders who do not have time to trade or lack the discipline and emotion needed to be a successful Forex trader.
The main thing to consider when choosing an automated Forex robot over a manual Forex method is how accurate they are. Forex software is a good option and Forex robots do work but you should always check for back tests and forward tests before using them live. There are many place where you can look for the best Forex ea and I recommend Forex forums. Users share robots that they have used in their live accounts so you have evidence that a certain robot works.
It is nice to make money on autopilot. Like I mentioned before, there are many Forex forums on the net where profitable expert advisors are discussed. I would take the majority of these reviews with a pinch of salt as many are over rated. It is best to judge the validity of an automated system by forward testing it on a live account.
When choosing between trading by yourself or putting your faith into a robot you must ensure that you weigh up the pros and cons of both. Trading by yourself takes years to master and requires constant learning. Using a Forex robot trader to assist you is quick and can bring large profits provided you listen to reviews and choose the correct trading robot.
Good luck with your trading and choose your automated system carefully – ask other traders for advice.