Definition – What does Forex Trading Robot mean?
Forex trading robots are a class of forex trading software that can execute trades without human intervention given the permission of the user. A forex robot initiates and manages positions based on an algorithm or a trading strategy that the trader has chosen to use in the forex market. Forex robots are one way that forex traders can avoid having their emotions interfere with their trading strategy.
ForexTerms explains Forex Trading Robot
Forex robot is usually used as an informal way of referring to any automated trading software. Some forex robots can be taught to trade a currency traders strategy through experimentation and explicit rules. Other types may only carry out one set strategy with no ability for the user to customize. The user can still set limits to the trades and, of course, turn off the robot, but cannot alter the techniques being used. Forex trading robots can be a great way for traders to cut out their emotions and scale up their trading strategies. However, before using an automated system, it is a good idea for a forex trader to at least understand what kind of trading the software is doing.