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Make Money in Forex by Avoiding These Psychological Risks May 24, 2022
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Forex Trading Robot

Mira Team by Mira Team
December 28, 2020
in Forex Terms
Reading Time: 1 min read
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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.

ⓘ Mira FX is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly orindirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite.

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