Can you guess in which year the first digitally operated and programmable robot was invented? 1980, or 1970? The answer is way before. In 1954, George Devol announced its brand new invention called Unimate. It was a hydraulic manipulator arm designed to lift hot pieces of metal in order to prevent accidents at work. Over the years, robots have evolved in many ways such that some types do not exist and are only a computational formula like Forex trading robots.
Forex trading robots are trading scripts written to make the transactions automatically on behalf of the trader. They are fully computer-based and they follow the basic principles of Forex trading, such as placing an order or analyzing the charts. Many people in the Forex market regret not to eliminate their emotions from their decision-making processes. Fortunately, Forex trading robots are there for them to trade based on only the given signals in the market.
There are many technology providers offering different types of trading robots for traders. You can choose among them according to your trading style and preferences. Another option that you can develop your own trading robot. Since third-party trading robots are formed in a way that they can attract as many traders as they can, they may not meet exactly what you need. These are the three steps of developing your own robot.
- Decide which principles you will use for your automated trading system. Indicators, enter and exit points, support and resistance points- you are the one showing which way the system will follow.
- Test your idea and add new rules if you are not satisfied with the result.
- Use a programming language -traders usually use Python, MQL4 or MQL5- and write the rules you have found to finalize your robot.
This development process is for more experienced and skilled traders so you can skip it if you will be just fine with acquiring an existing robot produced by the others.
Is Success Guaranteed?
There is no proper answer to that question. Eventually, robots are not the “holy grail” and you should shape your expectations accordingly. The scientific reports state that the most successful robots reach 9%-12% profit per year with a risk of fall less than 8%. And keep in your mind that these robots are provided by some financial companies. If they have found a riskless money-making robot, they probably would not have shared it with the other actors of the market and used it for their benefit.
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