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Many people are unaware of just how many types of bot there are at work out there on the internet, earning money for their owners while they sleep, play or go about their day job! The aim of this series of articles is to give a brief overview of the type of bots available, their current level of sophistication and whether you can realistically expect to make money from using them. In other parts I will deal with bots for horse-racing, football and games of chance, but my topic today is the global currency markets!
The most widely known and generally accepted bots aren't usually called bots at all, but Expert Advisors or EAs. These are the little programs developed inside the popular MetaTrader4 (or MT4) trading platform used principally for transactions in foreign exchange (or forex or fx). As you can see, this domain is awash with jargon, so I'll try to explain it as I go. The beauty of the forex market, from a bot owner's point of view is that it runs non-stop from Sunday evening to Friday evening,[link widoczny dla zalogowanych], allowing the EA to monitor the markets continuously during this period,[link widoczny dla zalogowanych], whether you are present at your computer or not. It will enter a trade within parameters you set in advance, and exit again without your intervention when a target profit or loss has been made. An example of a trade might be to buy the EURUSD currency pair, in the belief that the Euro is about to strengthen against the dollar.
Numerous EAs are available for free from the specialist retail forex forums. The Baby Pips site is particularly recommended for general education of new traders. If an EA is getting good reviews from established members of a forum, the chances are that it is safe to try and is probably a better bet than a $47 purchase from a glitzy sales page. Wherever you source your EA,[link widoczny dla zalogowanych], the most important thing to ensure before you let it loose on your account is that you have set the stop loss to the maximum you are prepared to lose on a single trade (which should normally be a small percentage of your total bankroll).
So as not to leave their computers running non-stop, or to avoid contention with the rest of the family,[link widoczny dla zalogowanych], many forex traders subscribe to a Virtual Private Server or VPS service, where your program runs on a rented machine in a remote data centre. This allows you to check in on its progress whenever you feel like it, but switch off your local computer in between.
Many people make a living out of using EAs for currency trading, and many others top up their income in this way, or dedicate a part of their investment budget to this higher risk but potentially high return pastime. But the learning curve is steep and there are many people making money from selling worthless EAs to new traders, so it is best to do your homework before diving in.
For more detail on forex EAs and all of the other bots I will be covering, take a look at archived posts in The Botfarm. If you are short of time and just want to see a summary of recommendations, consult my short list of the very Best of the Bots.