In our recent GPS fore robot review we talked about how good this EA is and why it’s a good bot to invest in. In this post I wanted to talk about GPS Forex Robot: Does Automated Trading Work? Having an easy-to-use software that does all the trading work for you certainly sounds tempting. These days, there have been many Forex trading robots online, but the real question still stands: do these FX robots work, and how do they make trading decisions in your stead?
First, What is a Forex Robot?
Automated trading may require you a lot of research to find the best software that will correctly perform trades. Letting an automated device do the trading for you can be a real temptation, and it’s here that automated Forex trading robots come into the picture.
A forex robot is a specialized computer program/software based on a set of forex trading signals. It helps traders decide whether to sell or purchase a particular currency pair at any specific time. Trading robots are available to Forex traders 24/7 and can easily be purchased over the internet.
How Does Automated Trading Work?
Contrary to what most people think, automated trading doesn’t do all the legwork, so you can just collect the profits when you feel like it. That’s not how automated tradings works. Forex trading systems require constant tweaking and human supervision for you to earn real profits.
Forex robot software uses technical analysis. It generates trading signals through mathematical algorithms that utilize technical indicators. As a result, most Forex robots are limited in what they can accomplish. Real Forex robots generally require a great deal of user input. This means that the bot software is only supposed to take the repetitive workload off the trader’s shoulders, and it cannot be the “smarter” party.
Does the GPS Forex Robot Deliver Good Performance?
Now on their third version, the developers of GPS Forex 3 has been used successfully by investment firms on Wall Streat. According to official performance data, it shows that the bot software trades profitably. Being verified in Myfxbook, the bot software has been used to grow a $100,000 deposit into $500,000 over the period by trading the EUR to USD currency pair on the Forex markets.
The developer used the MetaTrader Strategy Tester for backtesting, which utilizes prices generated from bar data instead of the real price tick data. The end result is a set of performance data that is more or likely 90% accurate. To achieve a 100% accuracy, a tick data tool like Birts TDS will place real tick data from various data sources. GPS forex robot waiting for tick provide a more accurate analysis of historical performance data as it includes data from real brokers.
To be able to use a Forex robot to your advantage, you probably need to be a skilled programmer and trader. Legitimate automated trading software, like the GPS Forex Robot 3, always require continuous human involvement for real and successful trading.