What is a forex trading bot or robot?

A forex trading bot or robot is the colloquial term for a software program based on foreign exchange market price movements that signals traders to buy or sell a currency pair at a given point in time. These systems can be automated and can be integrated with online forex brokers or exchange platforms.

Can a forex trading robot trade 24 hours a day?

A forex trading robot, or bot, can be programmed to trade constantly, 24 hours a day, seven days a week. However, allowing this level of ongoing trading potentially removes the investor from the process. Many investors may prefer to be more active participants in the trading process.

Are forex robots reliable?

Not all forex robot manufacturers are reputable or reliable, so be sure to do your homework first before jumping in and allowing one to take over. If you have a forex strategy that's strictly mechanical and doesn't require a human in the decision-making process, you can program your forex robot to trade for you 24 hours a day.

How do you program a trading robot?

Once you can access the API and program your trading robot, you need to come up with a strategy. That means identifying profitable trading signals and backtesting them to ensure they're consistent. After that, you just need to put the pieces together and tell the trading API what to do when those trading signals are triggered.