Types of Forex Robots - Which Ones to Chose

So you have decided to purchase a Forex Robot. Maybe you are new to the forex market, and do not yet trust yourself to "go it alone". Maybe you are not new, but wish the have trades executed 24 hours a day, and know that is not possible for a human to do. Or maybe you are just hoping to get extra reassurance that you are making the right choice and eliminate the market psychology that affects even the most seasoned professional. Whatever the reason, the decision to purchase a forex robot is a big one and should not be taken lightly. It is very important to do your research to make sure that the robot you ultimately purchase is the right one for you.

There are many different kinds of forex robots, but they can be broken down into two basic categories. The first is automatic forex robots. These robots are able to trigger trades automatically, without any human input. They are the most user friendly and great for those whom are not experts in the market. However, they can also be more costly, and are not always 100% accurate. The second type of robot requires more from its user. They user is more responsible for deciding how and when each trade will take place.

This type of robot is best for those who have extensive knowledge of the market and who understand the complex process of programming. These robots are more flexible, but are not ideal for new users or those who prefer a more hands-off approach. Although these are the two basic categories of robots, in reality it is not that black and white. It is actually more like spectrum than a one-or-the other scenario. Most robots are fall somewhere in between the two categories, requiring different levels of input from their user.

Whether fully automatic or not, all robots advertise that they are the best. It is the responsibility of the purchaser to research each robot, and make an informed purchase. Many of them offer returns that seem too good to be true…that is often because they are.

It is simply not possible for a robot (or anyone for that matter) to double you money every day. All forex robots are created based on previous trends in the market. While this information can be very helpful, it is not a guarantee. The market can be very volatile and unpredictable, and does not always follow every trend. The best bet is to choose a robot with a proven success rate that has remained stable over a significant period of time.