moonchild
VIP Contributor
Forex Bots are automated forex programs that run concurrently on a chart, these kind of programs are made by software developers to be able to capture a certain opportunity in the market and make profits.
The platform that is used to develop these tools is called MQL, and their documentation can be found on the web site.
For example I want to create a bot for a strategy, let's say a simple support and resistance strategy, all I have to do is to set these variables in the program, and set a certain condition that would alert me whenever they are met, it can also be programmed in the sense that it would be able to execute a trade for you with any lot size you want.
I'll recommend the use of bot only on a condition when you know how to, you can learn how to use it on YouTube and then use a demo account to backtest before using it on your live account.
It simplifies your trading for you and it's a way to make money on Forex passively because you only have to create it once and be maintaining periodically due to changes in the charts, try it out and share your feedback.
The platform that is used to develop these tools is called MQL, and their documentation can be found on the web site.
For example I want to create a bot for a strategy, let's say a simple support and resistance strategy, all I have to do is to set these variables in the program, and set a certain condition that would alert me whenever they are met, it can also be programmed in the sense that it would be able to execute a trade for you with any lot size you want.
I'll recommend the use of bot only on a condition when you know how to, you can learn how to use it on YouTube and then use a demo account to backtest before using it on your live account.
It simplifies your trading for you and it's a way to make money on Forex passively because you only have to create it once and be maintaining periodically due to changes in the charts, try it out and share your feedback.