The advantage of Forex Robot

The ultimate purpose of Forex Robot is simply automated trading. All analysis and open/close trading execution are done by the robot. Virtually almost no time and efforts are spent to trade; your job is just to keep the robot software active all the time. You can sit back and relax to watch the robot do its action.
Disadvantage of using Forex Robot
Apart from the convenient mentioned forex robot alone is actually inadequate to deliver consistent success in forex trading. Just like all other kind of robots, they simply lacking in one basic ability called the "Human's Intuition". Unlike us humans where we can rationalize our thoughts based on tangible and intangible data, the robots act only based on its preset conditions to execute their actions. This limitation is the greatest obstacle for the robot to succeed consistently in the long run of trading. So let's analyze using 2 scenarios where the robot may fail in real-trading sessions:

1. Fundamental Factors: Take for example during Non-Farm Payroll economic data release. This is very popular event for its skyrocket swing that yields hundreds of pips within short periods of time i.e. 1 to 5 minutes. The direction of swing is entirely uncertain regardless of indicators signal. Sometimes it follows inductors direction and other times not at all, it is purely based on the economic data figure expectation. In this case the market real-time movement is the signal itself and in fact it reinforces its power that shapes the technical indicators direction and behavior. Since the robot only rely on its indicators signal, thus it will fail because now the real-time market movement is the one shaping the indicators direction. Beside the robot has no intuition and only listen the call for action when its indicators ring the bell, as a result it will always open position behind time. In fact during the Non-Farm Payroll even the robot may incur double edge losses via the first initial movement and the correction.
2. Preset Target Profits/Losses: This limitation only allow the robot to acts based on preset conditions set by its programmer. It will not be able to interpret anything else other than what is written in the program. For example the programmer decided to set 10 pips for stop losses and target profits, therefore the robot will automatically closed its position when the target is met without considering if there are further opportunities that may arise along the way to maximize profits or reduce losses. As a result the profits taking and stop losses are often prematurely executed based on the conditions.
   

Success Story of Forex Robot

Automated trading championship 2008 organized by MetaQuotes Software was a great source of inspiration for the forex robot enthusiast. Three winners were selected to win the prizes based on their cumulative profits.

If you want to know more about this event visit this page: Automated Trading Championship 2008 and here is the archive interview with the first place champion Kiril Kartunov A.K.A Liliput Interview with Kiril (Liliput). The interview is a revelation by Kiril himself that the robot did not work alone to achieve such a great success. It was the semi-automated trading that made the success not fully 100% automated. From this Kiril has made his great name in forex trading particularly his forex robot software which is one of the hot software properties in forex trading market. If anyone found it perhaps you can share ;).

1. Kiril Kartunov (Bulgarian) - Won the first place and received $40,000 cash prize from major sponsor Forex Capital Market LLC (FXCM). His record turning $10,000 USD to a staggering record of $170,000 cumulative profits within the period of 3 months. His robot only executed 27 trades session to achieve that amount.
   
2. Vladimir Lekhovister (Israeli) – Won the second place and received $25,000 cash prize from Golden Sponsor Interbank FX LLC. His expert advisor turn $10,000 USD to $156,650 cumulative profits
   
3. Nauris Zukas (Latvian) – Won the third place and received $15,000 cash prize from silver sponsor FXDD. His expert advisor software made $156,000 USD from $10,000 deposit. The robot executes around 600 trades to achieve that amount.
   

Future of Robots

There is strong growing demand for the robot software especially the need for integrated automatic signals. Programmer enthusiasts are constantly working to improve on this area so that the robot can deliver higher productivity with its optimized signals.

Testing Robots

It is advisable to use demo account to test robot credibility, this will take sometimes to prove if it is really works. There are tonnes of advertisement online selling robot especially this software called FapTurbo, but I doubt it because there are no prove of real success using this software. All its online ads online including YouTube videos only explain the success by words and how wonderful it works but no solid proof of success.