Forex robot is a software or program that is programmed using the Meta Trader platform that enables automatic execution in forex trading. The robot program consist of open/close execution command that is correspond to its own built-in technical indicators signal in order to carry out trading activities on its own when the user activate it on Meta Trader trading platform. It opens position when a condition is met based on its built-in indicator signals or close position when preset condition of profits and losses target has been reached. Example of the most basic schematic of robot: A robot is build using MACD and Stochastic indicators as the condition trigger and preset target profit is only 10 pips. So the robot will open position when both MACD and Stochastic is moving in the same direction, then it will close position if the target profit and stop losses target is reached by 10 pips.
For the time being robots only works on Meta Trader trading platform therefore in order to use it make sure you chose brokers that allow Meta Trader platform.
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