Do you want to find out how a Forex robot auto trader like the Forex Tracer really works? This type of program, also known as an expert advisor, has always fascinated me. If these trading systems are indeed profitable, wouldn’t we be able to make money all day without doing anything? I decided to investigate the Forex Tracer, and test it out on a demo account and see if it really works.
How Does Forex Tracer Work?
This program will first need to be integrated into your MT4 trading platform to work. Inside your trading platform, you will have to drag the robot to the currency screens to make it monitor the market. Once all the settings are configured correctly, Forex Tracer will start monitoring the market at all times, open trades when opportunities arise and close them automatically.
The most important thing that I wanted to test was whether the trading algorithm logic designed into the program was profitable or not. Even though it shows very profitable back-tested results, I have discovered by testing other expert advisors that some robots will perform very poorly even with good back-test results. Past results are certainly not an indication of future performance.
What Are The Advantages of Using a Robot Trader like Forex Tracer?
1. Trades without Emotion
Forex Tracer simply collects the data in the market, and uses its straightforward “yes or no” algorithm to trade, allowing the trader to be free from his or her emotions. Studies have shown that traders usually lose money when they hang on longer to winning or losing positions due to their emotions, even when their systems are clearly telling them to get out.
2. Ability to Monitor a 24 Hour Market
Since the Forex market is open 24 hours a day, it would take a superhuman to be able to capture all the profitable trades. Forex Tracer has been extremely helpful in this aspect, helping me profit even when I have other tasks to do.
By: Curtis Laforrestt