Advantages Of Trading Using Robots
Robots don’t have a heart, they just do what they are suppose to do zero emotion. Thus there is no fear, greed, jumping the gun, fear of missing out, cherry picking of edges that define an edge. Trades will be executed based on the solid variables coded in the system. Also trades will not be closed based on fear or greed but exit and entry is based on signals. Free from human intervention and bias.
Continuous trading 24/7
Usually traders miss trades when they move away from markets and they also get tired of trading and take a break. Whereas robots executes trades continuously night and day. That’s the trader will not keep constant watch of the market. With expert advisors, you can trade during the time you cannot trade manually. Thus a robot can trade for you when you are asleep, when you are away, or when you are too busy to be involved in trading.
A robot can back-test various trade variables in a short period of time compared to manual back-testing which can take months if not years of hard effort. Humans hardly do multiple task at the same time whilst a robot can track dozens of currencies fast with easy reducing human errors.
Discipline and Speed
A robot follows the system religiously without any deviations. Thus for those traders with strategies that are clearly defined and do not need continuous modifications Robots are the best to use as they strictly follow the system.
Easy application of Complex strategies
A trader finds it hard if not nearly inevitable to monitor many indicators and compare all of them however with EAs this is not a problem. Robots can do it easily in a short time. The time of reaction, analysis, and decision making can be critical in many Forex trading systems. Where manual trader just cannot do it fast enough, automated systems will work fine. Complex strategies can be implement a block of trading strategies for different currency pairs simultaneously.
Can be fully automated or manual
The advantage of using an EA is that it can be used only to provide signals then they are executed manually after taking into consideration a few variables.