Forexdrill

Forex trading robots are automated software programs that generate trading signals. Most of these robots are built with MetaTrader, using the MQL scripting language, which lets traders generate trading signals or place orders, and manage trades.

Forex (FX)​ robots are designed to remove trading's psychological element, which can be detrimental.

Automated forex trading robots are available for purchase over the Internet, but traders should exercise caution when buying a trading system this way. Oftentimes, companies will spring up overnight to sell trading systems with a money-back guarantee before disappearing a few weeks later. They may cherry-pick successful trades as the most likely outcome for a trade or use curve-fitting to generate great results when backtesting a system, but these are not legitimate systems for assessing risk and opportunity.

Another criticism of forex trading robots is that they generate profits over the short term but their performance over the long term is mixed. This is primarily because they are automated to move within a certain range and follow trends. As a result, a sudden price movement can wipe out profits made in the short term.