Is forex about robots or the knowledge?

[Ashlan]

if you can put your knowledge into a robot you'll be rich! lol

 

[Jingoism]

Forex trading robots are automated software programs that generate trading signals. Apart from that you should have the basic knowledge about trading.

 

[Gauer]

If it was about robots, everyone would be rich. Don´t fall for scammers trying to sell you a holy grail.

 

[Talisman]

There is no comparison between the two. With a robot, you get to overcome emotional barriers and with your knowledge, you get to analyse the market every time you trade. A robot helps you take advantage of even the smallest market moves. But it’s your knowledge that helps you customise your trades in accordance with the possible risks.

 

[Zygosis]

I think the depth of knowledge and putting yourself out there in the midst of risk is part of forex trading. Without proper skills and game, you won’t be able to grasp anything. Robots are limited and can’t perform beyond their programming, but you can.

 

[mlawson71]

You can't trade without knowledge but you can trade just fine without robots, so I would say it's about the knowledge.

 

[pippin]

Knowledge is required to trade Forex. You can trade through robots or by knowledge. But I think it is better to be able to trade by creating knowledge. It is possible to be flexible by trading with knowledge. But here you have to trade with full focus.

 

[Aerogenesis]

Forex is all about knowledge - gaining knowledge about how the market works, gaining knowledge about what are the present market movements and analysing it to predict its statistics in the future.
Many times human predictions can be wrong, and it is okay because “we are not robots.”
But here’s a funnier catch to it - robots are worse than humans in forex trade. Most robots fail to catch trends, cannot modify as per the high volatility and changing trades of the market, and often encounter loss more than humans make manually.

So my suggestion is - take your time to learn forex, and practice it on a demo account, and then trade through a live account. Because when you are trading through a robot, or copy trading someone, you are not learning anything, and without knowledge, you cannot survive in the forex market.

 

[mlawson71]

I agree. Learn how to trade first, then consider using a robot. Besides, you can't use a robot effectively without understanding the market first.

 

[Reticular]

If you are an experienced trader, forex would be about both- robots and knowledge. But if you are a newbie, it has to be about knowledge because you are yet to get well-versed with the market uncertainties.

 

[deaddog]

Nothing beats knowledge, not even robots. You can only find the right trading bots and make them trade on your behalf, if you have knowledge about forex trading. Also, without robots, we can trade forex, but it is impossible to do trade and expect profits without knowledge.

 

[Pediment]

One of the easiest ways to trade forex is by using robots. They're also known as Expert Advisers (EA). These robots are programmed to do certain things in a certain way on your behalf. They make all the calculations for you, so that you can concentrate on other things.
Before the EA can be used on your account, there are settings that you have to input manually in order to instruct the robot on what exactly it should be doing. EAs also have limitations which make it ineffective in certain conditions.

 

[mlawson71]

It's really not an "either/or situation". You need education to use a forex robot properly. The EA is just a tool in the end of the day, a tool one needs to know how to use.

 

[Allegator]

Knowledge is the primary need of forex trading. Robots can help you in making profits. But for making consistent profits in the long run, learning to trade manually is very essential.

 

[Remiform]

Personally, for me trading is all about knowledge. Robots may help us in technical analyses, and reading patterns of historical data, but we have to build strategies and plans for trading with our knowledge. Also, robots are unable to make instant decisions if required.

 

[VargaDimwit]

Knowledge is the base of forex trading whereas robots are tools that are preprogrammed to make trades on behalf of traders. Robots can fail at times, but knowledge never lets you down, so make sure you have spent time gathering knowledge about forex trading because it will last with you forever.

 

[antwanmcdonough]

It’s definitely the knowledge, not the robots. Trading is not a get-rich-quick scheme. You will have to spend a lot of time studying the markets, finding your comfort zone, and developing your own trading strategy. You need to be disciplined and have a lot of patience.

 

[Genetrix]

You can do wonders if you can make use of your knowledge and robots together. Where a robot will save you from emotional trading and will execute trades that would have been difficult otherwise, your knowledge will help you keep track of your robot’s performance so that you know when to stop it.

 

[Magnificent]

I think we need some knowledge to even be able to use the robots for trading. So knowledge is essential in that sense. Automated trading is getting more and more popular but the joy of manual trading is something one needs to experience. Money always makes us feel good but when we can see it coming with our own eyes it feels more than good.

 

[Factualism]

Forex robots can certainly do things that a human cannot do. They can be programmed to monitor multiple currency pairs at the same time and execute trades based on certain algorithms. They are not going to be influenced by emotions but we humans have to deal with emotions effectively for successful trading. But robots can go wrong when there is an unexpected change in the market.