Autotrading- Using Software and Robots to Trade Forex

The term forex trading software can actually refer to two very different things.

1. You could be referring to the user interface such as Meta Stock or Meta Trade 4/5, which are used to access the forex markets
2. You could be referring to robots that are used to automate trading.

If you are looking for information on the former, kindly proceed to our article about Forex Trading software {link to be inserted here}.
Today I would like to talk about forex trading robots and whether it is a good idea to do automated trading. This topic is not mine alone. I would also like to hear your say. So, kindly make sure that you have dropped a comment at the end of the post.

History of Automated Forex Trading Software

 The history of forex trading software can be traced back to 1999 when online forex trading became first accessible to small scale traders. However, bigger companies were able to automate forex trading from way back in the 1970s.
Automated software trading is currently used in spot forex trading. I have never used any automated software to trade forex, and I cannot tell how profitable trading using robots is. You are therefore free to treat any information on this page as mere hearsay. Do your research, and establish whether trading forex using bots will earn you more money than manual trading.

Types of Automated Forex Trading

There are two broad types of automated forex trading.

1. Fully automated trading: Machines use an algorithmn to decide the best entry and exit points plus the trade size. The software will also execute all trades on your behalf.
2. Autotrading using signals:The computer algo makes orders but leave you the freedom to decide whether you are going to execute those orders.

Those who argue the case for using automated trading insist that by using software to trade forex, you can enter many trades in many markets than you would normally do trading manually. Software are also less prone to errors and they do not suffer from emotional decisions. A very good argument if you ask me.

There are puritan traders who, on the other hand, will never trust a forex robot to make decisions for them. They insist that many forex trading software are not to be trusted.
What's your take on this?