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Forex traders may want to consider developing their automated trading systems rather than taking a risk on third-party forex trading robots. For example, a trader may already have a personal strategy of watching for breakouts and then using predetermined parameters to set a stop-loss and take-profit (T/P) point. These rules could be easily modified to operate in an automated fashion rather than being manually executed, which would allow more systematic trading to take place.

The best way to develop an automated trading system is to open a demo account with a forex trading broker that supports MetaTrader (the platform used to run MQL) and experiment with developing MQL scripts. After developing a system that performs well when backtesting, traders should apply the program to paper trading to test the effectiveness of the system in live environments. Unsuccessful programs can be tweaked, while successful programs can be ramped up with increasingly larger amounts of real capital.

Even if you trade manually, you should not refuse to use special software. It simplifies market research, tests strategies, helps to analyze and store working information. This saves time and allows you to focus on the main thing - trading. Regardless of your level of knowledge in Forex trading - beginner, experienced - automation software can help you succeed. Despite the obvious benefits of using automated forex trading platforms, these programs are far from flawless and the user should be aware that this software does not guarantee an infinite number of successful trades. Yes, there are always potential risks when trading any market, but automation software can help you avoid serious losses. Most importantly, keep a checklist of the most important features you are looking for in a program, the level of customer support, and of course that no trading system can guarantee 100% profitable trades and that past results are no guarantee of future results.