Forex Robots are becoming increasingly popular as more and more people flock to the currency markets in search of a piece of the 3 trillion dollars that change hands every day on what is the largest market on earth. Robots are software programs which either do most of the work for you, the trader, or they do all of it.

The first type of Forex Robot I wish to review is the Expert advisory program. In this case, the software acts as the brains of the operation, finding out the best trading opportunities and presenting you with a strategy for the future. You can then review the strategy and act on what you want. You make the trades yourself. This is perfect for people who do not have a lot of time on their hands but still like to control the trades they make. One of the more benefited programs in this family is Forex Killer

The other type of Forex robots does all of the work for you: from the monitoring to the actual trading. You basically just need to keep an occasional eye on the software to make sure the set-up is correct and running. This kind of Forex Robot can trade for you even when you're not in the room. 2 of the most known of these automated programs are Forex Auto Pilot and Forex Tracer.

Using a Forex Robot does take some learning as each software works a bit differently and also some testing on a demo account just to be on the safe side. Furthermore, do not make the mistake of neglecting your Forex education even if you do use an automatic program. Knowing how the market works is the best thing you can do, robot or no robot. A good knowledge of the market is more valuable than any tool. However, a good program can help to make things easier and a bit more profitable for you.

Source by John J. Drummond