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What is a Forex Trading Robot or Expert Advisor?

A computer program based on a set of forex trading signals that helps determine whether to buy or sell a currency pair at any one time. Forex robots are designed to remove the psychological element of trading, which can be detrimental.

Does IKON support the use of Robots or Expert Advisors (EAs)?

IKON does support the use of robots on our Meta Trader 4 platform. As robots are Third Party vended pieces of software entirely out of our control we cannot accept any responsibility whatsoever for their performance, any malfunctions or any other issues which may arise.

Does the use of robots make FX trading safer?

No. Nothing eliminates the risks associated with FX trading. Lady fortuna can always act against you as well as in your favour. There are also many other risks associated to using robots. Please ensure you are familiar with all of these risks. Check the forums. Do not always believe the performance reported – it may the result on back testing on data that suits the trading strategy. Please be careful when using robots. Always ask yourself the question "If I created a money printing machine – would I licence it for free or a nominal fee – or simply run the printing press myself ad infinitum"!

 

 


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Risk Warning:CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. View our full risk warning here.