I have noticed that there is a lot of confusion around when it comes to Forex robots (expert advisors) and Forex signal services. The two methods of automating your Forex trading are not the same because they do have the same attribute of taking the decision making process away from you. Many traders struggle with the emotional aspect of Forex trading; by that I mean the overwhelming desire to change ones' mind when a trade is underway due to the fear of losing and making money.
Forex robots, also known as Expert Advisors, work on a set of programmed rules which can have different degrees of automation. The EA might just automate the stop loss movement once a trade is basically triggered or it might completely automate the trading process; from the entry, stop loss and take profit levels. The Expert Advisor will use technical indicators to pin point an entry level and generally have nothing to do with the fundamentals that drive the market.
A Forex Signal service can come in many forms; from email or SMS alerts to you what to trade and when, to a fully automated trade copier service. A trade copier service is done through the MT4 platform where a subscriber can copy trades directly from another traders account. Both these services do not require any knowledge of the Forex market and can be partially or completely hands free. Forex signal services generally come from professional traders that have a proven track record in the market, however trading robots…