The Forex Tracer is a piece of software that the creator claims can help you trade the currency markets by itself, using a trading system that utilizes technical indicators to find its entry and exit points automatically. In other words, it is supposed to help you make money automatically without you having to interfere with it. This type of software is also known as an Expert Advisor. But can you really trust your money with a robot trader?
1. What is an Expert Advisor?
They run automatically based on parameters set by the user. Usually, the parameters that the advisor is supposed to trade with is already programmed, which means that users only need to attach the expert advisors to the currency screens in their MetaTrader 4 platform to start using them.
2. How Does The Forex Tracer Software Work?
Once attached, Forex Tracer will work by itself to look for trading opportunities in the markets. Once found, they open orders by themselves with a pre-determined lot size. Depending on the parameters, it may also set a stop loss, trailing stop loss or take profit level.
3. So Is The Forex Tracer Profitable?
After demo testing this expert advisor for a few weeks, I roughly know which technical indicators it uses to find its trades. You should only attach this software to the currency pairs that the programmer recommends. Different currency pairs have different volatility, and Forex Tracer has only been optimized to trade in very specific market conditions.
After demo-testing the Forex Tracer with profitable results for around 1 week, I have begun using it on a real live account. I am pleased to see it show similarly profitable results in a live environment and a demo environment.
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