Many people make a living out of using EAs for forex trading, and many others top up their income in this way, or dedicate a part of their investment budget to this higher risk but potentially high return hobby. But the learning curve is steep and there are many people making money from selling worthless Expert advisors to new traders, so it is best to do your research before diving in. Wherever you source your EA, the most important thing to ensure before you let it loose on your account is that you have set the stop loss to the maximum you are prepared to lose on a single trade (which should normally be a small percentage of your total bankroll). These are the little programs developed inside the ubiquitous MetaTrader4 (or MT4) trading platform used mainly for transactions in foreign exchange (or forex or fx). As you can see, this area of expertise is brimming with jargon, so I'll try to explain it as I go. An example of a trade might be to buy the EURUSD currency pair, on the understanding that the Euro is about to strengthen against the dollar. It will open a trade within parameters you set in advance, and close again without your intervention when a pre-set gain or loss has been made. The Baby Pips site is particularly recommended for general education of new traders.
.The most universally recognised and used bots aren't always called bots at all, but Expert Advisors or EAs. So as not to leave their computers running non-stop, or to avoid contention computer monitor arm manufacturers with the rest of the family, numerous forex traders subscribe to a Virtual Private Server or VPS service, where your program operates on a sublet computer in a distant data center. If an EA is getting good reviews from established members of a forum, the chances are that it is safe to try and is most likely a better option than a $47 purchase from a brightly-coloured sales page. This allows you to check in on its progress whenever you feel like it, but switch off your local machine in between. Many EAs are available for free from the specialist retail forex forums. The beauty of the forex market, from a bot owner's point of view is that it runs continuously from Sunday evening to Friday evening, allowing the Expert advisor to monitor the markets continuously during this period, whether you are present at your computer or not