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Forex Tip: What are Trading Bots?

Trading can, at times, be very intensive. 

Then it gets even more challenging for more would-be traders. 

Before you start making money consistently, they must make ends meet and therefore maintain their day job. 

For those who aren't working, staying glued on your trading the whole day while keeping track of various trading charts can be overwhelming.

The good news is that Forex is versatile, and solutions are abundant, especially when the repetitive processes are automated using 'Trading bots.'

Trading bots are algorithms that interact directly with a trading platform through APIs. 

Since robots require pre-setting, Forex trading bots must be tuned to work per set parameters. These may be drawn from technical indicators and integrate other algorithms and be overly configured to identify certain tendencies and autonomously operate trades.

Trading bots can serve various purposes like automating trading, assisting in analysis, acting as trade assistants, or relaying trade information.

Keen to learn the forex market? Check out our other explainer articles in our Learn Forex blog. 

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