EFX Forex Robot

Frequently Asked Questions

What is Forex?

Forex (Foreign Exchange) is the trading of currencies online. You can trade Forex from anywhere in the world where you have access toa computer and internet connection. Read more.

What is MetaTrader 4?

One of the most popular Forex Trading platforms, at present, is MetaTrader 4 (MT4). EFX Fore Robot can be used on MetaTrader 4 only. Read more.

MT4 is free trading software you can download from a Forex Broker, and install onto your computer (or VPS). Read more.

What is a Forex Broker?

There are limitations when trading with US Forex brokers, and most non-US brokers won't accept US clients.

However, a very reliable nonUS broker that does accept US clients is Traders Way. (Please read my Honest Review About Traders Way).

Most Forex brokers offer MetaTrader 4.

Once you sign up for a real account at a Forex Broker, and fund your account, your deposit will automatically show up in your MT4 trading platform.

You will then use that money to place trades, but it is important to use smart money management and never risk more than you can afford to lose if the market does not go your way.

(Before using real money you can practice with demo money in a MT4 demo account.) Read more.

What is a Forex Robot?

A Forex Robot (also known as an Expert Advisor) is software you can install into your MT4 trading platform, and it will place automatic trades for you depending on the chosen parameters (adjustable inputs) within the Forex Robot.

You can also test a Forex Robot on a MT4 demo account with fake money before using it on a live account for trading your own money.

"....OK...this all sounds easy enough. I am ready to open a Forex account so I can start trading and make money so I can quit my job.....Better yet, I will buy a Forex Robot and let it trade my MT4 account on autopilot so I can sit back and enjoy life while my faithful Forex Robot makes me tons of money every day....I can go to bed at night rest assured that my Forex robot is making me a lot of money which I look forward to seeing in my MT4 account when I wake up in the morning..."

If the above was your reaction after reading my brief introduction to Forex trading and Forex Robots etc. you are most definitely new to Forex.

There is no Forex Robot out there that, when trading real money in real trading conditions (not just trading demo money, or simulated real accounts that are not actually using real money), will make you money all the time....And in fact they can lose you big money depending on your chosen loot size and margin etc.

How Much Money Do I Need To Deposit Into My Broker Account?

Never use money in Forex trading that you cannot afford to lose. (In other words don't deposit your life savings into a Forex account, and don't deposit money into a Forex account that you might need to feed your family or pay bills etc.)

Please read the section on Money Management. This is worthwhile reading.

Will EFX Forex Robot make me a lot of money everyday?

EFX ForexRobot can potentially glean you gradual profits if you use the recommended 8 currency pairs and preset files.

But I can't make any guarantees, nor am I responsible if EFX loses your money. (Please read the Terms of Service).

Never choose a lot size that is too large for your account.

EFX relies on various moving average and time frame combinations. So when there is an unexpected surprise in the market price usually ignores all indicators, support and resistance levels, and trading systems and then it becomes a matter of "luck" if your profit level gets hit. EFX does have a news filter to try to avoid opening trades in the market when this happens. But it is best to use a lot size safe for your account balance so that in the event of a 200 or 300 pip loss or more it won't be a shock to your balance.

Can I get my money back if I am not satisfied?

There is a 60 day money back guarantee if you are not satisfied with your EFX Forex Robot purchase.

Will EFX Forex Robot Trade 7 Days a Week?

The Forex market closes Friday at 5 pm Eastern time, and reopens on Sunday 5 pm Eastern time when it is early Monday morning in New Zealand.

Please see our article about Forex Trading Hours.

For other imformative articles please see our Sitemap.

If you have a question  not answered in this FAQ please contact us.

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