Forex trading robots are not intelligent, self-aware beings that can find out what is wrong with them and then tell you so that you can seek to solve that issue. In fact, even though some forex robots are based on artificial intelligence and machine learning as we will see in this article, there is not a single forex bot that has reached this omniscience level.
In fact, all the artificial intelligence systems that we have today are all specialized systems, which means they can only focus on the one task they have been developed for. There are no general artificial intelligence systems.
All that intro was just to tell you that no system can fix itself!
Even an intelligent forex trading robot requires troubleshooting once it starts going haywire. This is why in this article we are going to take a look at some of the major and common issues that you might face with forex robots and see how you can fix them.
You should read: Analyzing Market Trends with Forex bots
Why Use Forex trading robots in the First Place?
Prior to discussing the issues that are commonplace with forex trading robots and then seeing how we can go about troubleshooting them, let’s take a look at some of the reasons why you would start using forex bots in the first place.
The first thing that you can gain by using forex bots is the automated experience of trading. By using automation for your trades, there will be clear and obvious advantages that you wouldn’t have otherwise trading manually. For instance, there would be a decrease in the mistakes that you would make.
Other advantages of automation can be higher speed of trades because an algorithm is in charge of making the trades and not human traders.
All of these things will lead to an increased amount of profits, especially over time. This will be even more obvious with techniques such as scalping which is more difficult to execute manually, given its high frequency and marginal profit. But with a bot in charge, profits can accumulate on a steady basis.
So given that you have already realized the benefits of using forex trading robots, let’s get to their common issues and troubleshooting them.
You should read: Using Multiple Robots for Diversified Forex Trading Strategy in 2024
What Causes Performance Problems for Forex trading robots?
There are many reasons why a forex robot would face issues in its trading process. One of the most important reasons is the fact that a forex trading robot has been designed to execute trades in a certain trading method.
This is how the bot might face some serious restrictions in its trading process. Especially in a market as moving and dynamic as the forex market, it is highly likely that the bot will face a block of some sort at one point or another.
In addition, the precise strategy of the bot can also face some constraints. For instance, if a forex robot is developed for position trading, if and when it is faced with new conditions in the market, its built-in strategy might fall short in its performance.
All of these in addition to other factors can easily cause issues for forex bots. But not to worry, because we can troubleshoot them together.
Commons Issues with Forex Bots and How to Troubleshoot Them
Technical Issues with Power and Internet
You might think this is a trivial point, but many of the issues that bot users face are related to technical issues, such as issues related to power or internet connectivity. To troubleshoot and solve these issues, always make sure to check the power source and more importantly the network connectivity. You can also use a virtual private server to solve these problems once and for all. Because a VPS will ensure your bot has constant power and internet connectivity.
Issues in Algorithm Such as Bugs
Another common source of issues with trading bots are the issues related to the algorithm or software itself. These so-called bugs can be found in any piece of code and it is quite a natural phenomenon. If you think you have faced a bug in your forex trading bot, make sure to always report it to the developers quickly. But the thing is that developers, at least proper ones, are constantly monitoring and testing their products for any issue or bug that might exist. As such they release updates on a regular basis. As the consumer, it is up to you to have the responsibility and download and install these updates regularly.
Not Being Matched with the Trading Platform
A peculiar source of issue can be seen in the incompatibility between the forex bot and the trading platform. Each trading platform is compatible with certain programming languages and naturally each forex trading robot is written or developed with a certain language. Always check and make sure the languages are compatible with each other. For instance, the platform TradingView is compatible with certain languages and so is MetaTrader 4.
So make sure to check the programming language compatibility on both sides.
You should read: Creating Profitable Forex bot Trading Strategies in 2024
Performance Improvements in Forex trading robots
Perhaps the biggest source of issues seen with forex bots is in the poor or decreased performance of them. As we discussed in the beginning of the article, each trading bot comes with a certain trading strategy or approach and thus is limited to the input it receives.
If you are not happy with the results you are getting with the bot, you can set it up again and adjust the initial settings of the bot to match your new trading approach. In fact, this is something you should be doing from time to time, which is analyzing and adjusting your trading strategy. You should do the same with the bot and adjust its parameters whenever necessary to enhance its performance.
|Troubleshooting Commons Issues with Forex Bots
You should read: A Step-by-Step Guide to Setting up Your Forex Trading Robot in 2024
Forex trading robots provide us with an excellent way to automate the trading process and increase the profitability of our trades. But just like any other software, a trading bot can also face some issues and difficulties. In this article we discussed some of the common issues that arise with these bots and also how we can troubleshoot and solve them.