Way back (like six months ago), my wife charged me to make a set number of dollars per month. In my pre-retirement state, with over two decades of internet experience, I was sure I could find something. With many self-imposed requirements and more research than I care to detail, I went through a FOREX trading course. As I was nearing the end of the 8-week training, the company (EFX) providing the training released their first algorithmic trading bot. I had to have it. Since October of 2023, my faith in these trading masterminds has grown.

Why I like the bots:

• The bots are smarter traders than I am: My FOREX training journey involved training videos and live Q&A videos. I took endless notes. When I left these calls where the trainer used TradingView charts, I was confident I could pick out all of the nuances of the chart. I went to my demo account and placed trades with confidence. Some did better than break even, and most trades lost “Monopoly” money. I had immediate evidence of my journey to become a FOREX trader.
•  The bots don’t have a life: During the training, you were instructed to keep a journal of your trades. FOREX trading is closed on the weekend (it opens at 4:00 PM Central on Sunday and closes at 4:00 PM Central on Friday). You can trade FOREX pairs within this window anytime you like. Most of the traders I engaged with traded in the mornings. This time was either when they found the most trading action or when they could trade around their work schedules. In my “pre-retirement” life, I am very good at saying, “I will spend 2 hours on this today, but it may not all be in a row.” It would help if you were glued to the charts to be an effective day trader. Some traders can be engaged in a trade without interacting with it. My lack of patience makes this tactic nearly impossible.
•  The bots follow the rules much better than me: I wouldn’t say I like rules. I like guidelines. In trading, you can’t be trying to find your own answers. If you follow the rules and look for the correct patterns, you can be successful. The “if” is the caveat. If you don’t understand the concept of “getting paid to wait for the correct setup,” then day trading may be difficult for you to engage in. If I am in front of the computer, I want to do something. Since my FOREX training was very recent, my eyes and “spidey senses” were not adept enough to know when it was a “great” setup. When I was entering trades, I was being more productive then if I wasn’t entering trades.
•  The bots don’t have an ego that needs praise or comfort: After my bots have a good month, I tell my wife, “I doubled your monthly goal for me.” If they have a bad day and one of them gets into a deep drawdown, I don’t have to feel stressed. The bot is smart enough to get out of these situations. I may glare at the algorithmic trading bot on my computer, but it is only with a smile. It is a tool for doing a job. The bot doesn’t need to have a “good cry” or get a bonus. The bot is doing what is was designed to do…something I was not.