Terminology

What does VPS stand for?

‘VPS’ stands for Virtual Private Server. This is basically a computer server that runs 24/7, even if you shut down your own computer. This is where your trading bot will be hosted and trade for you 24/7. Once you select your bot and complete the process, we will set up your trading bot on your VPS.

What does EA stand for?

‘EA’ stands for Expert Advisor. This is one of the terms used to describe trading robots.

What does MT4 stand for?

‘MT4’ stands for Meta Trader 4. This is the trading platform used to execute trades on the Forex market.

Trading Bots

Are there any big differences between these bots?

Please look at the bots descriptions for more information. Bots can be different from each other as each one is programmed differently, using different trading strategies and algorithms.

What makes some bots more expensive than others? Do more expensive bots make more money?

Each bot has been programmed differently and thus will trade your money differently. The price point does not necessarily mean that it will make you more money, but it usually means that it has a more advanced algorithm and trading strategy.

Are there risk percentages with each bot?

There are risks with all bots. Each bot has a live tracker verified by FXBlue. The tracker shows the bots previous performance and shows you all trades currently open.

Please click on the bot descriptions to access this information. Please note that past performance does not indicate future performance.

When I buy a bot does it trade for me forever or do I have to keep renewing it?

Your bot will trade as long as it is set up properly, is running on a VPS and you have funds available in your broker account. You will not have to renew the trading bot but you will need to pay £22 per month to keep your VPS active.

Do the bots only focus on forex trading?

For now our selection of bots only focus on Forex trading. We aim to introduce more options in future. If you register, you will be first to know when we add more bots.

Does the Bots success rate vary for different currencies?

Yes A bots success will vary across different currencies. Some bots are specifically designed to trade on certain currencies. You do not need to worry about it too much as we will set up your trading bot to trade the currencies recommended by its creator. Please refer to bots past performance to understand their successes, and remember past performance does not indicate future success.

If my bot loses most of my money will I get notified to deposit more into my account?

Notifications about your account balance can be set up through the broker website. We do not have control or access to your financial information.

If you would like to track the trading bots progress, we recommend downloading the MetaTrader 4 app on your mobile phone, so you can track your bot on the go.

What is a bot?

A bot, also known as an Expert Advisor is an automated trading algorithm that can perform thousands of complex calculations within seconds, enabling it to trade 24 hours a day.

Is my money safe with a bot?

Your money is safely stored on the broker account. However, the moment that the bot starts trading, you should be aware that all your balance is at risk. Trading and investing, even using trading bots involves high-levels of risk. Invest responsibly.

Financial

How much of my money does the bot use?

The amount of money the trading bot uses depends on its trading strategy. The first order the bot opens will have a lot size between 0.01 and 0.1. This depends on the bot you choose and your trading balance in your broker account.

The amount of trades and lot sizes the trading bot opens after your first order, will completely depend on the strategy your chosen bot is using.

The bot will have access to trade your full balance so only invest money that you can afford to lose.

Does the bot use all of the money I invest at once?

The bot will NEVER use all of your balance at the same time. Instead, the trading bots will open trades risking between 1-5% of your total balance, per trade. The actual amount depends on your chosen bot.

Can I pick what currencies the bot trades in or does it do that itself?

Bots are usually designed to trade specific currencies. The currency pairs they trade will be shown under each bot.

Depending on your broker account balance, we will set up your robot to trade on all/some of the currency pairs your trading bot is designed for.

Are some Bots specific to certain currencies?

Yes. Each bot is designed to trade specific assets. Currently, all of our trading bots are designed to trade Forex and commodities.

Is there a maximum amount I can deposit into my trading account?

There is no maximum amount you can deposit. For larger amounts, the broker may ask you for proof of funds to avoid money laundering.

If my bot loses most of my money will I get notified to deposit more into my account?

We currently do not have this service in place. You can set up alerts from your broker account. We recommend using their live chat service to find out more information.

Trading & Forex

Does it matter what country I am in to trade?

If your country allows trading on the financial markets (Forex), stock market, cryptocurrencies and commodities, then you can legally use our trading bots.

How is forex trading different to trading commodity or stock trading?

Forex is the world's largest financial market, accounting for more than $6.6 trillion traded each day. It’s one of the most volatile markets,on the other hand stocks are less volatile and aligned with ‘steady’ growth in a portfolio. Traders are attracted to forex because of it’s around the clock trading, high liquidity and amount of leverage that is afforded to participants. For more information please read this article.

There are other forex trading bot platforms. What separates you from the other ones?

We make trading with bots easy and stress-free. Our expert team will promise to set you up within 24 hours. We also provide quality customer service, ensuring that all of your enquiries, questions and issues are handled by a real human.

Do I need any experience to open a trading account with MyTradingBot?

You do not need any experience to start using trading bots. Whilst we recommend you have some form of investing experience, it is not mandatory.

What is demo trading account?

A demo trading account is offered by brokers to allow new traders to practice on the live markets with a “fake” balance. For new traders, we recommend practicing on a demo account before using your own money.

Can I lose more money than what I deposited?

The broker we use does not allow your balance to go below £0. This means that you are protected from having a negative balance, thus only losing the money you invested, no more.

What is a stop loss?

A stop loss is an instruction on your trading platform to close an open trade if it reaches a specified point. This means that if your trade goes in the opposite direction you intended, your losses will be limited.

What is take profit?

Similarly to a stop loss, a take profit is an instruction on your trading platform to close an open trade once it raches a specified point. This means that even if you are not actively watching your trades, you can close your trade at a specified point, to keep some profits,

Broker Trading Account & Registration

Is there a maximum amount I can deposit into my trading account?

There is no maximum amount you can deposit. For larger amounts, the broker may ask you for proof of funds to avoid money laundering.

What difference will it make if I choose a different Trading platform type or account type when I register with a broker?

You must follow the broker registration instructions carefully as choosing the wrong options will delay the setup of your trading bot.

Does the higher number of leverage mean that I am risking more money?

Yes. If you follow our broker registration instructions, you will set your leverage to 1:30 which means that for every £1 you invest, you are actually trading £30.

What is demo trading account?

If I want to take money out of my trading account to my bank account, is there a charge?

The broker may charge a small fee to withdraw money from your trading account.

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Support Page

We are here to help

F.A.Q's

Guides

Free Phone Consultation

Contact Us

Frequently Asked Questions

Terminology

Trading Bots

Financial

Trading & Forex

Broker Trading Account & Registration

Couldn't find the answers you were looking for?

Question category

Guides

Book a free phone consultation

Contact Us

Register & confirm you
are over 18 years old.