Bots and Deals
Bots and Deals are central to how ForexHero operates. Please read this section carefully.
Last updated
Bots and Deals are central to how ForexHero operates. Please read this section carefully.
Last updated
Trades on ForexHero bots are consolidated as Deals. Each Deal contains orders based on the trade signals generated by Entry Conditions, Stoploss, Take Profit, Exit Condition and Extra Orders. Deals will also execute orders in that same order of priority, whichever comes first.
A bot that is waiting for entry has not received a signal from ForexHero bot engine for Entry yet. The signal is generated by the Entry Conditions which you have configured for the bot. There is nothing to be done at this stage, users may delete or pause the bot without any issues as no orders have been made.
Once the bot receives the first signal to execute a trade, a Deal will be created. This Deal can be found in the section Open Deals. After this, the bot's status will show "In Progress". The Deal's status will also show "Deal In Progress". Please note that in ForexHero mobile apps, a bot with amber/yellow circle signifies "Waiting in Progress" and green color for "Deal in Progress".
When Entry Conditions are met, the first order and any subsequent orders, if applicable, is executed and a Deal is considered to be in progress at this point of time. Orders sent to the brokers will be limit orders, prices are determined by the Entry Conditions. Users can see the equity positions based on live data once a Deal is running.
If a user liquidates a Deal, all positions taken in the same Deal are exited through a market order on the brokerage immediately. This is to ensure orders go through as quickly as possible. Once a User liquidates a Deal, the bot will revert to the "waiting for entry" state, and will place a Base Order upon the Entry Conditions been met. To stop a bot from running, the User must turn off (deactivate) the bot.
A Deal is paused when a Bot is set to inactive. In pause state, a bot will not act on any trade signals generated. All trade signals will resume once a Bot's status is set to active again. The Bot will start a new order based on the next trade signal. If a Deal is already opened when a user deactivates a bot, that same Deal will remain as it is, i.e. all instruments bought or sold by the bot will remain intact.
