IMPORTANT TO KNOW.
An Expert Advisor (EA), often known as a forex robot, is automated software that helps traders automate their trading process. When certain technical combinations occur, the robot can send out messages or initiate and close transactions automatically. These tools are designed by advanced traders with experience in both trading and programming.
We’ll look at some of the most well-known forex trading robots, their characteristics, and some of the precautions you should take when utilizing them in this post.
Expert Advisors are created using several popular programming languages. Most MT4 and MT5 robots are created using the MQL4 and MQL5 languages, while most TradingView bots are created using the Pine editing language. Other popular programming languages are Python, Ruby, Perl and C ++.
How to use a forex trading robot?
The best Forex Robots. Do they really work?
A forex robot can be used in one of two ways. The most efficient method is to build a bot from the ground up based on your preferred trading strategy. This technique is best suited for someone who has been a successful forex trader for a long time. Because he would build the bot using his trade skills, this is the case.
If you’ve been utilizing moving averages successfully for years, you can quickly convert this method into a forex robot.
To utilize this method, you’ll need some programming knowledge with one or more of the computer languages listed above. Using the templates included in MT4 and 5, as well as TradingView, you can create your own trading robot.
The second option is to purchase a pre-built robot. This strategy is great for folks who have never traded or programmed before. Many trading systems, including MetaTrader, sell trading robots. They number in the thousands. The majority of them are provided for free, while others can cost thousands of dollars.
The best forex trading robots.
With that in mind, let’s now take a look at some of the best forex trading robots. We created this list using data analysis, which provides users with the historical performance of the best bots.
Pivot points are important tools used to identify key support and resistance levels in the foreign exchange market and other assets. Popular types of pivot points include Standard, Wood, Classic, Camarilla, DM and Traditional.
Pivot Prof has received good feedback from its past customers. The developer also answers all customer questions.
Scalping is a method of trading in which you buy and sell currency pairs quickly. The majority of scalpers hold positions for no more than three minutes.
Some of its key features are that it always adds a stop loss for all traders. It is also a spread filter that helps prevent trading in extremely difficult market conditions. It also has slippage control and advanced stop loss management.
Red Hawk is a popular robot for MT5 and MT4 that uses the return-to-average method. This simply means that it works well when there is not a lot of action during a market session. It works well on major currency pairs such as EUR / USD, USD / JPY and GBP / USD. It is also recommended for hedging accounts.
Each trade comes with a safe stop loss and take profit.Despite the fact that the robot comes with a default lot size of 0.01, you can alter it to fit your trading approach. Red Hawk is $299, but you can get it for $149 if you buy a three-month subscription.
One of the most well-known forex trading robots in the world is RoFx. It was created in 2009 and is currently in use all over the world.
Unlike other forex robots we have discussed above, RoFx is built using proprietary technologies that the company does not disclose. However, it is highly rated. Since 2009, it has been bringing in more than 80% annual returns. According to MyFXBook, the system has opened more than 272,000 trades and won 80% of them, as shown below.
AW Swing Trading Advisor
Swing trading is a popular trading method in which you buy and sell currency pairs and other assets when their prices change dramatically.
It is most effective for corrective price swings. It contains built-in overlap, trend filtering tools, and dynamic pullback size based on volatility. You should double-check your desired order sizes, stop-loss levels, and stop-loss levels after installing it.
The AW Swing Trading Expert Advisor costs $395 or $295 for six months.
Arbitrage is a popular trading strategy that entails purchasing and selling two assets that are either linked or inversely correlated. The Arbitrage Trading bot is based on correlation ideas in general. It was created in 2015, according to MyFxBook, and has a good reputation. During this time, over 2,000 deals have been initiated. Over 97 percent of those transactions were profitable.
Arbitrage trading uses arbitrage in a unique way that takes into account prices offered by different brokers. For example, a broker might quote you GBP/USD at 1.2004 / 1.2006. Another might quote the same pair at 1.2000 and 1.2002. Consequently, if you buy at the second broker and sell at the first broker, you will make a small profit. Thus, Arbitrage trading was popular because this market inefficiency happens all the time.
A forex robot for arbitrage trading costs $1,000 for unlimited access. You can also pay $99 for a two-year subscription. It accepts payment methods such as Skrill, Neteller and Bitcoin. It has hundreds of verified reviews.
GPS Forex Robot
GPS Forex Robot is another Forex trading robot that received high ratings on MyFXBook. The robot opened 19 short trades and won them all. It also opened over 463 long trades and won 94% of them. A look at his history shows that he has been making money for his investors every month since 2012.
Like most advanced forex robots, GPS Forex does not show technical combinations. Nevertheless, judging by the results, it seems to be a relatively good forex robot.
Do forex bots work?
Many traders often ask if forex robots work. The answer is both yes and no. In our experience, we have heard stories of traders who have had great success with robots. In addition, it is common knowledge that many large quantitative hedge funds tend to perform better than traditional robots.
Simultaneously, we’ve seen and read personal accounts of traders who have lost a lot of money employing robots. Indeed, a growing number of traders who use bots are losing money. This is due to a number of factors.
Most Forex trading robots, in our experience, do not operate as stated. However, there are a select few that function particularly well.
Testing forex robots
A good method of reducing risk when using forex trading robots is known as history testing. This is a process in which you use historical data to determine the overall performance of the bot. You should always spend a few weeks or months testing history before using it in a real account.
Fortunately, popular trading platforms such as TradingView and MetaTrader have a free testing feature.
Forex Robots Review
Forex trading robots are becoming popular as more and more people switch to day trading. There are thousands of them available online. Some are free, while others charge a fee. Before you buy a robot, you should first read past reviews to see past customer experiences.
Request a free trial and test it on a demo account. Finally, if the robot works well, you can go ahead and buy it and use all the risk management strategies to diversify your assets.