With the advent of automated Forex trading, traders are gradually starting to abandon manual strategies for robots that place trades on their own. These robots, also known as expert advisors, are programmed using a specific set of instructions. Using these instructions, they can determine the best prices for buying or selling a pair. While trading with such a system, you don’t need to worry about your emotions affecting your trading choices, since everything is pre-programmed.
The best thing about these systems is that you don’t need to have a whole lot of experience. You simply setup the software and it starts dealing in currencies for you. But this does not mean that robots are not useful for experienced merchants. Most of them come with customizable settings that a seasoned trader can use to suit their individual trading style.
Even if you are a seasoned Forex trader, you should know what the best Forex robots are. There are many unscrupulous vendors trying to scam unsuspecting traders by selling them unprofitable EAs. To avoid getting duped by these scams, it is vital to know about the various factors that make a decent Forex robot. Here, we have listed a few for your convenience.
Things to check before investing in a forex robot
Here are some of the factors you need to look into before investing in a Forex EA:
Supported platforms and currency pairs
Most Forex EAs either run on either Metatrader 4 or Metatrader 5 or both. So the trading platform is the primary thing you need to keep in mind. If you are using the MT4 platform, for instance, and purchase a system that only works on MT5, you won’t be able to place trades. It is therefore important to check all the trading platforms the robot is able to function on.
Some EAs trade in all major, minor, and exotic pairs, while others only deal in a few. You can also find systems that specialize in one pair only.
Applied trading strategies
The profit-making capability of an EA largely depends on the strategies used by it. Before investing in an EA, you should find out what kind of indicators it uses and how it conducts price analysis. There are many dishonest vendors that do not furnish any data related to the trading scheme and you should avoid buying from them.
Verified trading statistics
You should never choose a robot that is not substantiated by an independent third party. There are websites like Myfxbook, FXStat, Forexpeacearmy, and FXBlue, where you can check the real-time statistics published by EA vendors. While some robots may have several years’ worth of backtesting results behind them, you should know that historical performance does not guarantee high gains in the live market.
There are many vendors who share screenshots of successful trades on their websites to make their robot seem like a profitable system. These are often cherry-picked trades that do not reflect the true long-term performance of the EA.
When the trading results are published on third-party websites, the vendor cannot manipulate the results, so you can gauge the real profitability. Therefore, you should make sure the robot has a certified record of trading successfully for several months before you invest in it.
These days, you will find Forex robots being sold at exorbitant prices, and you should stay away from them at all costs. Overpriced EAs are usually scams and you will often see the vendors making high claims of impossible high profits for them. A reliable Forex EA would cost you something between $100 and $1000.
Another thing you should look for while buying a robot is a refund policy. You should generally avoid EAs that promise good results without any guarantee. Most reputable sellers offer a minimum of 60 days for this. It is a mark of a trustworthy seller who is prepared to stand behind their promises.
Reviews from real customers
Prior to spending money on a product, you should find out what other people are saying about it. Owing to the presence of fraud service providers in the industry, it becomes necessary to do some research on a robot to avoid getting scammed.
For authentic customer testimonials, you should check out websites like Forexpeacearmy, Trustpilot, and Myfxbook. Some vendors can pay users to write favorable reviews while others might manufacture the reviews themselves. But on these websites, you will find testimonials from real users who have used the robot for some time.
The 7 Best Forex Trading Robots
Here are some of the best Forex EAs available on the market in 2022:
1. Jet Trader Pro
This is a fully automated EA specializing in the EUR/USD pair. Jet Trader Pro uses a grid strategy, so you need to know how it works and what the risks are. It has reversal countermeasures and price protection schemes that allow it to adapt to the present market scenario.
Here, you have three different trading modes to choose from, so you can specify the level of risk. The system calculates the lots automatically and controls the drawdown to a great extent. Jet Trader Pro remains active 24 hours a day, 5 days a week, so you won’t miss out on lucrative opportunities.
2. Forex Real Profit EA
Forex Real Profit EA trades in the GBP/USD and EUR/USD pairs for the M15 timeframe. It uses different scalping strategies to extract profits from the Forex market while keeping the drawdown minimal. This robot has several years of live trading outcomes that are verified by Myfxbook, so you know they are authentic.
With this expert advisor, you can choose your risk level. It costs only $199 per year and the vendor also offers a money-back guarantee. To get started with this EA, you only need to deposit $100, which is quite less compared to other systems.
Type: Scalping MetaTrader EA
Daily profit: Up to 0.12%
3. GPS Forex Robot
This EA uses advanced algorithms to monitor the market throughout the day. With this robot, you can choose between 12 distinct trading schemes, which allows for greater flexibility. Even if you don’t have any prior experience with automated systems, you can use GPS Forex Robot with ease. The vendor provides periodic updates for this system to make it suitable for the current market conditions.
GPS Forex Robot is backed by high-quality backtests and live trading results verified by Myfxbook that show over 300% gains. It is sold for a price of $149 and the vendor provides a 60-day money-back guarantee.
Type: Multistrategy MT4 EA
Daily profit: 0.04%
4. Promax Gold EA
This is a 100% automated EA that works with the MT4 trading platform. It has been developed by the Malaysia-based Sinry Advice team. Promax Gold EA delivers a high monthly profit of 20-48% and has automatic money management settings. It performs accurate fundamental and technical analysis to achieve an accuracy exceeding 88%.
This robot executes trades swiftly and orders are not kept open for more than a couple of days. It requires no manual intervention on your part and has a low drawdown that lies below 30%. The vendor also provides you with a setup guide and free updates for a lifetime.
5. Forex Diamond
Forex Diamond is compatible with both Metatrader 4 and Metatrader 5 trading platforms. It has verified live trading results and a recovery factor exceeding 40. This robot dynamically calculates the take profit and stop loss levels and also features high slippage and spread protection. It uses three powerful strategies, namely scalping, countertrend, and signal.
Forex Diamond is supported by 19 years of impressive backtest results and it has been trading live since 2014. The vendor provides customer support on a 24*7 basis, so you can receive immediate help in case something goes wrong. Compared to other robots, you don’t need to perform too much optimization for this system.
QuivoFX has multiple Forex EAs priced between $29 and $149. These EAs use different technical indicators like Heiken Ashi candles, ADX, Ichimoku clouds, Bollinger Bands, Stochastic, and MA Cross. The vendor maintains transparency when it comes to the strategies, and each one of them is explained in detail.
Although there is no money-back guarantee for this robot, you can exchange your EA for another one within the first 7 days of making the purchase.
What are pros and cons of using Forex robots
The pros and cons are as follows:
- Faster processing of orders and market analysis
- Reduces the influence of emotions in trading
- You can use them to test various strategies using historical data
- Can monitor several pairs simultaneously and implement advanced strategies
- Not very efficient at analyzing fundamental indicators
- Limited capabilities in a sideways moving market
- Require strong network connection 24*7
- Too difficult to configure without technical knowledge
How to profit from automated Forex trading
You should consider using a Forex robot if you have a fairly straightforward strategy that requires minimal manual intervention. No EA will make you rich overnight, so if you come across a vendor making such claims, you should know that it’s a scam. Although these systems are automatic, you still have to supervise them occasionally to make sure everything is working according to plan.
Most EAs have a certain range of operations. They generate trading signals using custom scripts and technical indicators and compared to a human trader, they can scan charts at an extremely fast rate. In order to make steady profits using an automated system, there needs to be a trend.
There is always the danger of a sharp price shift draining your account while trading with robots. Thus, when the market is choppy or there is a negative trend, it is wise to turn your EA off for a while before the conditions change.
You ought to know that all Forex robots are not the same. It is wise to first select a trading scheme you are comfortable with, before purchasing an EA. The market is flooded with unprofitable robots, so finding one that can earn you steady profits while protecting your account is not easy.
All the Forex robots mentioned above are trusted by traders worldwide and are backed by verified statistics. At OurSite, we don’t claim to provide financial advice. This article is strictly educational and before making your final choice, you should conduct your own research.