Which Are the Best Forex Robots and Do They Really Work?
Forex trading is versatile due to the different trading styles, Forex strategies, and Forex systems that can be used. In the Forex market, there are traders of all levels of proficiency, and each type of trader will have different ways of working. One of the features of Forex is the split between the traders who want to manually trade, and those who want to utilise automated trading with the best Forex robots. This article will focus on automated trading.
What is a Forex robot?
Automated trading requires a lot of research to find the right software that will perform trades correctly. Sitting back and letting an automated device perform the work for you can be a real temptation, and it's here that Forex robots come into play. A forex bot is a computer program that is based on a set of forex trading signals which help to define whether to purchase or sell a certain currency pair at any particular time.
Trading robots are available 24/7 to Forex traders, and can easily be bought over the internet. It is imperative to confirm that there is absolutely no such thing as the 'holy grail' of trading systems, regardless of the type they belong to and regardless of where you are from. Whether you are searching from the UK or you are looking for the best forex robot in Africa, it really doesn't matter, because this is practice that is carried out in the digital world.
So, are you asking yourself, "Do Forex bots work?", or "Will choosing one turn out to be just another commercial scam?" To answer this question, some people go online and type in, "best forex robot reddit". But stick around, we've prepared this article in order to address these questions and find out the best Forex robot in 2021.
The top Forex robots
To get the most out of your automated trading experience, you need to know the best Forex robot EA. Here is our list of the top 5 best forex trading robot reviews (including one we suggest staying away from):
We start our list of the top 5 best forex trading robot reviews with Ganon. What sets it apart from a large part of the competition is its new technology and features. Namely, it is the only one out there using the ultramodern Strand Theory™ code base. This logic allows it to avoid getting distracted by short term movements while picking up on big trends. At the time of writing, it has found $848,397 in automated forex trades so far this year.
This the second service in our list. GPS undoubtedly has something to offer to traders. If you already have experience and moderate knowledge of the financial markets, you may benefit from utilising these robots.
If you are trading using the MetaTrader 4 terminal, it would be preferable to use the advanced trade copier. Traders who invest a lot in the FX markets each month often favour this product. There is no monthly subscription at GPS Forex Robot. To get this bot, there is a $149 one time payment.
Overall, GPS Forex Robots are user friendly and provide easy access to good customer support - contact details are clear and they answer almost immediately, which technically serves a user well - which is one more reason why they are in the list of top Forex robots providers.
Itic Software Review
Itic Software, provides FX traders with a wide variety of service. They indicate to their clients when it is an appropriate time to carry out buy-sell actions of main currency pairs on the Forex market, based on analysis. Itic Software robots have multiple trading strategies. The wide service they offer is continuously tested by professional traders, products are not repaints, they always provide the source code and use unique mathematical algorithms only.
For your sake, we have included in a review of this bot, one which many users warn against. The Odin bot by ForexRobotTrader.com apparently uses an ultra-advanced grid trading strategy to automatically pick up on beautiful trading opportunities. However, currently, Odin is struggling with negative reviews and is not recommended.
There is a great deal of scepticism that has surmounted around this bot's performance and the company has yet to release their trading statements to FX Blue or Myfxbook. Until they display some trustworthy transparency for consumers to determine its worth, the scepticism will remain.
Myfxbook: not a trading bot, but useful software
While we are discussing autonated systems for trading, it is time we mention Myfxbook, which is not a trading bot, but is a system that can help you in other areas of your strategy, outside of the actual entering and exiting of trades. Myfxbook is an automated analytical tool that analyses your trading account and offers a social forex community.
With Myfxbook, you can track, compare, analyze and share your trading activity. It is the first of its kind, and it supports more than 100 brokers, so there is a high chance that your account will be compatible with its service.
Here are some specific ways Myfxbook can help you:
- Perform a deep analysis of your account using advanced statistical analysis programs to understand your specific trading habits, from the inside out.
- An innovatibe dashboard helps you stay up to date on the markets.
- If you are a money manager or you become one later on, as you develop your trading skills, you can use your public system page to serve as a resume of your trading skills to attract new clients.
- Develope, learn, improve and compare your trading skills with the help of the whole community.
While Myfxbook isn't a trading bot, it is another automated system that can compliment your trading strategy and help you imporove as a trader at a faster rate.
Don't worry, it doesn't need your login info
This is your trading account that we are talking about here, so you may be asking yourself, "Does Myfxbook need my login details to analyse my account?" No. The system involves no installations or complicated configurations. They never ask you for your login details to access your trading account. What the system needs is read-only access to the trading account.
Here's a bonus: it's absolutely free. This could be one of the best forex robots for free.
Next, as a side note to this list, I will quickly discuss a few different types of bots: one of the best arbitrage forex robots, one of the best forex hedging robot and, lastly, a scalping bot.
Best arbitrage forex robot review
Westernpips Private 7 Software is a full-featured Muliterminal - a latency arbitrage forex robot. It has built-in algorithms that execute automated trades on any forex broker. It does so without opening the Meta Trader 4/5 terminals. Instead, it uses technology for direct trading access to different servers via a TCP connection.
With this software, many opportunities open up to you. You can capitalize on connecting both fast and slow brokers in any combination. You can execute trades and fast quotes on FIX / API / ITCH protocols. The order execution speed using this new technology is about 15 to 70 ms faster and every order looks like it was placed manually.
It is worth noting here that with latency arbitrage, principle traders are able to capitalize on the ability to connect to exchanges faster, relative to other participants in the market.
Top forex hedging robot
The Hedge Forex Robot is a fully automated robot that trades based on a hedging strategy (this means buying and selling at the same time) paired with trend analysis. This bot is appropriate for both beginners and advanced traders, due to its simplicity in use and set up. It can be set up in a matter of minutes. It is fully automated and comes with easy-to-understand, step-by-step instructions. It is always a good idea to be careful when you are trading with hedging strategies and remember to check with your broker to ensure that they allow hedging.
Top forex scalping robot
In order to find one of the best forex scalping robots, there are several factors that need to be in order for the scalping bot to work. Traders sometimes find themselves asking, "Can they really work?". They can, but, unfortunately, the answer is not a simple yes or no.
When searching fro bots, some traders might head to Google and type in "best forex scalping robot" or something like "best forex trading robot ea 5 0 review". Unfortunately, in the case of scalping bots, this can be dangerous.
Here are some key points to consider when searching for a scalping robot:
- Your broker account is a key component of whether your scalping bot will be effective and beneficial. A robot will not work if the conditions of the broker are such that they serve the broker, regardless of how efficient and effective a bot is. Perhaps, you can negotiate this point. Sometimes, if you have a big enough deposit to start, it is possible.
- The bot: it must be good. It is important to avoide bots that use grid and martingale strategies (these are sometimes also known as marti-grid).
- Be sure that the vendor is capable of showing you a live account. This is important, however, it cannot be a 100% reliable way of prooving the performance of the bot, as brokers and EA vendors can cooperate on creating fake accounts to show high sales that aren't, in fact, accurate.
- Look for a free trial. If a company has a solid product, particularly in the bot market, there is not reason for them to not offer a free trial. If it is as good as it is marketed to be, then it is not uncommon for the provider to prove it to their potential clients through a free trial. e first.
Whether you are searching for a traditional form of a scalping trading bot or you are searching for the best forex robot for android or your iOS device, these points are important to consider in any situation. When looking at the big picture, it is difficult to find a reliable scalping bot. So, I am going to leave you with this (which, unfortunately, will only be of use to more advanced traders): one of the best ideas is to develop a scalping trading strategy of your own and then pay a professional to code it in MQL.
How do Forex trading bots actually work?
FX traders want to use the best Forex robots because they hope to make easy money from the Forex market, without having to devote a lot of personal time to it, or do anything manually. Those who use them have to find a good currency pair and the perfect time-frame to trade in it to maximise their profits.
Some Forex bots are capable of scanning numerous charts in a way that humans physically can't. In addition, they are developed with particular parameters needed in making trade decisions. With implanted trading signals, they determine when it is appropriate to trade, or conversely not to trade.
The best Forex robots suggest solutions to find profitable trades even in unstable markets, when the actual trending direction is unclear. They will follow the best trend to enlarge profits, and perhaps eliminate the chances of potential losses. Trading against the trend will eventually lead to loss after loss, whilst trading with it increases profit, no matter what method or robot is used to trade.
However, what must be remembered is that the majority of robots trade within a certain range. They make a particular amount of pips inside the tight range, during the slowest time on the Forex market, and they regularly set a few pip targets, and may not even use a stop-loss. They can be classed as successful, as they do tend to make profits in each trade, even if it is only a few.
When an unanticipated and strong range breakout occurs, it wipes out the small profits that they have made. Some robots which are promoted as the best Forex trading bots, can gain a profit in a positive trend, although they may lose money in a choppy FX market, so the discovery of a great trend to follow is an essential task.
How do you make a Forex trading bot?
The finance industry recruits as many programmers as it does, because no amount of human traders could carry out as many trades, and as quickly, as they can with forex bots. You can take advantage of them, as well.
There are two ways you can get one:
- Create and program your own forex bot, or
- Use a professional developer
If you choose the first option, you should bear in mind that you will need to learn the programming language of the trading platform you use.
Some trading interfaces have simpler and easier to learn programming code than other platforms. The language in MT4 is relatively more simple to learn than most, with a lot of documentation available online to help you succeed in programming your forex bots.
The MQL5 website, in particular, is full of very useful information.
Once you have a forex bot installed in your trading platform, you should begin by testing it, with:
- With historical data with MetaTrader strategy tester
- In a free demo account to see how the automatic trading bot reacts in real conditions and in a safe environment.
Only by verifying that the operation of the forex bot is identical in the historical data as in real-time data, can you ensure that it is working properly.
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The effectiveness of robots
Though FX bots promise to make beneficial trades, not all of them are what traders expect them to be. Moreover, some federal governments consider them to be scams. In a similar way, you are not likely to find any article in Forbes, the Wall Street Journal, or any other respectable news source that promotes them.
What's more, even online robot merchants try to move their robots in rank by claiming that their opponents' ones are scams. A lot are advertised with false claims by people who have made serious money applying these systems. The truth, however, is that a great number of investors and traders have lost a lot of money using so-called 'free' Forex bots that work. There have even been circumstances in which whole accounts have been wiped out.
If you really want to know how effective robots are, you should check out reviews and authoritative testimonials online. Although they can scan millions of different charts within seconds, most often 90% will turn out incorrect information. This is understandable - because FX bots are a form of artificial intelligence. Even though they are capable of performing highly sophisticated tasks, and many at once, every Forex bot is still incapable of creative thinking. They cannot imagine what may take place in the near future, as their functionality is restricted to how they were initially programmed, as well as past performance.
For traders who use robots, they should not fully depend on it to conduct all of their trading activity. Ultimately, trading demands a considerable amount of human research and observation. Additionally, humans, and not trading software, can actually follow up with diverse economic conditions, and keep up with the news in the financial world. Forex bots can solely find positive trends as well as trading signals, but occasionally their functionality is unfavourably affected by either jittery trends or false information.
In addition, hackers and viruses may also hinder robots. All in all, automated FX trading software, or Forex bots, are nice opportunities for their designers to make money, but offer little benefit to you as a Forex trader. It is a debatable question - will a robot make you rich, or will it just wipe out your trading account?
Are forex trading bots legal?
Perhaps you've thought to yourself, "Are they legal?". The short answer is, yes. But it's not so cut and dry. There aren't currently any concrete laws that forbid or permit the use of these automated trading tools. As such, they aren't declared illegal by law.
But keep in mind the existing laws surrounding daily trading. Some countries have restricted or forbid trading forex through online brokerages. So, trading via one of these bots in such a country could bring you face to face with legal troubles.
Can you make money with Forex trading bots?
One thing is likely - their developers can potentially become millionaires. Smart designers are aware that people yearn to make a lot of money, and try to ensure that robot Forex trading appears to be one of the finest ways that they can achieve this. Nonetheless, they exploit this as a possibility to design a bot, or any other software (or even a DVD, webinar, seminar, e-book etc) to sell and prosper.
If the robots they sell could actually make a huge amount of money through trading the currencies, then what is the point in selling them to others and not utilising them on their own Forex accounts? The answer is logical - robots can barely make money for a Forex trader. Can a $99 FX bot or a free Forex bot really make hundreds or thousands of dollars every month? If it could, you have to ask yourself - would it really be sold for such a relatively low price?
If it was this easy to earn money utilising these automated systems, nobody would ever go to work. It is possible that robots can make money for a restricted time period, but they could start losing after a while - and the money earned by the 'best Forex bot' with one position may disappear before you can claim it. In addition, the vast majority of bots are scalpers. They make just a few pips with every position they take - and they can set a considerably tight target. The chances of surviving with such a strategy are quite limited for a trader.
Successful FX trading is based on knowledge, proficiency and skill. It involves analytical thinking, and something visual. When looking at what are Forex bots, it is clear that they cannot properly work in this manner. Market conditions tend to change all the time, and only an experienced Forex trader can distinguish between when to enter the market, or when to stay away.
We have described the aspects of applying robots in Forex trading from a rational point of view. What we hope can be concluded from this article is that instead of spending your time and capital on things like automated FX trading software bots, it would perhaps be better to devote time to learning a good trading system.
Eventually, you may become a professional trader who relies on experience and knowledge, rather than using computer algorithms and codes by someone who is not a Forex trader at all. It is completely up to you whether Forex bots are worth your attention - and only you can answer the question: Do Forex bots really work?
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This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.