Best Forex Robots 2018
To summarize best forex robots, we need to understand the basics.What I will discuss in this article - what is automated forex robots, is it worthy to use such systems and if they are guarantee to succeed. Additionally, I would like to give some tips and make a difference between advantages and disadvantages.
The questions that I will answer in this article are:
- Is it worthy to use automated forex robots?
- What does automated forex trading mean?
- Does the success guaranteed in using automated forex trading system?
- Some tips to choose best forex robots
- The things you should pay attention while choosing the best forex automated robots
- Advantages and disadvantages of automated trading systems
1) Is it worthy to use automated forex robots?
When I speak about best forex robots, some of the traders will right away say they are Holy Grail, and for some it is the worst nightmare they can imagine. In my article, I am not going to say or try to convince you that there are the best forex robots and that you have to definitely use them but rather I will make some assumption and give you basic information so you can read and decide for yourself if automated forex robots are what you look for.
2) What does automated forex trading mean?
In order to become profitable and successful forex trader you have to spend a lot of time watching and observing the currency market and analyze them. Also you must follow all the news and economics. This way, you can be up-to-date with the world market changes. There is a tool that can save you a lot of time escaping all that job. Instead of staying in front of the computer and analyzing the market changes and reading the whole days news and upcoming events related to the economics, you can take an advantage and use that tool. These tools are called forex robots or automated trading systems, you can meet them as expert advisors as well. Thanks to these automated trading systems nowadays forex traders can enjoy their normal life without constantly getting under pressure about the forex market dynamic changes.
Forex robot is basically just a computer program or algorithm which trades in the forex market. It simply looks for signals and try to get the best trades in the market to make profitable trades. Some of the automated trading systems are based on well-know trading strategies and some just on pre-set parameters. The trader can easily manipulate these EAs, if the settings are available in the robot's settings, and try to get better results based on the algorithm written by the dev. Many forex automated trading robots use technical indicators available in almost any metatrader 4 to help find profitable forex trading opportunities. Such forex automated trading robot can look for movements far more efficiently than a human, and this guarantee that there will not have human emotions which in many cases lead to bad decisions(human emotions).
3) Does the success guaranteed in using automated forex trading system?
Honestly speaking, there is no guarantee that you will be successful forex trader in using automated trading system. There is no tools, systems, strategies, or any other type of system that could guarantee you 100% success. This is important to understand!! There are available forex trading robots that you can use by paying or for free, however, do you think that someone is going to sell you the perfect system that guarantees 100% success? I do not believe in and I am sure they will keep it for themselves. Many big companies that use such auto trading system keeps their systems under lock and they do not reveal them. So, there have few forex robots that I have met and they do good job but also I have seen many forex scams that can turn your life into nightmare. Even reading reviews as mine you have to be very careful because there are fake reviews just to promote these forex robots.
One of the first steps that you have to do before starting using forex trading system is to spend time reading customer reviews that have had experience with such tools. Even then you have to be really careful because even customers review could not be genuine.
These forex trading robots are developed mostly based historical data and therefore it is not guaranteed that it will be as successful as it is till now. Forex robots work based on the algorithm written by the devs and they are not able to think creatively as a human.
Based on the above paragraph, I advice you not to rely on automated trading systems entirely. This is for the simple matter that successful trading requires a large amount of human research and analyze. As well, people are much more flexible in following economic conditions and being up to date the latest news and events. Contrary of this, forex robots are really good at picking out trends and signals what will lead to profit. Additionally, the robot algorithm could be deceived by false trends and wrong information. As you know Internet is full of scams, software's and viruses who could mess everything completely.
What is important to keep in mind about automated trading robots is that they could help you a lot in gaining profit in short term and be useful but only if they are used smart. You have to use EA but also watch it continuously and it may be needed trader manual actions. So, do not rely fully on them. They are useful, really useful if you know how to use them.
5) The things you should pay attention while choosing the best forex automated robots
- Drawdown - when we speak about drawdown a lot of traders will have different opinion about it. Some may prefer drawdown less than 20% but some even may be okay with forex robot that have 50%-60% drawdown. So, set aside a time and decide which drawdown is accepted for you and your account balance.
- Backtesting - One of the first things that you must do before starting using automated trading robot is to do backtests on various currency pairs and in a variety market conditions, account types and brokers. If the results are not satisfying you are probably going to lose money. Doing backtests will give you a clear vision up to a point about the robot's trading style and functional behavior on different conditions. A developer, who is genuine, will definitely agree to give you backtests and or give you the chance to do so, if they don't then be careful, they are not very reliable.
- Live trading - It is really good sign if the robots owner prove the EAs results on live trading. Proving the results with live trading is really good sing. You definitely must look for it.
- Capability - check on the web for reviews and testimonials.
- Last but not least, test the EA on different order size, to find out how the robot will handle those order sizes. Check if the EA will give the same results on different lots.
6) Advantages and disadvantages of automated trading systems
+ Advantages of automated forex robots
- Discipline - while using forex robots there will not have any discipline troubles, but if you trade manually then you will definitely have such issues. Fears from losing or the wish of increasing the possible loss/profit will be removed by automated system, because the EA will have rules that will strictly follow. There will not have emotion factors.
- Emotions - no emotion factor at all. The robots do not have any sense so they are not affected by such human factors. They are robots and follow the same rules and patterns based on the written programs. If you are nervous person with such expert advisor you will remove this headache as well, such as when to place order or close them. No emotional factor at all.
- Trading algorithm - the trading algorithm can be backtested based on historical market data, called tick data, in order to find out their profitability. So, the rules have to be really accurate and precise and they can be tested on historical data before moving to real money accounts. Following all these rules a trading system can be tuned and the expected results can be determined.
- Consistency - being consistent is really hard job in people's live and forex trading and it requires a big discipline to overcome such problem. You may lose consistency and believe in yourself if you do couple of losses so using automated robots will help you to remove this problem.
- Order opening will be much better and precise if you use expert advisor because they follow patters and logic that fire at a pip that you may miss it for some reason while doing something else at home.So, human speed can be much slower than robot action.
- Multiple trading at once - using an automated trading system a trader can trade on multiple accounts with different strategies. As you know computer are much more efficient than human and they are great tool for multitasking. They can execute trades in milliseconds so they will almost guarantee that you will not miss trades.
+ Disadvantages of automated forex robots
- one of the biggest issues of online trading is the failure of the mechanics. Can you image what will happen to your account if the Internet connection is lost... This may not happen in ever day life but it is possible.
- even if the system works perfect you are bound to monitor what is going on. There could have internet loss, power outage, computer crashes and many others. Such failures may reflect to your account by accidental closing of trade or duplicate trades, or completely wrong orders.
Taking into considerations the advantages and disadvantages of forex robots, I want to say that they can and should be used by the traders because they will definitely help you to get much more success than just manual trading. Having this in mind, it is really essential to choose expert advisors that are tested rigorously. They have to be known and easy to monitor and understand otherwise the risk is going to be really high. So, set aside a time to research for best forex robots. I can suggest you couple of exeprt advisors that you can check and test before choosing the one that suits your needs. Here are they - WallStreet Forex Robot 2.0 Evolution, Forex Real Profit EA, Volatility Factor 2.0 Pro, Forex Earth Robot and Forex Trend Detector.
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