The best Forex robots report is already here!
We’re pleased to present you with an article that combined our efforts, aimed at choosing the top 30 best forex robots of the outgoing year. To do this, we analyzed not only robots that have already proven themselves across the traders, but also completely new ones that have been only released this year.
Advantages and disadvantages of fully-automated trading
- Knowledge-free start. Frankly say, you don’t need any special knowledge to get started. It’s good and bad at the same time. The advantage is that you can smoothly get started after several minutes after buying a robot. You’ll be explained how to set it up to run on the MetaTrader 4 platform. The bad side is that you have to have at least base knowledge to know when the robot is going to become a scam in order to stop it and save your account.
- Looking for improving a strategy you’ve already used. Buying a robot for this case is quite a good option because for you it became like a webinar but on a real or demo account. It’s great because all the data is available for you. You can calmly check it, building and growing your own strategy. It’s a solid option especially comparing prices for webinars and for buying a robot.
- Safefully running on a demo account. It allows you to check as many times as you need how the robot performs in reality before you get ready to deploy it on the real account.
- Saving time. With running a fully-automated robot, especially if you buy VPS for it, you save a lot of time for your own life allowing the robot to make a routine for you. Everything you need is checking its results to be sure everything is fine.
- Price. A well-performed robot price starts from $500 and ended about $25000. For this money, you’re able to expect some cool features, really a worked money management system.
- Automated trading. You need to do little doings, the most robot doesn’t by its own.
- The market is unpredictable. Automated trading doesn’t work all the time. The Forex Market is the real Wild West. That’s why the backtest’s results are always far from real robots performing on the real account.
How do Forex robots work?
Robots usually focusing on performing one or more strategies that allow for a robot to be profitable. Analyzing indicators robot makes a decision about where the best point to get in and out of the trade.
- Running on the MetaTrader 4 platform. Most of the robots have been developed to run on the MetaTrader 4 platform, but more expensive ones are able to work on the MetaTrader 5 and others.
- Money management system. All of the robots you want have to have these patterns. They allow you to use automatically the next features like hard stop-loss, stop-loss and take profit. The stop-loss pattern is designed to don’t ket you to lose more than you’re ready to lose. So, when the market goes in wrong than it was predicted the way the robot got out of deal asap. From the other side, we’ve got a take profit pattern that makes as much money as possible from every trade.
- Indicators analyzing system. A lot of robots have built to trade through analyzing indicators to find the best spot to get in the trade and after taking all profit to get out of it.
- Building the charts. Expensive robots are able to build charts to make more carefully decision about point where the robot should in the trade.
- Risk management system. Some of the robots provide risk management, that allows you to choose the amount of risk you’d like to take during trading duties. As much risk, you take as much profit or loss you get after finishing the deal.
How to choose a robot on your own?
Everything varies profit expectation, trading strategy, currency pairs, etc. You have to get together all these parameters to make a correct decision about which robot fits you the best.
- Trading strategy. That’s a very important option especially if you an experienced trader that has his or her own strategy. So, first of all, take a look at what strategy have been run by the robot you look at. Don’t try to pick a robot with the strategy you don’t understand because it’ll be able to turn in huge loss because you didn’t understand when the robot became a scam. If you’re a brand-new trader you can skip this option.
- Currency pairs. There are several well-known ones like EUR/USD, USD/GBP, EUR/GBP, and the others. If you have preferences you have to look at the trading results of pairs you want to trade. If you’re a new trader who wants to be trained and be learned you have to pick these three ones. Handle them allows you to go ahead and trade other pairs. As well, don’t forget to check the real account data and get proved that currency pairs you want are run well by the robot.
- Profitability. Good monthly profit usually starts from 5-8% and ends at 11%. Everything outside of these scissors has high chances to become a scam. Low profit is not an option to pay to get. The higher profit looks like a marketing bait. Usually, these robots work well for two months and go down to 2-3% of monthly profit in the best case.
- Drawdowns. 10-20% of drawdowns means that the robot in generally works well to be bought.
- Monthly gain. You’ll be allowed to check charts, so you can easily get what’s up with the robot. It goes up or down in its profitability or shows the average results across the months.
- How many days it’s live. During the first half of a year, there are high chances to get a scam robot. If the robot runs over this period like one or two years, it means, it can be an option for you to use.
- Rating and comments. Google about the robot and what people write about it. Provide yourself and answer how good it is. Check the official site where the robots are selling. Check their ratings. Compare them with what you think about it.
- Site & presentation. You mustn’t be pushed to buy the robot asap. If they try they’re 90% want to get you money and forget you and needs of yours.
- Knowledgable and available support. You have to fell very easy to contact support and get your question is solved as quick as possible.