One of the many things you need to know about trading is that it demands your attention 24 hours a day. The moment you turn away from your computer screen or go to sleep, the market may take 180 degrees turn and you may lose a huge opportunity to make money. Another thing is lacking knowledge and experience in reading the price movements within the market right and making a wrong decision that may cost you badly. The solution to these problems lies in automated trading. You can use forex robots that make trading decisions for you, when you are not present. However, the market is filled with scammers who are out there trying to sell their products that are not useful. So, you need to be cautious before choosing a robot.
How To Choose A Good Robot?
You need to consider several facts while choosing a good forex robot so you can avoid scammers, such as:
A low drawdown rate: Drawdown is the estimate of decline and reduction of the total amount. The lower the drawdown rate is, the safer the robot is. Although higher drawdown rate indicates higher gains, they can also make an account go broke.
Backtesting: The most decent robots are tested thoroughly, against real tick data, real slippage, and variable spreads. You can rely on the backtests before purchasing a service. To know about the current performance of the robot, you can visit third party sites like Myfxbook and go through real-time data.
Reviews: You need to keep in mind that there would only be positive feedback on the developer’s site. So, it is important that you check other sites as well. Also, make sure to compare reviews with genuine users before you decide to invest.
Demo account: Trading is always full of risks, especially for the beginners. A demo account that does not require real money can be really helpful to get the hang of trading without risking anything. So, before you choose a robot, check if it offers a demo account.
Here is a list ofto choose from:
- Forex Fury
One of the best forex robots out there, Forex Fury shows a 93% success rate on Myfxbook. Its drawdown is 20% which indicates that the EA uses a low risk trading strategy. You can use it with a wide range of trading platforms, such as MetaTrader4, MetaTrader5, NFA, and more. The robot is easy to use and also offers helpful installation guides and videos to its customers. You may choose its Gold account or Diamond account. The customer service is friendly and super-responsive, which is another plus point.
eToro is the best option for copy trading. It is also the most popular social trading platform in the world. The robot makes trade related decisions depending on statistical analysis and allows traders to monitor the trades of pro traders. Whether you are a novice or an advanced investor, it can provide you with the features and functions you need to improve your game.
This EA is based on an algorithm that offers signals after analyzing the market. You may get the signals by email, audio, or visual notifications. Even if you are a beginner that has no idea about entry, exit, take profit, or stop loss orders, you will find it easy to use due to its simple and free guide.
Forex Gump allows traders to set their trading preference to low, medium, or high risk. Just keep in mind that depending on your choice, the results of your trades would be affected. This robot runs on nine currency pairs and helps traders to track news, trends, and prices. The best part of it is that it offers a money-back guarantee.
Combining three independent trading systems, this robot provides a self-updating algorithm with a profitable 40+ recovery factor. By using this EA, you are provided with real-time calculation with the option of trend retrace, countertrend, or countertrend scalping in a combination or independently, you can expect your success rate in trading to go higher.
Some of the other great forex robots include GPS Forex Robot, Learn2Trade, CryptoRocket, Coinrule, and Wallstreet Forex Robot.