Best 4 Forex Robots for AutoTrading

Best 4 Forex Robots for AutoTrading

Automated trading has become popular in the forex and CFD trading world. It involves a lot of research to find the right software that will execute trades correctly. As a trader, sitting back and allowing automated software to do the work for you can be really tempting. This is where automated, forex trading robots are useful.

A forex robot is computer software or program designed with a set of forex trading signals that helps to define whether to buy or sell a certain currency pair at a particular time. Trading robots are available to forex traders and can be easily purchased over the internet. However, it is imperative to know that there is no holy grail of forex trading systems. Hence, several robots serve various purposes. We will look at the top forex robots and what they will do for you as a trader.

Top Four Forex Robots

  • The top four forex trading robots discussed here were selected after looking at the services they offer and their various features.
  • GPS Forex Robot 3 is a leading forex trading robot in terms of trading styles as it offers 12 selectable trading styles and strategies
  • Forex Astrobot is a forex trading robot designed with various features that would make you profit and protect you from loss.
  • Onyx Scalper is a user-friendly trading robot that has a conservative, medium, and aggressive trading models.
  • Forex Gump is the best news trading robot as it has an expert advisor with trendy a candle and News Filter.

GPS Forex Robot 3- Best for Various Trading Styles

The GPS Forex Robot 3 is one of the leading forex robots at the moment. It is a newly developed, innovative technology that comes with some superior algorithms. It is designed to constantly monitor the forex markets and has 12 selectable trading styles and strategies for traders to choose from according to their trading needs.

The best part about this software is that it is simple to set up and use. GPS Forex Robot 3 is designed to receive automatic updates whenever the program needs to be tweaked. The drawdown of this bot is less 13% on most trading pairs, which is one of the lowest in the industry. It can be deployed with the MT4 trading platform, which makes it even more popular as most traders use the MT4 platform for trading purposes. They also offer to backtest their software.

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License fee- $149.

Forex Astrobot- Best Robot for Loss Protection

Forex AstroBot offers 100% automated trading from the moment you install it. It is designed to analyze the market conditions and see how it can take advantage of any of them. The trailing stop feature of this robot and the Money Management options are available to protect the users from potential losses, especially during unstable market conditions.

The details of the unique trading algorithm of this software are not shared with anyone, but it works on virtually all currency pairs. However, Forex AstroBot claims that the bot is equipped with a unique trading algorithm that will execute highly profitable trades on behalf of the traders.

License fee- $129

Onyx Scalper- Best User-Friendly Robot

This trading robot is designed to provide forex signals to traders and tell them when to buy and sell an asset. Onyx does so with the help of an effective trading algorithm that would inform the traders when to move in the trade. The user-friendly nature of the Onyx Scalper makes it suitable even for beginners.

The three signal modes, conservative, medium, and aggressive, all come with varying levels of risks attached. It supports all the major currency pairs and has multiple trading styles for the users to choose from. Onyx has a 30-day money-back guarantee, which makes it reassuring to work with their software.

License fee- $147

Forex Gump- Best News Trading Robot

Forex Gump is one of the most popular forex trading robots. It is an expert advisor with trendy a candle and News Filter. To make it more effective, Forex Gump supports only nine currency pairs at the moment (AUDUSD, EURCHF, EURGBP, EURJPY, EURUSD, GBPUSD, USDCAD, USDCHF, and USDJPY)

Traders have the option to set their trading preference to high, medium, or low risk, and this ultimately affects the outcome of their trades. Forex Gump comes with full instructions and support, and also offers a money-back guarantee to the users.

License fee- for one live account (€199), for three live accounts (€399).

How do Forex Robots Actually Work?

Forex and CFD traders want to use robots because they hope to make money from the forex market without spending much time in front of the screen. Traders that use robots need to find a good currency pair and the perfect time-frame to trade so they can maximize their profits.

Some FX trading robots can scan numerous charts in a way that is impossible for human traders. Furthermore, these robots are developed with specific parameters required to make trading decisions. With the generated trading signals, the robots determine when it is right to trade, and when it is right to stay away from the market.

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The top forex robots suggest solutions for traders to identify profitable trades even in unstable markets, even when the actual trading direction is unclear. They are designed to follow the best trends that would boost profits and eliminate the chances of potential losses.

However, keep in mind that most robots trade within a certain range. They are designed to make a particular amount of pips insight a specified range during the slowest time on the market. They usually set a few pip targets and don’t always use the stop-loss signs. The forex robots are regarded as successful if they make profits in every trade, even if it is only a few pips.

Despite that, an unanticipated and strong range breaking out in the market wipe out the small profits that the robots have accumulated. Some robots make profits in a positive trend and lose money when the forex market is choppy. Hence, traders have to research to discover a great trend in the market for the robot to follow.

Things to Consider When Choosing Your FX Robot

There are a few things to consider when choosing a good forex robot. Note, be careful of the scam products present in the forex robot sector.

Low drawdown rates

The first thing to consider is the low drawdown rate of the robot. The drawdown rate is the measure of decline and reduction in the capital of the traders using the robot. Keep in mind that while high drawdowns can also mean higher gains, they can also lead to an account going broke.

The top forex trading robots are thoroughly tested, against spreads and real slippage, and real tick data. The backtesting of the robot should be available for you to see before you buy the bot, and obtaining real-time data from third-party sites can also help you understand how the robot is performing on the day and its average performance over the course of the past week or month.

Review from unverified sources

As a trader who wishes to use bots, you have to be wary of product reviews from unverified sources. The robot developers are only concerned with showing you the positive reviews. The people who lost money using a robot will give it a bad review, and the developers wouldn’t want you to see that. Hence, you have to compare reviews from genuine users before you buy any robot.

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Try out a demo account

One of the best ways to choose a forex trading robot is to use its demo account. By trying it in a test environment first, you will see how the robot performs under various conditions, even though the test conditions don’t fully simulate a real trade situation. If the robot you wish to purchase doesn’t offer a test version or a demo account, then it might be too risky to buy such a robot. During the demo or trial stage, you can get familiar with the settings and parameters used by the robot and understand how it works.

No guarantees

The most important thing a trade should remember when choosing a robot is that there are no guarantees when it comes to making profits from forex and CFD trading. You should avoid robot products that guarantee financial gains without any form of a money-back guarantee. Most of the leading forex trading robots offer a minimum of 60 days trading and a full refund, which makes them appear less likely to be a scam.

The Effectiveness of Robots

Although forex trading robots promise to deliver profitable trades, not all of them are efficient as they market themselves to be. Some of them are considered as scams by the federal governments across the globe. Due to their unreliable nature, forex trading robots don’t get much promotion as other forex trading software.

It is hard to distinguish the good brokers from the bad ones as online robot merchants try to boost the ranking of their own robots by claiming the others are scams. A lot of them advertise with claims of people making huge money by applying these systems. However, the reality is that several traders and investors have lost a lot of money using some of the free and paid forex trading robots

To see the effectiveness of a forex trading robot, kindly check out the reviews and authoritative testimonials online. While the bots can scan millions of charts within seconds or minutes, not all of them churn out the correct information. This is because even though they can perform highly sophisticated tasks, and many at once, they are still robots and are incapable of creative thinking. They are not designed to imagine what might take place in the near future, as their functionality is strictly based on their initial programming.

For traders that use bots, it is recommended not to fully depend on it for carrying out all trading activities. Ultimately, forex trading demands human research and observation. Humans can follow up with various economic conditions, keep up with news in the financial world, and make some bold trading moves.

Hence, even though forex trading robots are effective, you have to conduct a lot of research to find the ones that fit what you are looking for and have honest reviews.

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