Forex Auto Trading With Forex Robots & Expert Advisors
Forex trading robots are a fantastic way to improve your trading performance and increase your chances of profitable investments. Whether you’re looking to gain market insights through automated analysis, prevent potential loss due to a busy schedule, or test and develop trading strategies, utilizing an Expert Advisor (EA) can help.
Not all automated trading programs were created equally, however. You need to find a robot that suits your trading style and with verified results. Luckily, our expert team has taken these factors and more into consideration when creating our list of recommended trading robots.
On this page, you’ll not only find the best and most reliable EAs, but you’ll also discover how these programs can meet your trading needs and the pros and cons of using robots too. Read our analysis of some of the industry’s best forex trading robots below, then sign up to the one which most suits your requirements today.
The Best Forex Robots and EAs
- Forex Gump
Forex Gump is a popular EA that allows you to customize a variety of parameters and functions. Simply select from low, medium, or high risk, and Forex Gump will execute trades in under 1-minute time frames. With a low entry cost of $40 for micro accounts, Forex Gump is ideal for traders looking for an automated solution on a low budget. For those with less price sensitivity, full accounts are available from $4,000.
Sign up for Forex Gump to take your trading to the next level now.
- Forex Diamond
Forex Diamond is an EA with over 19 years of demonstrated successful backtesting results. It comes with a host of trading tools to enhance performance. Forex Diamond is also able to make trading decisions with minimal user input, analyzing market conditions to calculate trading parameters. Forex Diamond costs just $297 and comes with a 60-day money-back guarantee. For this price, you can use the robot with one real money account and an unlimited amount of demo accounts.
Try Forex Diamond today for automated trading made easy.
- FX Delta
FX Delta offers traders automated trading solutions not only on Forex trading pairs, but also stocks, commodities, and cryptocurrencies. FX Delta uses price action to identify market trends and, whilst there isn’t a great deal of customization with this EA, the pre-set algorithm has a track record for successfully scanning for low-risk trends to generate profitable returns. Access FX Delta’s features and software for a one-time payment of $977.
Sign up for FX Delta to experience reliable automated trading results.
- Forex Cyborg
Forex Cyborg supports an impressive 18 currency pairs and boasts a fully automated system that requires minimal user input. There are some adjustable parameters such as risk and lot size, but other than that this EA runs itself. There are two account packages available, Gold and Premium. Gold is available for $499.99 and will allow a single license, while Premium is priced at $599.99 for three licenses. Both accounts come with dedicated support and lifetime software updates.
Purchase Forex Cyborg to enjoy automated trading made easy.
StrategyQuant is perfect for traders looking for a customizable robot. With direct access to the program’s source code, you can design a bot to your specific trading requirements. For those less familiar with code, there is a simple drag and drop feature built into the software which enables you to adjust the program to match your trading strategy. StrategyQuant comes with a free two-week trial. After this, you have a choice between three different account types from the Starter Package for $1,290 to the $2,900 Ultimate Package.
Buy StrategyQuant to customize your automated strategy today.
Are Forex Robots Consistently Successful?
The profitability of an automated trading program is determined by the strategy, reliability, and the long-term efficiency of the trading system. As a trader, you should not assume that using a Forex robot is the more successful alternative to manual trading; neither should any investor expect 100% consistency in the results. FX robots are mere programs that are designed by human traders, which can have both positive and negative results. A programmed trading bot will only succeed in eliminating the human factor of trading. Therefore, unlike manual trading, FX trading systems are pretty binary in their operations and are not capable of adjusting their strategies according to market conditions.
Investing in the financial markets requires traders to constantly tweak their strategies and adapt to the changing market environment for succeeding in their trading ventures. Therefore, Forex robots should always adapt to the changes in trading conditions and should be willing to incorporate new rules of trading that can help them to stay on top of the market trends. Often, Forex robots are installed as set it and forget systems, which might work initially, but long term results can be questionable. This is the main reason why a majority of retail trading bots are sold as a monthly subscription model to enable the programmers to offer periodic updates to their clients.
It is also common for traders to find automated programs that have less than average performance. These programs are mainly developed to make money from unsuspecting traders. Some of these bots also claim to offer huge performance numbers that may seem too good to be true. Due to the open nature of the market, automated trading is susceptible to a fair amount of scams, which will not only cost traders a huge monthly maintenance fee, but will also end up being incredibly disastrous for their trading accounts. Therefore, try to stay away from these potentially harmful programs by doing your research carefully.
Forex Auto Trading Strategies Of Established Hedge Funds & Large Banks
A majority of the leading hedge funds and banks usually develop proprietary automated trading systems that are kept private from the public eye. These highly secretive automated programs are considered to be among the best Forex robots in the industry but are usually not made available to the general public. There are numerous reasons behind the guarded nature of these systems, as these organizations are typically large market movers that can induce big movements in the markets. It would be contrary to their trading strategies to impart these systems to the public, as the primary responsibility of these systems is to take money away from the retail traders. These systems are also designed for large trading capital, which is capable of controlling a significant portion of the overall trading volume. Therefore, it is close to impossible to adopt the same strategies for retail trading automated systems.
What Are The Major Downsides To FX Robots?
Forex robots have numerous risks that are expected from automated trading. Some of these risks and disadvantages can be quite detrimental to amateur traders, which is why you should be careful while choosing a Forex robot for your trading strategy.
- Forex robots are programmed systems that replicate the strategy of other traders unless you have designed your robot according to your own preferences. Third party robots usually implement strategies that might not be suitable for all trading capital and leverage options.
- Robots cannot read the markets as a professional trader. All they can do is open, manage, and close positions according to a pre-set list of indicators that satisfy certain market conditions, which prevent the need for manual intervention. Sometimes, the market may respond in strange ways, and as a manual trader, you can deal with unfavorable circumstances by personally managing your trades. On the other hand, automated trading will not respond in a way that can limit your losses in a timely manner.
- Automated trading bots can be expensive, which will not only require you to pay a hefty subscription fee, but they can also erode your trading capital if you have chosen a system with a lackluster track record. Automated trading bots are known to be unreliable, especially if they lose the connection to the server for any reason.
- Using bots will prevent the trader from getting a first-hand experience of the market dynamics. While automated trading may seem to be convenient at first, manual trading knowledge of the market is vital for long term profits.
- One of the biggest drawbacks of a Forex trading robot is that it still requires manual supervision, regardless of what the service provider claims. Even if you are successful in choosing the best performing trading system, you are still required to supervise the trading activities and ensure that they do not open illegal positions or let your losses run due to any program errors. Manual supervision is mandatory for all types of automated trading strategies.
- Some brokers do not allow automated trading systems, especially due to the high-frequency trading employed by some bots. Therefore, you will have to check with your broker before paying for an automated system.
Tips To Help You Choose A Profitable Auto Trading Bot
• Choose A Reliable System That Has A Solid Performance Record & Verified Recommendations
It ‘s hard to find a top-performing automated system that hasn’t had a negative history. If there is a genuinely profitable trading system, its creators wouldn’t need to sell it to traders to make money. Therefore, it is best to get rid of any notions about finding a 100% successful trading robot for managing your account. On the other hand, you can find trading bots that offer a bit more than 50% success ratio that holds on to wins and minimizes losses. There are a few profitable trading robots in the market that does not promise any large gains but promises to offer a stable, consistent trading performance. Most of these reliable robots also come with verified recommendations from real consumers, which can provide an excellent reference point before subscribing to their service.
• Consider The Cost Of Subscription To See If They Make Sense From Return On Investment Perspective
Some trading robots are ridiculously expensive, especially if they are promoted by celebrities or other famous trading personalities. Always compare the cost of the subscription with the average returns that you receive for your investments. If the cost doesn’t add up, you should try to find a more economical trading bot, regardless of the promises and future return potential. You should always work within your means, as Forex trading is all about conserving your capital and taking the profits while you can.
• Demo Trade An Automated System Before Moving Into A Real Account
Once again, the best option of finding an excellent trading robot is to test it on a demo platform before moving to a real account. Even if you are paying a massive premium for your automated trading subscription, spending a few months on a demo account is an excellent way of determining the efficiency of the system, and finding out whether it is capable of improving your overall profits. Spending a few extra bucks on testing different robots will help you in the long run, especially if you are approaching the market with a significant trading capital.
• Choose A Forex Trading Robot That Offers Instantaneous Support & Periodic Updates
Forex auto trading robots are ultimately financial products that involve a buyer and a seller. As a consumer, you should receive excellent services for the amount of money you are paying to a developer or a programmer. Therefore, you should have unhindered access to the best in customer support and be able to receive the best updates promptly. If you feel that your current service provider lacks the professionalism to tend to your queries or suggestions, it is a clear sign that the system developer is not as dedicated to the market as they ought to be. Automated trading bots require constant maintenance, debugging, and routine updates to stay abreast of the new market developments.
How To Install A Forex Trading Robot On Your Platform
Forex robots are designed as installable programs that are built according to the different platform requirements. The MT4 terminal, which is the most popular trading platform in the FX market, allows programmers to develop different versions of Expert Advisors (EAs) that can be built according to different strategies and trading conditions. The MQL4 community offers a vast database of bots that contains numerous free as well as paid Expert Advisors for seamless integration of automated trading with all versions of the MT4. Similarly, all other platforms in the market (both third-party and proprietary platforms) also possess similar trading robots and built-in programs that enable traders to install the specific automated trading software according to the type of trading platform.
It is relatively easy to install a trading robot, as all bots come with instructions at the time of signing up. There are online forums, such as the MetaTrader’s online MQL community, which provides free advice and tips for new traders on installing and operating the trading robot. Most automated trading systems require the platform to be online throughout the duration of the market hours to perform at the peak of its potential, as any disconnection from the trading server can lead to trade errors and robot malfunction. If there are frequent disruptions due to an unreliable trading terminal or a spotty internet connection, the robot can have a significant deviation from its trading performance.
If you are worried about the reliability of your internet connection, or if you do not have access to a dedicated trading terminal that can run non-stop, you can consider the option of using a Virtual Private Server (VPS). A VPS is a unique offering in the FX trading market that allows traders to install their trading platforms and their automated Forex trading bots on virtual servers, which will be operational for 24 hours a day and 5 days a week during regular market hours. These VPS services are either offered by Forex brokers or by third-party service providers for a fixed monthly fee. Some of the best Forex brokers in the industry also provide a free VPS option to its traders for depositing a prescribed amount of trading capital or for traders that transact a minimum number of lots per month. VPS offers low latency and better connectivity to the trading server without worrying about any reliability issues that may affect the performance of your installed trading robot.
Designing & Publishing Your Own Forex Auto Trading Program
Although designing and programming a trading robot is not an easy task for traders without any programming knowledge, several companies and brokers are now offering a chance to create automated systems through dedicated software that does not require any programming expertise. These programs allow traders to specify a wide range of trading conditions and develop a trading bot from scratch, which can be used on any of the popular trading terminals on the market. On the other hand, expert programmers can also take the conventional route of coding a program using the core programming language, which offers better flexibility and more control over all the fine aspects of programming.
Once you have developed a Forex trading bot, you can also choose to sell it to the public along with using it for your own trading strategies. If you are successful in developing a reliable trading system, people will pay for your services, provided you can back up your claims with real performance record in a live trading account. You may also choose to offer your programs for free, which can help you gain a significant amount of exposure in the global trading market. However, beware of the negative impact of publishing your programs on a public domain, as there is a huge chance for criticisms and negative feedback, which can quickly escalate into serious consequences.
You should not rely extensively on a Forex trading robot for managing your account. A good strategy would be to complement your manual trading with automated trading systems. However, some traders rely heavily on Forex robots for all of their trading needs and enjoy a moderate amount of success. Forex auto trading is certainly a concept that is here to stay for the foreseeable future, with all the trends indicating a rise in popularity in the coming years.
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