Throughout the year, we’ve described the performance of many Forex robots. Now, It’s time to summarize the annual results up of the work done. To do this, we suggest you check our comparison table with the rating of the best trading robots of 2021.
Promax Gold EAReview
Forex inControl RebornReview
Dragon Expert FXReview
WallStreet Forex RobotReview
Table header explanation
What are trading robots (EAs)?
What should you know
The trading robots (EAs) are the programs that have been developed via MQL 4 langue. The robot can use many indicators provided by brokerage companies to make the right decision about when the robot should get in and out of trades. Usually, almost every robot developed for the MetaTrader 4 platform, extremely rarely is the MetaTrader 5 or others. Robots that can be run on various platforms cost much more than the MetaTrader 4 ones.
The best forex robots have got many various patterns to trade with any market case, that allows making a smooth and predictable profit.
Trusting & Knowledge
Developers spend infinity time to get the indicators together any make them work in one or several patterns, to make a profit at least in one or several ways. It means that any good robot requires some knowledge to manage and customize strategy according to what’s going on in the market. You can appeal that the devs say kinda no knowledge required. It’s kind of lie. You have to know how it works because you have to predict when their robot becomes scum and start wasting an account. They never say you this directly but you have to be ready for such a case.
So, before buying a robot and get started, you have to read some reviews on the web, as well, read comments creat a full picture of reality.
What’s the reason for devs to sell good robot instead of using in their own?
You’re right it’s the question which has got the answer kinda no reason. When you pick the robot you have to check how long a robot performs and how big a deposit is. If the deposit equals $1000 or something like this it means, if the robot becomes a scam they’re not afraid to lose this money, because it’s just an amount of 3-5 copies of the robot. See! They lose nothing if the robot screwed you up, but you do. It’s because they get money from selling the robot, but you for entrusting the robot bunch of money (wise more than $1000) to trade. Even if the robot owner provides you the money-back guarantee, how do you help these $200-$500 if you lose $200 000 deposit? That’s why the deposit amount and years of running are so important.
There are one more strategy is buying a brand-new robot that sells just during 1-2 months, usually, the brand-new robot for $199 runs the first three months very-well before they start sucking. So, it’s a very risky business, depositing the account with the new robot.
Pros and cons of automatic trading on Forex
It’s not so hard to get started with any of the modern trading robots.
If you’re an experienced trader who just needs an assistant that’ll be trading for him or her during 24/5, buying a trading robot will be a good option. The robot can perform the mechanical work letting you be focused on shaping the strategy. Some of the robots suggest you other strategy and you, looking at its performance can easily dig down and get some knowledge about how it works almost for free.
Backtest results instead or real data
The market is live. You can’t be 100% sure that some of the patterns worked well on backtest will give the same results online. So, if you see only backtest results on the devs’ site it means they try to confuse in order to want you to make an incorrect decision. Just avoid those sellers.
Any robot can become a scam
The Forex market is not only a place when you can grow quickly but also the field of various scams. A lot of them try to sell you a “robot” that solves all your problems. The scam statements almost every time looks like:
- Download-free robot. It has no sense to share a well-designed trading strategy for free.
- They guarantee a stable profit.
- They try to prove trading results via backtests or demo accounts.
- There are no real comments from people who use the robot on the web.
- A seller doesn’t want to trade the robot from well-known sellers platforms.
- You need to do nothing.
- A seller tells you about the robot can work with every brokerage company.
- The price is low than $500. The well-shaped robots cost much. Usually, a price starts from $500 to $25000.
The average robot features
Almost every single robot has got the same features:
Money management system
It’s the most important part of the robot because it allows you if you get in correctly make much money trading many pips, otherwise the robot makes your losses little via the stop-loss system. The system doesn’t late you to lose more than you’ve set.
Placing orders is the clue part of the fully-automated trading. It depends on fast the robot is and how correctly it can find points to get in the trade and get out of it. Usually, any robot is designed to use technical analysis and indicators: order flow, support and resistance levels, and RSI or MACD.
The “take profit” and “hard stop-loss” features allow you to be flex using the robot. The hard stop-loss system let you lose a little if the market goes in the wrong way. The take profit feature allows the trader to trade as money pips as possible to get more profit to compensate drawdowns.
Sellers who support their robot for a long time, usually, do this via the auto-updating system, so no extra downloads are required. It needs to update patterns to let them use indicators and market signals more correctly.
The criterias we used to choose the Best Forex Robot
- Money-management system.
- Trading on the real account.
- Amount of the deposit.
- Risk level management.
- Trade accuracy.
- The official data from myfxbook and fxblue about a robot performance.
- The number of suggested currency pairs to trade.
- 24/7, welcome, and knowledgable support.
- User-friendly interface.
- Availability of customization default patterns.