It seems too good to be true that you could make money from Forex trading without actually trading, and for many people, it is.
FX robot, also called expert advisors (EA), have made such a strong entrance into the market that their popularity is growing exponentially.
Since the product to be sold sounds like a blessing that’s hard to believe, we’ll explain what they are, which ones you should buy, and which ones you should avoid.
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What You Need to Know About Expert Advisors
An EA is just a program that, once set up, you can leave running so it can handle your trades. In other words, EAs allow you to automate your accounts by setting them up to open and close works based on the rules you set.
A good trader who knows how to write code or understands the EA being sold can set it up so that all positions are held similarly.
The Storm of Scams
But, as with any online business opportunity that gets a lot of attention, scammers have used these assets quickly and well.
Online reviews are everywhere, and traders worldwide complain that Forex robots don’t do what they’re told or use strategies that don’t work in the current market.
It’s important to note that not all Forex robots are scams. Many critics don’t understand how the system or the market works, so they “mess with what they don’t understand” and lose money.
What Forex robots should you try?
Keeping in mind the last paragraph, it’s essential to see that EAs can be a legitimate and profitable tool for traders, so we’ll narrow the market down to our three favorites. You can visit Trader Union’s site to learn about the best MT4 EA.
1. 1000pip Climber
The 1000pip Climber Robot is one of the best Forex trading robots, and people who have used it have given it very positive reviews. It has the highest ratings on Trustpilot, and users are pleased with how well the robot works.
Users have been pleased with the developer of the Forex robot’s one-on-one support, which MyFXBook has independently confirmed as being very good. If you are new to using Forex robots, this extra help will be significant.
2. Forex Cyborg
The Forex cyborg robot is popular with traders because it uses a complex algorithm that considers a wide range of market conditions to quickly adapt to changing situations.
It uses a money management strategy with currency correlation to ensure you don’t lose all of your money in one night. You can even use it “as is” because its default settings are set up, so the user doesn’t have to change them much.
3. Forex Scalping EA
With nine currency pairs to trade and universal settings, this robot could be a good choice for people who like to trade quickly.
The EA has been tested with data from different dates and settings for spreads and slippage, so its effectiveness doesn’t depend on a specific broker. However, since it works on the 5-minute timeframe, you still want to keep your spreads as low as possible.
4. EFC EA Robot
This EA, made by Trading Strategy Guides, is also a good choice for Forex traders.
It has a risk-to-reward ratio of 1:3, meaning you only need to make a third of your trades to make a good profit. It uses the same strategies that its developers market, so if you like what they do, you pretty much know everything there is to know about this EA!
How good and bad is it to use a Forex robot?
- A quick analysis of the market and order processing
- Helps you get rid of emotional and mental biases in a trade
- It can be used to try out different strategies in the past before choosing the best one.
- Forex robots can track and trade in multiple currency pairs and trading accounts simultaneously.
- A forex robot doesn’t have any of the problems that people do, like getting tired or worn out.
- Using a robot to trade forex is a high-risk thing to do.
- Some forex robots can be costly and hard to use.
- There are a lot of forex robots that are scams or don’t work well.
- Most forex robots require you to be online 24 hours a day, seven days a week, so that trades can be made.