Tuesday, October 26

To achieve success while trading in currencies, you need more than skills and knowledge. Individuals using the best Forex robots have an advantage over those who still rely on manual trading. The prices of currency pairs are influenced by a large number of factors. As such, it becomes difficult for a human trader to analyze complex charts and monitor price movements simultaneously.

With automated Forex trading, there is no need to worry about performing complicated analysis. These systems are capable of operating 24*7 at a stretch. They are based on algorithms that tell them when they should execute a trade or change the entry conditions. 

While most EA vendors promise great results with their systems, few are able to replicate them in a real-time trading scenario. That is why you need to know which robots you can trust. Here, we have presented a list of trusted EAs. We have also provided some information that will allow you to filter out the scam robots and choose one that will help you win steady gains.

Top-Rated Forex Robots and Expert Advisors

Forex RobotFoundedTypeStrategyCurrency PairsMonthly ReturnResultsPriceWebsite
1Forex Cyborg2017MT4 EATechnical AnalysisEURAUD, GBPAUD, +18 more3-7%Forex Cyborg Results Chart€499visit
2Volatility Factor2018MT4 EATrend TradingEURUSD, USDJPY, +2 more4-6%Volatility Factor 2.0 Results Chart$347visit
3News Action Trader2019MT4/MT5 EAFundamental AnalysisGBPUSD, AUDUSD, +4 more3-4%News Action Trader Results Chart$397visit
4FXGoodway2017MT4/MT5 EAGrid TradingEURUSD, USDCHF7-8%FXGoodway Results Chart$315visit
5Forex Fury2016MT4/MT5 EAScalpingAll currency pairs2-5%FXGoodway Results Chart$229visit

1. Forex Cyborg

Forex Cyborg Robot

Forex Cyborg trades in 18 currency pairs simultaneously on M15 charts. Backed by 10 years’ worth of backtesting data, this system is capable of performing advanced technical analysis to achieve a high rate of success. You also have the option of adjusting the lot size and the risk you take with each trade. 

Unlike most robots, Forex Cyborg does not require leverage or a minimum account balance. You can run this system on any broker of your choice. It has two modes, namely “Normal” and “Conservative”, and you can choose the latter if you wish to minimize the risk involved. 


2. Volatility Factor 2.0

Volatility Factor 2.0 Robot

This is an improved version of the Volatility Factor EA designed by the FXautomater team. It has an in-built broker spy module that protects your money from dishonest brokers. The Myfxbook account for this robot shows high monthly profits and low drawdown. There are three risk levels to choose from when it comes to this EA and your lot size will be adjusted based on your choice.

Volatility Factor 2.0 closely observes the market and places trades to take advantage of market volatility. Money management rules are used to minimize the risks until an exit is made. When you trade with leverage, the profits earned through this EA are multiplied. 


3. News Action Trader

News Action Trader Robot

According to verified trading statistics, News Action Trader has a win rate of more than 60% and monthly gains of 5-15%. This robot gathers economic data before an important news announcement. This allows it to adjust the trading parameters and trade the news efficiently. The EA takes into account the effect of slippage and spreads and alters the stop losses and profit targets based on this information.

It works with both MT4 and MT5 platforms and the vendor provides free updates for lifetime. You can use it to trade in 6 different currency pairs, which allows for portfolio diversification. 


4. FXGoodway

fxgoodway robot

This EA lets you trade using different trading logics at the same time. After conducting market analysis, it picks the appropriate logic. With FXGoodway, risk calculation is 100% automated, and all you need to do is to enter the amount of capital you are willing to invest. 

Using the grid strategy, the robot trades the trend based on particular patterns. You only need a balance of $700 to get started with the EA. It works on both USD/CHF and EUR/USD currency pairs.


5. Forex Fury

Forex Fury

Forex Fury is a trading advisor that cuts five pips profits between 11 p.m. and Midnight and between 10 a.m. and 11 a.m. GMT +3. The developer has many real accounts: his own and some accounts from users. Trading results and people’s testimonials show that the system is so sensitive to spreads and execution speed. To customize it, you have to be a middle-experienced trader. There are dozens of settings options. Trading results are good, but people’s testimonials warn us from jumping in the system immediately.


What is a Forex robot?

A Forex robot is a software program built using algorithms that helps it make important trading decisions. The main purpose of these systems is to eliminate the emotional bias in trading, where traders take impulsive decisions after making gains or suffering losses. The majority of EAs are programmed using the MQL language and they work on the Metatrader trading platforms. After detecting a proper trading signal, the EA will initiate a trade and make an exit after a fixed time period. 

So it’s just easy profits with zero effort?

While it is true that Forex robots drastically reduce the amount of manual effort you need to put, that doesn’t mean they are a source of easy money. Different robots use different strategies so you need to select one based on your trading style. Some of them have configurable properties that you need to set right for optimum performance.

Even the most reliable EA can suffer losses due to market changes and this is something that you should be prepared for. There are several scam services promising unrealistic monthly profits and you should steer clear of them.

How to check that Forex robot isn’t a scam

Here are some of the things you need to check to make sure a robot is not a scam:

Vendor transparency

A trustworthy vendor is always transparent about the company’s background and history. You should look for information like the year of foundation, location, and service history. A legitimate company should provide information about its employees and their qualifications. 

Clear Strategy and settings explanation

Before purchasing an automated system, you should always find out what kind of trading strategy it uses. Some strategies are only good for short-term profits while others are more suited for long-term traders. The vendor should also share information related to the EA’s settings and how they can be modified to suit different trading styles.

User Guides

Many novice traders take the help of Forex robots but they often don’t know how to use them. A detailed user guide is always helpful as it tells you how to install the software and how to trade with it. Some systems have advanced functionalities that require some expertise on the trader’s part. User guides can easily solve this problem.

Recommendations 

The seller should provide recommendations about minimum balance, timeframe, brokers, and leverage. Some systems require a large amount of capital to generate sizeable profits and they might not work on all brokerage platforms.

Reasonable Price

You should avoid overpriced systems at all costs. You can find a reliable system within $1000. Anything more than that indicates a scam.

Public trading stats statement

A trustworthy Forex EA is always backed by verified live trading results published on third-party websites. These are public accounts where the vendor has no opportunity to manipulate the results, so you can see the true performance of the system. 

Reviews 

When an EA has positive customer reviews, you know it has a decent reputation. You should look for customer reviews on third-party sites like Forexpeacearmy and Trustpilot.

How to analyze Forex robot’s trading results

The first thing you should look for while analyzing the results is the monthly gain. If a robot has monthly gains of 5-10% on a verified account, it is a sign of a stable system. Following this, you ought to check the maximum drawdown which is depicted as a percentage. This tells you what portion of the capital was lost due to unsuccessful trades. Thus, a large drawdown indicates that the system is following a risky trading scheme that might lead to huge losses.

The risk-reward ratio is another parameter that should be checked every time. When this ratio is high, it means that the robot has to have a high winning rate to be profitable. Scalping bots generally have a high risk-reward ratio, but since they have a high win rate, they can still earn you profits. The problem with such a system is that if the win rate goes down, you start suffering massive losses.

Another thing you should look for is the latest performance. Many vendors discontinue the trading results after a few months when they realize the robot is not performing as well as they have claimed on their website. This is a tell-tale sign of a scam, so you should always choose systems that have the latest results shared on a verified live trading account. 

Summary

TopFXManagers.com provides information for educational purposes and we don’t claim to be financial experts. Before choosing a Forex robot, you should conduct extensive research on your own. An automated system is only as good as the strategy it uses and the trading algorithm it follows. Before using such a system for live trading, you should test it on a demo account first. 

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