For those new to forex robots, they are fully automated trading systems that analyse charts for trading signals based on their built-in algorithm. This is usually comprised of a combination of technical indicators. Once the robot finds a signal, it can place and manage trades on behalf of the user. They are therefore a popular choice amongst users who do not have the time to trade manually.
Most forex robots have been developed to run in the popular and free to download MetaTrader 4 (MT4) trading platform which is available from most online forex brokers. You need to have the MT4 desktop platform running in order for a robot to work. If you cannot always have your computer running then you could use a Forex VPS to run the platform 24/7 without needing your computer switched on.
Forex robots will usually have already been optimised by the developer to find the best settings. The instructions will tell you how to setup the robot and what currency pairs and chart time frames the robot has been designed for. They can therefore be used “out of the box” although you should make sure that it is set with a lot or risk size that is suitable for you.
The more experienced traders can optimise robots in the MT4 strategy tester using historical data to create bespoke settings. I believe that all back tests should be conducted with 99% modelling quality using real tick data, variable spreads, swaps, slippage and commissions. This can be done using add-on software such as Birts Tick Data Suite for as accurate as possible historical results. Even then, these results are not always realistic due to factors that are impossible to duplicate during a back test.
It is important to note that there are absolutely no guarantees on how any forex robot will perform and historical results are not an indication of future performance. Forex robots can advertise big profits but you should be aware that many of them are based on back testing and therefore may not perform the same going forward. Furthermore, differences in broker trading conditions such as spreads, slippage, liquidity and commissions, can cause different results from broker to broker.
The Trade Explorer EA is an automated forex trading strategy that has been programmed in the MQL language for the MetaTrader 4/5 platforms. If you don’t already have a MetaTrader platform installed, you can download it free of charge and open a risk-free demo account from a forex broker of ..Read More
In this post I will be reviewing the Funnel Trader Forex Robot. This is a fully automated forex trading strategy for the MetaTrader 4 trading platform. Full detailed instructions are included so even the beginner traders can be setup and running the Funnel Trader forex robot in minutes. Once setup ..Read More
In this post I will be reviewing the GOLD Scalper Pro automated trading system from the team over at “fxautomater” who have developed a selection of trading robots that cater to different trading styles. As the name rightly suggests, this particular robot trades on GOLD (XAUUSD). Due to the fact ..Read More
In this post I will be reviewing the Smart Scalper Pro forex robot for the MT4 and MT5 trading platforms which are free to download and use from most forex brokers around the globe. The robot will analyse the charts, place and manage trades on behalf of the user. This ..Read More
In this post I will be reviewing the Grid Master Pro forex robot which is yet another automated trading system from the “fxautomater” team. The Grid Master Pro robot runs in the popular MetaTrader 4 trading platform which is free to download and use from most reputable online forex brokers. ..Read More