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.
You can see a selection of my best forex robots and download my free forex robot if you like.
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.
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
In this post I will be reviewing the BF Scalper Pro forex robot that runs in the popular and free to download MetaTrader 4 trading platform. This is yet another fully automated trading system from the team over at “fxautomater” that will place, manage and close trade position on behalf ..Read More
In this post I will be reviewing the Volatility Factor 2.0 Pro forex robot. This is an updated version of the previous fully automated forex trading system aptly named Volatility Factor 1.0. The developers have been working hard to improve the original version. As per the previous version, Volatility Factor ..Read More
In this post I will be reviewing the Forex Gold Investor EA that trades the XAUUSD pair on the free to download MetaTrader 4 trading platform. Most of you will know that an EA is an expert advisor but for those who you that don’t, an expert advisor is simply ..Read More
In this post I will be reviewing the Forex Diamond EA. This is a fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download from most forex brokers. The Forex Diamond robot can place and manage trades on behalf of the ..Read More
In this post I will be reviewing the Wall Street Forex Robot 3.0. Straight away I must say that the website for this particular forex robot is very impressive – not that it makes a difference to the quality of the software offered but it is aesthetically pleasing at least. ..Read More
In this post I will be reviewing the Forex Trend Detector automated forex trading system. These particular developers have made a few other forex robots over the years. This is yet another fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to ..Read More
In this post I will be reviewing the Aeron Scalper Forex Robot. This is a fully automated forex trading system primarily for the 5-minute EURUSD charts that runs in the popular MetaTrader 4 (MT4) platform which is free to download from most forex brokers. You simply attach it to your ..Read More
In this post I will be reviewing the GPS Forex Robot. As the name suggest, GPS forex robot 3 is a fully automated forex trading system that does not require any manual trading. You simply download the robot, attach it to your charts and it can then place and manage ..Read More
In this post I will be reviewing the Omega Trend EA. The word “EA” means expert advisor which is the official name for a forex robot in MetaTrader 4 for those who are new to the world of forex robots. It is a fully automated forex trading system that you ..Read More