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Forex Robot

Forex Robot
Leverage
Rating
Profit/year
Stop loss fixing
Fixed take profit
500
45%
55%
94,57%
100
40%
60%
90%
500
35%
65%
30%
27%
73%
500
25%
75%
63.39%
21%
79%
-
500
19%
82%
50%
400
18%
82%
96%
500
15%
85%
15%
99
15%
85%
10%
100
15%
85%
119%
100
12%
88%
74
99
11%
89%
73%
98
10%
90%
37%
99
10%
90%
50%
98
10%
90%
10%
10%
90%
-

Forex Broker Rating does not take any responsibility for errors in the information provided. To get the latest information, please visit the Forex broker's website.

Forex Expert Advisors in 2023

Forex Expert Advisors, commonly known as EAs, serve as tools that traders can either acquire for free, purchase, or develop themselves. Some trading platforms offer pre-designed solutions that are readily available without requiring installation. These solutions can often rival the performance of paid EAs. It’s worth noting that there are instances where people attempt to sell modified versions of free robots or even subpar algorithms for a fee. However, the optimal choice for traders lies in creating their own Forex trading advisors. 

Forex advisors, also referred to as trading robots or MTS (Mechanical Trading Systems), encompass a category of algorithms and programs designed to automate trading tasks. These tools are frequently integrated into the trading terminal, and multiple advisors can be simultaneously operated. 

Types of Forex Trading Robots and Their Advantages and Disadvantages

Forex trading robots, also known as expert advisors (EAs), come in various forms, each designed to automate different trading strategies. As of 2022, the following types of Forex EAs exist: 

  • Trend-following Robots: These EAs are programmed to identify and trade in the direction of well-established market trends. They are based on trend indicators and oscillators and initiate trades when a clear upward or downward trend is present. 
  • Multi-currency Robots: These robots utilize multiple trading strategies and can work with several instruments simultaneously. They are suitable for managing risks through correlated or inversely correlated currency pairs. 
  • Scalping Robots: Scalping EAs engage in high-frequency trading, opening and closing numerous positions in rapid succession. While they aim for quick gains, they tend to set tight take-profit levels and larger stop losses, making them inherently risky. 
  • Martingale-based Robots: These EAs implement a strategy wherein they double their position size after each losing trade. The idea is to recover previous losses with a larger profit eventually. However, this strategy carries a high risk and is generally discouraged due to its potential for significant losses. 
  • Range-bound Robots: These EAs function effectively in sideways market conditions where there are no significant price fluctuations. They rely on specific indicators to make trading decisions. 
  • Combined Robots: These advanced EAs incorporate multiple trading strategies to adapt to various market conditions, making them versatile across different scenarios.

Advantages:

  • Quick reaction to new trends. 
  • Rapid, complex analytical calculations. 
  • Minimal delay between signal and order execution. 
  • Dynamic adjustment of take-profit and stop-loss levels. 
  • Automation of support and resistance levels. 
  • These attributes collectively reduce potential losses.

Disadvantages:

  • A robot’s effectiveness hinges on the quality of its underlying strategy. If the developer’s understanding of market dynamics is flawed, the EA may execute an ineffective program repeatedly. 
  • Human intervention is not accounted for. Situations arise in the Forex market where even sophisticated EAs fail to perform profitably, such as sudden trend reversals triggered by news events. 
  • EAs continue trading according to their pre-programmed strategy, even when market conditions have changed. This can result in significant losses if the strategy becomes obsolete. 

It’s important to remember that a trading robot is essentially a piece of code. While they offer numerous advantages, they also have limitations that traders should be aware of. 

The tasks a Forex robot can accomplish include: 

  • Automating round-the-clock trading by adhering to predefined rules. 
  • Reducing trader workload through semi-automated trading. 
  • Minimizing the impact of human emotions on trading decisions. 
  • Enhancing consistency by following a predetermined strategy. 

Traders who opt for automated (algorithmic) trading experience increased freedom. With robots handling trading execution, traders can allocate time for market analysis and strategy development, leading to potential profit growth. 

Selecting a trading robot requires careful consideration. The business of creating EAs is lucrative, leading some developers to prioritize marketing over quality. Beware of ordered reviews about Forex robots, as these are often used for promotion. It’s essential to thoroughly test each robot on a demo account before committing real funds. 

Free robots are generally preferred, but paid ones can be considered if there is substantial evidence of their effectiveness. This validation should come from trustworthy traders who have tested and vouched for the robot’s performance. 

Want to check a Forex broker for reliability? Learn about the risks of investing

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Latest Reviews

Yura

My brothers, I’m unlucky, I always end up scammed like this. What doesn’t save me is the fact that they are tailor-made. Don't do like me or you won't make any money. Don't mess with Smart rVid.

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Arkady

I was an idiot and thought that this was a normal broker with whom I could make good money if I didn’t take too much risk, plus they promised me consultations so that I would feel confident. Therefore, I opened an account with $1000 at once to get wider leverage and better conditions. It turned out that there is nothing good there; the spreads are very wide, and at the moment of transactions there are hidden commissions that turn the profit into dust. In the end, I got tired and I submitted a withdrawal; it turned out that they were not going to give me the money until I paid the insurance of $500. Of course, I refused and they immediately gave me a ban.

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Vladislav

This is a very bad broker and you can’t trust him, he lures you in, I know from experience. He started calling me about a week ago and actively forced me to open an account with him, and this continued for 2 days until I agreed. They immediately demanded insurance fees from me, I refused to pay them and received an account ban, that is, the scammers simply stole my money for themselves and did not give anything back. I already contacted the prosecutor’s office and they said that these swindlers are sitting somewhere in another country.

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Grisha

The last time I trust a broker from the Internet is simply no good anymore. If others were simply cutting off my profit, this particular idiot didn’t even want to return the deposit. Not only did he constantly put a spoke in the wheels with his jumps in spreads, but then he also canceled withdrawal requests one after another without explaining the reasons. I tried to contact them in different ways, but apparently they no longer need what they have, they have already gotten through the roof.

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Andrey

I was seduced by registration in three countries and a solid website, everything at first glance looks very convincing. Therefore, I topped up the deposit. I was hoping to make good money, but it turned out that I donated my earned money to the afirists. When he received the first thousand from me, he immediately wanted more and began persuading me to give him more, without giving any objective reasons. They just demanded and that’s all, I naturally refused and put everything on the line, but I failed to take anything away.

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Arthur

I never managed to register even though I was really excited about it. I was very interested in what this swindler was offering there. As I understand it, the promo code is given only to those who are definitely ready for a replenishment. I just spilled it and lost my memory.

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