The idea of being able to profit from Forex trading without having to do the “trading” part seems too good to be true, and for many, it’s that way.
Forex robots or expert advisors (EA) have broken into the market with such strength that their popularity is increasing exponentially.
Since the product to be sold sounds like a blessing hard to believe, we'll take care of explaining what they are, as well as what to avoid and which ones should be on your list.
Expert Advisors: A Quick Summary
An EA is nothing more than a programme you can leave running once set up so it can take care of your trades. In other words, EAs let you automate your accounts, by configuring them to open and close trades following the conditions you’ve assigned.
A good trader who understands programming or the EA being sold to him can accurately configure it so that all positions are held in the same way they would.
The Scam Storm
However, as with every business opportunity that gains fame online, scammers have been quick and efficient in taking advantage of these assets.
Reviews abound online, with traders all over the world complaining about Forex robots not following their instructions or using strategies that are obsolete in current market conditions.
It’s worth pointing out-though-that not all Forex robots are scams, and many critics are guilty of not understanding their system or the market itself, and they end up wasting money by “messing with what they don’t understand”.
Which Forex Robots Should You Try?
With that last paragraph in mind, it’s paramount to see that EAs can be a profitable and legitimate tool for traders, so we’re trimming down the market to our favorite three.
1. 1000pip Climber
The 1000pip Climber Robot is one of the leading Forex trading robots and has earned very strong reviews from users. It has the highest ratings on Trustpilot and users have been particularly impressed with the performance of the robot.
As well as the strong performance (which is independently verified by MyFXBook), users have been particularly impressed with the 1 to 1 support provided by the developer of the Forex robot. This additional support will be particularly important if you are new to using Forex robots.
2. Forex Cyborg The Forex cyborg robot is popular among traders due to its complex algorithm which encompasses a wide array of market conditions for it to adapt quickly to shifting circumstances.
It is using a money management strategy with currency correlation so it is protected against wiping out all your funds in one night, and you can even use it “as is”, thanks to how its default settings are tailored and don’t need much tweaking by the user.
3. Forex Scalping EA For those who prefer fast-paced trading, this robot may be a good opportunity, with nine currency pairs to trade with its universal settings.
The EA has been tested with data from different dates and using different setups for spreads and slippage, so its efficacy doesn’t depend on a specific broker, yet seeing that it operates on the 5-minute timeframe, you still want to keep your spreads as low as possible.
4. EFC EA Robot
This EA, created by Trading Strategy Guides, is another interesting choice for Forex traders.
It’s risk/reward ratio is of 1:3, so you’re good to go with just a third of your trades to lock in a good profit. It uses the same strategies marketed by its developers, so if you’re a follower of their work, then you pretty much know all there is to this EA!