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Best Forex Robot 2020 – Automated Forex Trading
Not every forex trader has the time to focus solely on their trading activity. Some find it hard to look for the most profitable trades or how to act on them. Fortunately, the world has since moved from doing most things manually to using automated methods. Forex trading is no exception to that. With the emergence of forex robots, traders now have the option to make trading easier for them.
Do Forex Robots Really Work?
A forex robot is an automated software that is programmed with a set of parameters that will generate and deliver a trading signal to the trader or automatically act on these trades. These parameters are technical indicators on which the robot bases its trading signals. Most forex robots are mostly in the form of Expert Advisors (EA) which operate on the popular trading platform, MetaTrader 4. They use various technical indicators and scripts to analyze the price movements in the market and then alerts the trader when they find a good trading opportunity. Some traders opt to put their trust in these robots and have them automatically act on a trade depending on the pre-programmed parameters.
Using a forex robot has its advantages. For one, it makes trading easier. If you choose a forex robot that automatically acts on a trade, you do not have to spend more time monitoring the markets and making decisions. You just have to set the parameters according to your trading plan and the robot will initiate the trade if they are met. It also eliminates emotions when it comes to acting on these trades. Humans tend to overthink sometimes and it can cause them to miss on profitable trades while forex robots react consistently with how they are programmed. Another advantage of using forex robots is that you could run them 24 hours a day, 5 days a week to scan the market.
While it sounds good, a forex robot also has its downsides. Since it operates based solely on the set parameters, it cannot think for itself if the market experiences sudden changes. Another downside comes from its trading strategy. If the robot uses a trend-following strategy, it will not work well with a ranging market. The same applies to the opposite. A forex robot designed for a ranging or sideways-moving market will underperform in a trending market.
Forex robots are also not recommended for beginner traders. Using this tool requires adequate knowledge about trading and even programming. An automated trading program is difficult to develop and if you do not have the knowledge to do it, you have to hire a professional to develop one for you which will only add to your expenses. On the other hand, you could avail of one of the many forex robots already developed by companies. However, most of these robots are not profitable and give false advertisements such as making money instantly so you have to be wary if you choose to buy one.
Forex robots do work if you have programmed it with the right parameters that coincide with your trading strategy and plan. It is also important that the forex robot employs a risk management strategy to avoid incurring losses. Should beginner traders use one when they trade? Ideally, they should just focus on learning more about the forex market and developing their fundamental and technical analysis skills. An experienced trader would benefit more in the use of a forex robot since he could properly set the right parameters and rules that are appropriate for the strategy he is going for.
Are Forex Robots Profitable?
Forex robots can be profitable as long as you choose one that is right for you. Every forex robot is designed differently and it is important that you read about how they work. If you are a long-term trader, you should choose a forex robot that does not scalp the market.
The best forex robots that are actually profitable have a great balance of theory and logic so you have to know how it analyzes the market and makes decisions. If you are buying a pre-programmed forex robot, you also have to determine whether it has a built-in risk management strategy.
Ultimately, the profitability of using a forex robot greatly lies in the trader himself. A good forex robot requires a knowledgeable trader and a skilled programmer to work. While the robot makes the decision, how it comes to that is in the trader’s hand. After all, a forex robot is just an algorithm that follows the strategy of a trader. It only follows the instructions that are built in it.
Are Forex Bots Legal?
Yes, forex robots are completely legal but not all brokers allow traders to use them. There are no problems when it comes to using a semi-automated forex robot since it only gives trading signals then the trader makes a decision whether or not to act on them. The fully automated robots are the ones that pose security problems to brokers as many of them come from unreliable developers.
Many of these fully automated robots are scams. Their developers profit off of them by falsely advertising their features. Brokers only want to protect the traders’ money and prevent losses from happening that could entirely ruin their accounts.
Anyone could use a forex robot as it is legal, however, you need to find out whether it comes from a reliable and trustworthy developer to avoid problems.
How Much Is A Forex Trading Robot?
Forex trading robots have become an instant hit for traders who want to make their trading activities easier. There are many forex robots currently being offered by different companies with different features yet have the same promise of profitable trades. The difference between these robots mainly lies in their cost.
Some companies require a deposit to activate the bot that usually starts at $200. Meanwhile, other companies offer basic to enhanced plans. The higher the plan, the more currency pairs you can trade. Usually, these plans can go as low as $20 and can go more than $1000.
For the first time traders, it is highly recommended to use a free demo account first to get the feel of how a forex trading robot works. Once you are able to understand, then you could upgrade your plan. However, you should be wary of forex robots which are too good to be true. Most of them are probably scams that hide in the guise of low costs and full-packed features. Not all cheap forex robots are scams but many of them are unreliable. Although, it can also be said that expensive forex robots do not always guarantee to give you great results.
Dynotrading Trading Robot
If you are a new trader, chances are, you have read countless articles about technical indicators that will help in your trading activity. While you may benefit from utilizing them into your trading strategy, it can get confusing on what indicator is compatible. There are so many indicators out there that aim to help you analyze the market. But do you really need them?
One of the best advices that are given to traders is to keep everything simple. This is especially true when it comes to crafting your trading strategy or plan especially if you are an intraday trader. Incorporating indicators can be overwhelming for some new traders and it can get in the way of their trading. This is why experienced traders advise to use only one or two indicators that are suitable to the plan. But did you know that there is a much simpler way to analyze the market?
You do not need indicators to find the best entry and exit points of a trade. DynoTrading believes that you only need to focus on the price action and trendlines to capture powerful turning points in the market and the best time to hold trades. These signals are the only ones that you need to find out what the market is saying. They can also be used in all financial markets (stocks, forex, or futures) and in different timeframes.
DynoTrading also offers its own one-of-a-kind trading robot called BOT Trader. It is a fully-integrated trading robot that works around the clock to monitor any massive price breakouts which are derived from trendlines. Some of the BOT Trader features are:
- Shows powerful turning or pivot points in the chart
- Connects the pivot points and executes the trade
- Allows the trader to select quantity to trade
- Allows the trader to select stop distance on the trade
- Allows customization of profit targets on the trade
The BOT Trader is accepted and easily integrates with any NinjaTrader-supported brokers such as NinjaTrader Brokerage, FXCM, and QCG. NinjaTrader is an open-source trading platform similar to MetaTrader 4 and has great features like backtesting and trading simulation.
BOT Trader is a great tool for traders whose strategy involves powerful breakouts. If programmed properly, this trading robot can pinpoint the start of these breakouts while maintaining a clean chart. This is made possible even without the use of indicators.
How to start using BOT Trader?
For traders who do not have enough time to monitor the market or have a hard time analyzing the market for profitable trades, the BOT Trader is the perfect tool that you could ever have. Not only does it capture the exact highs and lows, you can also deploy it in just a matter of seconds. So how do you do it?
Before you launch the trading robot, you need to wait for a price retracement (preferrably at 30%) using DynoTrading’s TBars chart. Once it touches the 30% retracement line, that is the cue for the BOT Trader to be launched. First, you need to set the parameters of the trading robot. You will have to put in the number of contracts you are willing to trade. Since you are trading forex, you will have to put in the equivalent of a standard unit. For example, you want to trade 4 standard lots so you will type in 400,000 as the quantity since one standard lot is equal to 100,000 units.
Next is filling in your second target which is your profit potential or the number of ticks/pips you want to cash out at. Whatever amount you type in, the robot will automatically place your cashout at that number. You also need to set a stop distance depending on your preference.
Once the parameters are set, you can already deploy the robot and wait for it to do all the work for you. The robot will enter a trade, place the stop, and place two targets which are the break even target and profit target. One great feature of BOT Trader is that you can customize your profit target anytime. Let’s say you suddenly decide to cash out earlier or wait a little longer, you can change your second target.
Dynotrading vs Forex Fury
Forex Fury is a well-known trading robot and has been in the market for 5 years. It has verified trading results and takes 5-10 trades per day with low-risk and high-reward methodology. This robot is compatible with MT4 and MT5 trading platforms, can work with multiple currency pairs, and also has a risk management system. The Forex Fury trading robot is easy to install and has multiple filters to avoid bad market conditions.
The company claims that the robot has a limited quantity but it comes with lifetime membership and free updates. However, it does not offer a free trial.
Dynotrading vs Odin Forex Robot
Among the forex trading robots, the Odin Forex Robot is closely similar to DynoTrading’s BOT Trader. It is a fully-automated trading robot sold by ForexRobotTrader.com which also relies on price movements to identify patterns in the market. It also does not use any indicators to find the best entry and exit points without any lag and merely depend on their so-called “legendary grid trading strategy”. However, some seasoned traders say that this strategy is not entirely effective as traders who use it tend to open too many trades at once which can go in the wrong way.
The Odin Forex Robot also has a feature called Broker Shield which aims to protect the trader’s information from shady brokers. This tool also comes with fully optimized settings which are very easy to use even for beginners. However, some traders who have used this robot advise that traders should at least have a little experience regarding forex.
Dynotrading vs Forex Robotron
The Forex Robotron trading robot is specifically designed for an MT4 platform that mostly trades currency pairs such as EUR/AUD, EUR/USD, EUR/CHF, EUR/CAD and EUR/GBP on 5-minute timeframes. This trading robot is also based on a scalping strategy and executes trades. It uses a tight stop-loss that reduces the risk and protects the trader’s capital. The Forex Robotron also functions better with brokers with low spreads, low commissions, and fast execution times.
Although the Forex Robotron runs 24 hours a day, it only executes a new trade once or twice per day at certain times, particularly between 9:00 and 11:00 PM GMT. Developers explain that the reason behind this is because the robot is more accurate and performs better in terms of trading volume during this duration. But because of the limited trading hours, traders who use this robot may miss other profitable opportunities. Their customer service is also limited to emails only and expect to have an answer to any queries after 24 hours which unfortunately do not include weekends and holidays. There are also no trial versions of this robot and there is no refund option once you purchase the product.
Download Free Forex Trading Robots
Forex trading robots are definitely a big help when it comes to trading. They are very convenient since they are the ones who would make the decisions for you. Going fully automated has its perks but the problem is, most of these forex robots can be quite expensive. Fortunately, there are free forex trading robots in the market that will help your trading activity easier.
However, you should bear in mind that you should choose forex robots that are in line with your own trading strategy. They should also be accepted by your broker so as to avoid any security problems. When you choose a free forex trading robot, you should always test them on a demo account first to see how they perform. Some companies offer a trial version of their forex robot so that traders can evaluate them and if they are satisfied, they could upgrade to a paid plan which offers more benefits.
When choosing and using forex trading robots, you should be very careful. Research about the tool and the company that develop it. Reading reviews are also helpful as it can give you an insight whether a particular trading robot is worth trying or not. Every trader wants to find the easiest way to get profitable trades and the best way to do that is to keep everything simple and uncluttered.
As always, best of luck!
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