Traders utilize automated trading methods to help them with the repetitive elements and technical analysis of forex trading. However, there are some traders who don’t understand why other traders use Forex trading robots instead of making their own decisions. The main question is, are you one of them? If yes, then you probably have limited information about the Forex robot, and why I feel they are viable alternatives to manual trading.
This article will give you an overview of multiple Forex robots, the best types, and other related information. I’ve also included a helpful video which influenced my overall decision:
What is Forex Robot?
A Forex Robot refers to a computer program that uses technology to enter and exit trades profitably. It also helps in determining whether to sell or buy a currency pair at a certain point in time. This type of program is intended to alleviate the psychological element of unfavorable trading. Since trading systems can be bought online, traders should therefore be cautious in buying this program.
If you are searching to become a more lucrative forex trader, then knowing what is the best forex robot and why should be your top concern. A forex robot utilizes an algorithm to search for lucrative trades. You can enter a trade manually or automatically.
To become a professional trader, it is a must to keep up with the currency market movements, global news, world economics, historical knowledge, and data to know the best time to leave or enter a trade.
What is the Best Forex Robot in the Industry?
With various types of forex robots in the market, you probably don’t know where to depend on. To know what is the best forex robot and why simply consider the following as your guide:
#1 – Forex Fury
This type utilizes innovative, newly developed know-how and algorithms. It has twelve selectable trading strategies and styles, so you can pick the one that matches your needs. Among the different types, Forex Fury is simple to navigate. You can set to get automatic updates, especially when the programming requires to be squeezed.
Forex Fury allows you to take advantage of various developments right away. Buying this type requires a minimum deposit of $100.
#2 – 1000pip Climber System
This type of forex system depends on an algorithm that assesses the market. It also gives signals through email, audio, and visual notifications. Its free guide makes it easy for you to follow each process. It also has a definite signal that provides data about stop loss, entry, and gets profit rules.
This type is considered a “steady and slow” one with minimum risk. But, it has less reward compared to high-risk tactics. The 1000pip Climber System also closes trades on the algorithm even if changes can be made to the maximum and minimum limits. According to the creator of this system, it has targeted 20,000 pips for more than three years.
#3 – Coinrule
This type is a web-based, and it works across multiple cryptocurrencies. It also supports some of the in-demand exchanges like Coinbase Pro and BitMex. It has a free with a starter account and offers minimum costs per month, usually $29.99.
#4 – Forex Trendy
This system is an automated analysis suitable for both newbies and professional ones. It helps you avoid trading during any ambiguous trading times. It is also capable of searching charts on distinct forex pairs. Another best thing about this type is that it is a browser-based EA. It only means that you don’t have to install or download anything.
#5 – EA Builder
This type allows you to make your own strategies and indicators without any user interface design knowledge. It has a simple edge that produces algorithms and rules so you can trade anything. You can do this with the use of various features.
#6 – Forex Diamond
This type of forex robot combines three autonomous trading systems to provide a self-updating algorithm. This algorithm has a lucrative 40+ recovery factor. Having a selection to run Countertrend, Trend Retrace, or Countertrend Scalping individually or in combination, this type offers real-time calculation. Therefore, it can help your trades be more effective and successful. Now, the minimum deposit of this type is $1000, and its gaining rate falls between 75% and 80%.
#7 – FX-Agency Advisor
Compared to other types, this is a manual tool. It is simple to use and therefore fits for the beginners. This type comes with a detailed and comprehensive instruction manual to assist newbies in navigating their trades.
FX-Agency Advisor utilizes exceptional technical analysis signs suitable for both long-term and scalping trading. It is also perfect for use on distinct currency pairs.
#8 – FX Pattern Pro
This type provides you to the best times to sell or buy through alerts. It has a beginner-friendly pattern gauge that suits traders. The user-friendly interface also makes it easy to view when the updates have been sent, and the sell or buy signals do not repaint. Above all, this type is an all-embracing solution that sends updates or alerts via Telegram. It means that you can perform trades in a fast and easy way.
#9 – TradeMiner
This type scans market information to recognize seasonal or historical trends. It is also an excellent way of backing up or informing training tactics and decisions in accordance to the cyclical trading system’s nature. TradeMiner is an essential backtesting tool that often works on stocks, futures, and forex.
#10 – X Trend Premium
This type utilizes algorithms that adjust to fluctuations of the real-time market. Signs or updates can be sent through email or phone push notifications. However, this is just an indicator. You still need to be in place to physically make your own trade compared to other automated forex robots.
Though there are various forex robots in the market, you should not worry about what to choose from. Simply know how it works and benefits. Take note that forex robots can help you make your trading experience easy and profitable. Just make sure that you invest in the right and effective type of product.