Forex Robots

What are forex robots and how they work

Forex robots or advisors are special programs that implement a trader's strategy, doing the work for him - all or only part of it. The robot or advisor is installed on the trading floor, where automatic trading is allowed (Fig. 1). Trading platforms have built-in advisors (Fig. 2).

Forex Robots

Fig. 1

A robot, which is downloaded from a third-party site, is uploaded to a platform such as MT5. Most often the robot is an archive with folders and files. They unzip it, open the terminal directory (Fig. 3) and copy the entire folder "MQL5" (Fig. 4) with the robot data into the data directory, then confirm the data overlap and restart your computer. This is the standard way, but before loading any robot, you should read the loading instructions.

What are forex robots and how they work
Fig. 2

Robots for forex trading

Fig. 3.

Types of forex robots

Fig. 4

The principle of the robot is that it monitors the market situation, determines signals or situation in accordance with the program laid down in it and submits an application to make a transaction Forex broker and then the broker executes that order.

That is, in the end, the effectiveness of a robot depends on the program that is written for it. That's why it's a mistake to assume that you can turn a robot on and forget about it, and it will continuously build up profits without the trader's intervention.

Types of forex robots

There are different kinds of robots. These can be automatic and semi-automatic systems. Automatic ones, respectively, after setting up and running, trade in a fully automatic mode. Semi-automatic trading robots determine entry and exit points, stop-loss levels, etc., but the final decision on the trading actions is made by the trader.

Also a kind of robots can be considered as scripts-assistants. They can close several positions simultaneously, automatically place orders or stop losses.

There are indicator robots, which, as the name implies, trade based on the information of indicators presented on the trading floor or on the basis of author's indicators. These can be stochastics, moving averages, Bollinger Bands or oscillatorslike RSI and so on. Technically this is probably the easiest way to trade, although it is more effective in a quiet market.

Non-syndicator robots trade, for example, by price dynamics, by patterns candles и barsThe trading time, the news, and so on. Such robots can fail when the price dynamics change rapidly.

Robots differ in terms of the strategy implemented - Martingale, scalping, trending, news, combined and others.

An Expert Advisor that works on the principle of Martingale, increases the lot by half after each losing trade. Trading with a robot that works according to this principle is quite risky, you need to have a significant deposit, but you need to trade initially only the amount that you can lose - it is very likely on the Martingale.

The robot that implements the scalping strategy detects the moment of impulse, makes a trade, and exits as soon as there are signs that the impulse has stopped. Trading usually takes place on small timeframes. The robot determines entry points based on indicators or patterns. This is a high-frequency strategy, so most traders start with small bets and often trade small lots for the entire trading period. Despite its apparent simplicity, this method is suitable for experienced traders, as it is very easy to lose.

Arbitrage robots, as the name implies, trade based on information from different brokers. The essence is that the "broker" can be "slow" or "fast", the robot should have time to "see" the change of the price at the fast broker and to put an order in the same direction at the slow broker. For this purpose the trader must have a fast Internet, a powerful computer, and the trade must be conducted during the time of the highest liquidity at the trades. Brokers do not encourage this type of trading and besides it is technically difficult to perform. Nevertheless there are robots that specialize in arbitrage.

Trend trading robots trade based on the definition of trend lines and trade using it. The robot opens a relatively small number of deals by trend. The robot uses indicators. The problem is that there are no unambiguous criteria for a trend change. More often trend advisors are used for trading in volatile periods, in a quiet market they can be unprofitable.

There are other types of robots, such as neural robots that have to learn themselves and predict the price movement based on past events and news robots programmed to trade on important events.

The task of any robot and advisor - to relieve the trader of routine work and automate those processes that can be automated. Such work makes up, say, 90% of the trader's activity, but only 10% are effective. These 10% include study of the market situation and development of an effective strategy. But it should be implemented by a robot.

What is the difference between forex robots and advisors?

When describing programmable Expert Advisors, traders often do not distinguish between a robot and an Expert Advisor. But there is a difference between them. Robots for trading are designed for fully automated work, their program contains all trading actions. But such applications are not welcomed by all brokers, so the work with such robots is rather risky.

Advisors are robots that only indicate the expected price movement, they do not do the work for the trader, but only simplify decision-making and speed up the trader's actions. And they are invisible to brokers.

But when downloading a robot or an advisor from the Internet, you need to clarify what is what. Developers and analysts don't pay much attention to the difference between these types of applications, calling robots advisors and vice versa. You also need to clarify whether a robot or advisor is free or paid, which is not always clear from the description.

Overview of the forex robot market

Review of paid robots

The choice of forex trading robots is large. Many of them have been working in the forex market for many years, being updated regularly. Let's consider the most frequently used robots, taking into account the sufficient number of positive reviews.

One of these robots is a paid advisor Forex Flex EA. It is considered a fairly advanced robot, which can be configured to implement many strategies. It works with the currency pairs GBP/USD, USD/JPY, USD/CAD, USD/CHF, EUR/USD, AUD/USD, EUR/JPY, EUR/CHF, EUR/GBP, EUR/AUD. The user of the robot manages the capital himself, the robot only helps, predicting the price movement with the help of indicators.

  • Platform: Metatrader 4, Metatrader 5.
  • Currency pairs: multicurrency advisor.
  • Mode of operation: 24 hours a day.
  • Timeframe: H1, M15, have additional settings.
  • Strategies: 12 strategies are used.
  • Type of trading: according to the information of the indicators.
  • https://www.forexflexea.com/

Forex Hero - fully automated paid advisor, which is considered high-risk because its work is based on the Martingale principle and uses the depth of prices for scalping. That is why it is preferred by traders with small deposit to work with brokers with minimal spread. There are many sites on the Internet where you can download this robot, but you have to check how safe they are.

  • Platform: Metatrader 4.
  • Currency pairs: multicurrency advisor.
  • Timeframe: M15.
  • Mode of operation: 24 hours a day.
  • Strategies: scalping on a small deposit.
  • Type of trading: by Martingale.

The basis of the algorithm of a paid robot Trend a Lot - trend lines Demarca (TD-lines), which the robot draws independently on the price chart. The deal is made on the breakdown of the support or resistance line. On too small timeframes is not recommended because of the large number of false signals. The trader should also be able to determine the trading parameters correctly, as the robot puts stop losses by itself.

  • Platform: Metatrader 4, Metatrader 5.
  • Assets: any.
  • Type of trading: by Demark lines.

The same information about the success of this robot has been replicated for years in various Internet sources (this is also true for many other robots). Therefore, it is better to check it demo account on their own.

Trend Scraper (Broker Hacker) - Fully automatic paid robot, which trades on the basis of moving averages. It is considered one of the easiest to set up and use, but it is not very profitable, so it is recommended to set it up for several currency pairs. The disadvantage is also the lack of profit during the flat period.

Forex Combo System - paid robot, implements four strategies, - scalping, trading against the trend, trading on the breakdown in narrow price channels, trading on the flat - separately or in combination. The Expert Advisor only works on the MetaTrader 4 trading platform. The Expert Advisor is not considered to be highly profitable, but it is stable in operation.

  • Platform: Metatrader 4.
  • Currency pairs: EUR/USD, GBP/USD.
  • Timeframe: M5.
  • Mode of operation: 24 hours a day.
  • Type of trading: its own algorithm.
  • https://www.forex-combo.com/

KeltnerPro - Forex Expert Advisor, trades according to the price trend, opening transactions on short timeframes in the direction of the trend. The robot determines the trend using the Keltner indicator. It is believed that KeltnerPro works more effectively in a highly volatile market. Traders note that when working with this advisor, it is especially important to learn how to put stop losses, otherwise the robot will quickly lead to losses.

  • Platform: Metatrader 4.
  • Currency pairs: multicurrency advisor.
  • Time frame: M5/M15.
  • Mode of operation: 24 hours a day.
  • Strategies: half scalping.
  • Type of trading: by Keltner channels.
  • http://www.keltnerpro.com/pro.html

Also worth noting is Wall Street Forex Robot (https://www.wallstreet-forex.com/) - robot, which is designed primarily for scalping strategy for the EUR / USD pair, but can be used for other pairs. It trades on the basis of indicator information CCI, ATR, Williams Percent Range, moving averages.

And another robot, GPS Robot 3 (http://gpsforexrobot.com) is a profitable robot created for a private group of Forex traders who make more than 30% profit per month.

Free Robot Review

Free CashProfit robot trades on the basis of the market situation and, if there is a threat of losing money, immediately sets stop-losses. This is what attracts beginner traders. The advisor works most effectively on the 15-minute timeframe when trading EUR/USD. Downloading this robot on the Internet is not difficult, but you need to check the sources and in any case test.

  • Platform: Metatrader 4.
  • Currency pairs: EUR/USD and others.
  • Time frame: M15 and others.
  • Mode of operation: 24 hours a day.
  • Strategies: scalping, counter-trading, pullback, flat.
  • Type of trading: by its own algorithm.
  • Download for free.

Cobra - free robot, which is considered effective for work on the highly volatile market. Cobra Expert Advisor is based on a moving average, on the basis of which the advisor determines the trend and places orders, lots are calculated automatically. It is believed that the optimum is to work with the base currencies for the robot on the basic settings. Searching for and downloading the robot is not difficult.

  • Platform: Metatrader 4.
  • Currency pairs: EUR/USD, GBP/USD , USD/JPY.
  • Timeframe: M1- H1.
  • Mode of operation: 24 hours a day.
  • Strategies: by deviation from the moving average.
  • Type of trading: by Martingale.
  • Download for free.

Free Robot Gepard, based on Stochastic analysis, Parabolic SARThe robot is able to hedge positions in case of a trend reversal, and to hedge positions in case of a trend reversal. The robot is able to hedge positions in case of a trend reversal. In the list of settings of the robot a lot of parameters, this makes it difficult to configure. Searching and downloading the robot is not difficult, you need to check the version and sources.

  • Platform: Metatrader 4.
  • Currency pairs: multicurrency.
  • Timeframe: M15 to H1.
  • Mode of operation: 24 hours a day.
  • Strategies: scalping, correction.
  • Type of trading: by several indicators.
  • Download for free.

Golden Profit Auto - free robot, the work of which is based on the Martingale algorithm, opens a lot of transactions on the strong movement, which can be unprofitable. Therefore, it is recommended to have a large deposit to work with this robot. When working with Golden Profit Auto, it is important to have a stable Internet connection for uninterrupted work of the advisor. You can find and download it on the Internet, you need to check the sources.

  • Platform: Metatrader 4.
  • Currency pairs: GBP/USD and others.
  • Timeframe: M30.
  • Mode of operation: 24 hours a day.
  • Type of trading: by Martingale.
  • Download for free.

Robot Ilan Dynamic uses RSI and CCI indicators in its work and trades on the basis of the Martingale algorithm. Ilan is considered a high-risk robot, the whole calculation of the trader is based on the fact that the robot will be able to calculate the optimal ratio of profitable and loss-making trades and correctly place orders. Ilan Dynamic Expert Advisor is free. You can find and download it on the Internet, you need to check the sources.

  • Platform: Metatrader 4.
  • Currency pairs: GBP/USD.
  • Timeframe: M5.
  • Mode of operation: 24 hours a day.
  • Type of trading: by Martingale.
  • Download for free.

And let's note a number of other robots and advisors that have been on the market for a long time and have mostly positive reviews.

Free Adviser Forex Setka Trader (download) to trade on pullbacks, respectively, used during high volatility or for assets with high volatility. It is not effective enough on long trends. The Expert Advisor trades on the basis of the Martingale algorithm, so the trader should timely withdraw profit.

Equilibrium - Trend Expert Advisor, which trades along the trend, opening trades after a correction. It is considered a low-profit, but stable and safe robot. Trades based on indicator signals, on M15 and H1 timeframe, mainly on CAD, EUR, AUD and GBP with USD.

Forex robot Urdala Trol (download) implements an averaging strategy and Martingale algorithm. The robot is fully automatic and is considered suitable for "boosting the deposit", but not very suitable for permanent trading.

Advisor TopGun (download) is designed to trade on the currency pair EUR/CHF at 15-minute timeframe, functions on the basis of the Bollinger Bands. It is believed that the robot works more effectively in a strong trend and can compensate for losses by opening new orders in the direction of the trend.

Expert Advisor Work Pallada (download) is based on the information of the ADX, EMAS and Alligator indicators, of fractals and so on. It is considered that Pallada is more effective for sell deals on the EUR/USD pair, but it does not bring high profits.

Forex Hacked Pro (download) - works on Martingale algorithms, can be used for scalping. This is a multi-currency Expert Advisor, can simultaneously work on multiple pairs. H1 timeframe.

Unimillion (download) is a free Expert Advisor, which is based on Martingale, but can also work on the basis of averaging. It is believed that this robot is very demanding to the correct settings. It works most effectively on the EUR / USD pair with a timeframe H1, it is designed for around the clock trading.

Of course, there are many more robots and advisors on the market, new ones are constantly appearing, and they are loudly advertised and promise big profits. But none of the robots offers a 100% guarantee of success. And if it does, it means it is a fraudulent project. The more knowledgeable a robot's owner is about trading, the more effective it will be.

How do I choose the right robot?

Before you start choosing a robot, you need to decide on a trading strategy and study it in detail in order to understand exactly what kind of robot you need (and whether you need it) and how exactly you will need to configure your robot. A clear understanding of the strategy will allow you to understand whether the trading robot works correctly even in the demo mode. It is necessary to pay attention to the currency pairs with which the robot works. When choosing an Expert Advisor, you should pay attention to the fact that it is not tied to only one broker.

Trading robots have a history, which you can check, for example, on the website https://www.myfxbook.com/ru/reviews/expert-advisors/10,1. If the entire story fits in the screenshot on the developer's website, it is unlikely that the robot is capable of performing the promised functions.

You should not use a robot without prior testing. Optimally, if the developers provide a period of free use, then you should try trading with it on a demo account. If the possibility of free testing is not provided, then it is necessary to ask the developers about such an opportunity.

Rules of trading with a robot

When trading forex using robots and advisors, you need to follow a number of rules, failure to comply with which will inevitably lead to losses. And, first of all, as the first rule, you need to remember that making a stable profit in automatic mode is a difficult task, it requires an understanding of the process and relevant skills.

Before trading on real accounts, every script must be tested. This is probably the most important rule of trading with robots.

By the way, a robot that has been successfully tested on a demo account may not work as effectively on a real account. So, in any case, you need to start trading cautiously.

It is necessary to start trading only with the minimum bets. It is actually the same testing, but already "in combat conditions". If the test was successful, then it is possible to increase rates little by little.

It is necessary to choose the correct leverage, what - at the discretion of the trader, there are different opinions, some believe that the maximum leverage, others say that this should not be done in any case.

Studying the instructions for setting up your robot is a must. And if it doesn't come with a manual, you can't use it.

If possible, if it is not a high-frequency strategy, it is better to confirm transactions in the manual mode.

At the stage of familiarization and training in the use of the robot, it is preferable to withdraw profit regularly and create a reserve.

To trade with the advisor you need a constant, stable Internet connection without interruptions.

There are many sites on the Internet from which you can download a robot, one of the most popular e-community is https://www.mql5.com/ru/market/mt5/expert (Fig. 5), there is a huge number of robots for both MT4 and MT5.

Rules of trading with a robot

Fig. 5

Choosing the right broker

Brokers are generally interested in traders using robots to trade. Robots trade longer and less unpredictably than traders; robots trade around the clock, so the broker gets more commission.

However, not all brokers welcome trading with robots, so before you start trading, you need to make sure that the broker will not block advisors or disrupt trades, which of course the broker does not openly report, but when and if it happens, it will be too late. If you have doubts about the broker, you should read feedbacks about the possibility of automatic trading on specialized resources.

Choosing a broker, it is necessary to be guided by some criteria: a broker should not have restrictions on volumes, terms, profits of transactions, at the same time it should have high speed of making transactions. It is also desirable that the broker should have high liquidity. When choosing a broker, a trader should consider the trading strategy because the choice of robot depends on it, and they are not universal for different brokers.

Among the brokers that support automatic trading can be noted: Alpari, Weltrade, Forex4you, EXNESS, RoboForex (Fig. 6), InstaForex and others.

Choosing the right broker to trade with a robot

Fig. 6

Conclusions

So, there are a huge number of different robots and advisors in the forex market. They are designed to optimize the trader's activity.

But the choice and effectiveness of the advisor depends on the qualifications of the trader. When choosing a robot, one should be guided by user reviews, paying special attention to negative, but constructive reviews. It is useful to look at the ratings of robots.

The choice of broker should also not be random, the main criterion in this case - it should not limit the work of the EA and be compatible with a particular robot.

3.36 / 46
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Отзывы

  • I have been gnawing at the granite of science in this business for more than 15 years. Experience I can say enough. I have always traded with my hands, looking for the Grail like everyone else. I have only experience and profitable trading strategy, strict control of risks and steady psyche. It does not tolerate negligence and greed. About 3 years ago I started thinking about automating one good trading algorithm, or to be more precise, about creating trading robot ZTI, that would do some routine work for me, since intraday trading requires a lot of time, concentration and effort. Thus, it has been five years that trading robot ZTI brings quite a good profit, albeit not a cosmic interest, but I get 4-10% on automatic mode. Good luck to all!

    Reply to this review
    • S OM A 13 June 2021 at 16:03

      What about FX Service? It's not a bad trading robot either.

  • Who wants a robot … . Write this guy… .. He’s not a scammer. Gives his bot for a test on a demo account. It’s free! Real account, but it’s on his affiliate link… But I checked that it works. forex_robot_ua

    Reply to this review
  • Improsoft trading robots are the best robots on the market! If you do not want to spend money right away, we have a FREE trading robot which BETTER BROADS too! Join the army of satisfied customers! https://improsoft.pro

    Reply to this review
    • Aleksandr Bryančik 26 November 2019 at 20:09

      Hi, there is a robot that does not drain PrideFX. Top bot, easily survived October on 8 pairs with 2 pounds!!! Anyone interested, write to me, I'll tell you more.

    • Peresvet Yar 9 January 2020 at 21:45

      This is the same Wall Street Bot... noodles for beginners)))

    • Gulymira 28 January 2020 at 14:38

      How do you understand free?

  • What do you think about WallStreetBot robot?

    Reply to this review
    • Mark_Musevich 17 October 2019 at 14:16

      Yesterday, a friend plummeted 300k on it and a bunch of people from the Tyumen community plummeted.

    • Ivan Špenykov 23 October 2019 at 15:37

      Also on it leaked back last year. But I found another bot and bought different settings, so if you're interested, you can ask me about it. I trade on the same EUR/USD pair

    • Roman Sobolev 9 November 2019 at 13:10

      What's the topic?

    • Almaz Kamalov 27 January 2020 at 10:29

      We have the same robot, but under a different brand. In fact, the drain is only due to the fault of the owner of the robot. For more than half a year I have owned a robot and watched others. The one who lost it was the one at fault.
      I don't think I will be here again. If anyone is interested, find me on Telegram under @almaz_fx, I will tell you more.

    • Cary 13 February 2020 at 17:04

      Do you have a proudfed?

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