Is something called the best Forex robot a reality? Most people are searching for the best Forex robots but have no idea how to go about it or what things to take into consideration before purchasing the Best Forex robot.
This guide has information on which FX robots are most recommended for use depending on your financial goals.
To be honest, there’s no “Best Forex robot” for everybody.
The best Forex robot is one that is consistent with your needs. If you like scalping, you’ll find the “best Forex robot” for that.
If you want to hold positions overnight, there’s another “Best Forex robot” for that as well.
How about traders who prefer hedging? The story is the same….. They have their “best Forex robot”.
We’ll get started by providing quick description to the best Forex robots (according to your needs) as well as where they can be found.
If you’re looking for profitable Forex robots, these links will be convenient and of help to you. Good luck.
But do remember….. a Forex broker can make or break your trading. Therefore, if you’re looking for a good trading experience where you enjoy real ECN, low or tight spreads and leverage of up to 1:200, FXchoice should be your best bet.
It is for traders who want consistent monthly returns of between 4%-10%. Think about this:
If you invested $10,000 now and are making 4% monthly(4% of $10,000), you'll be earning $400 in steady monthly profits every month.
Multiply $400 times 12 and you have $4,800 in profits.
Because this robot is consistent, it doesn't chase big super abnormal returns. Forget about the guys who tell you their robots will double your account balance in 30 days. That's not true.
But even when their robots trade with such aggressiveness, the profits will quickly be eroded in the same speed they were made.
You end up with zero profit and a dented Forex trading account. There's no need to rush!
It is better to pursue little but consistent returns.
The Forex market does not run away. Even if you make 2% in a month, you're better off than 95% of failed traders who never make it past their 30 days of trading.
And a good robot like the GPS Forex robot is the best Forex robot you can use if you want to be in the 5% category of successful traders.
This Forex robot appears to blend scalping with swing trading but what I like about it is the stability of its trading.
I recently got a copy of the GPS Forex robot 3 and I can say the results are pretty good.
However, take note that this Forex robot is not for the greedy or those who think Forex is a get-rich-quick scheme.
In fact, if you're looking for quick returns, you'll be disappointed.
Financial institutions and hedge funds around the world can only afford 2%-4% monthly returns.
So if you're getting 5-10% monthly returns on a consistent basis from a Forex robot like GPS Forex trader, you should be grateful. Isn't it?
Trading is a game for professionals who understand that we win but once in a while we take a few losses here and there.
Out of 50 trades, you can lose 20.
Depending on risk-reward ratio and how the robot takes care of risk management, you can emerge a very profitable trader.
So if you understand this fact, you will be happy with the GPS Forex trader. You can buy it here.
The results have been amazing.
The first thing you'll notice as a trader is that this indicator takes away the heavy load of work which is associated with analyzing charts.
It can get boring when your life involves going over the charts everyday.
So the DNA Scalper actually saved me from this heartache and secondly, the signals are of high quality.
I assure the trading community that this indicator is properly designed by someone who appears to have traded for some time.
I was willing to take the risk on a demo because I was losing nothing. After all it was a free copy of the DNA scalper.
That was an opportunity I couldn't miss and I was also eager to come here and tell the community what I found as well as my thoughts regarding this indicator.
In summary, the DNA Scalper is a super powerful trading indicator for all Forex pairs. Get it here.
It can change your trading forever since it costs $147 or thereabout (one time fee) for one trading account and it makes your life simple as a trader.
No analyzing complex charts unless you want to take the long route which is to actually learn trading.
The developer of DNA Scalper trading indicator has disclosed that the algorithm used in the creation of this indicator analyzes trends and stores information just like in the human DNA strands.
This way, traders utilizing the DNA Scalper trading indicator can see entries and exits even before the market can move.
They say it's impossible for the ordinary Forex trader to see these happens with the naked eye and that this indicator now gives every trader a chance to trade winning signals based on a concept similar to that of the DNA.
It takes 5 minutes to install it on your MT4 platform. Future updates are provided free of charge.
You'll also get constant support from developer. You just need to email them and they'll reply within a few hours.
It costs $99 (one-time payment). You can get it here.
It works with 33 Forex pairs, Gold, Silver, oil and 12 stocks. It syncs very nicely with your MT4 account. However, this is not an automated trading robot.
It is a tool that students use when they want to fast-forward the learning process.
Unlike paper trading or demo trading (which takes time to learn and master, Soft4FX lets you replay the market from a selected date, and it shows you economic news, charts and indicators as if they were live.
It's better than back testing.
It basically trades historical data which is a better and faster way to learn Forex than other methods.
You can also skip the less important periods of trading to focus on the days you want to simulate.
This way, learning will be quick and efficient. Try it here.
Students are trained in the members area where they receive free indicators for MT4, TradeStation, Ninja Trader 7, Ninja Trader 8 and ThinkorSwim platforms.
In addition to this, you will learn useful trading strategies, full support and week;y Q and A sessions.
If you want to build a career in trading, the Day Traders Fast Track program is for you and you can check it out here.
How to find the best Forex robot
We always review Forex robots here (and sometimes we bast scams as well) but have never told you what to look for in a good, profitable FX robot.
(a) Trading performance
While trading performance cannot be used to judge how a Forex robot will perform in the future, it can be used to give traders an overview of the expected performance.
Most reputable Forex robot developers have a myfxbook account or at least an FXBlue account which they use to demonstrate the success of their projects.
If a Forex robot is backed by any of these proofs of performance, it is a good sign that the developer is taking their work serious and have nothing to hide.
(b) Low draw down
The best Forex robot will have a reasonable draw down. We’re not saying that draw down is a bad thing or that it is possible to trade without this setback.
In trading, there are times we will win and times we will lose. That’s just ow trading is and we cannot avoid it. Good draw down is between 10%-20%. Anything outside these numbers would mean that the developer is risking too much or is not using proper risk management practices in their Forex trading robot.
The developer has to find a sweet spot between quality and pricing. The best Forex robot will be affordable to the masses in general or at least the developer could create a plan that fits all traders with different pocket levels.
Most Forex robots start at $200 (this is considered the average price) but we’ve seen other automated Forex tools costing as much as $2,000.
If a developer believes that they have the best trading tools and can demonstrate it, their pricing model should accommodate even that trader who wants to test the robot for $200.
They restrict the number of licenses and price them accordingly.
(d) Track record of the Forex robot developer
If the developer is well known and has a track record of creating and updating their robots regularly, this could be a good sign that you are buying from a reliable FX robot developer.
It’s easy to find out whether the developer has a track record or not. A simple Google search will do it but even our blog will educate you on whether a particular robot developer has a track record.
With the above methods, you will not have trouble trying to find the best Forex robot. We have made your work easier by giving you links to some of the best trading tools. We know that you will not disappointed.
Most of our readers know that we protect our traders here. Have fun trading!