For those trading in foreign exchange currency rates, or forex, there are many tools that are made available to help you become successful faster. Among these tools are what is known as expert advisors or forex robots. These aids are basically scripts that are coded with differing forex trading plans or strategies. The idea is for the forex trader to import the chosen robot into a MetaTrader platform. Once activated the robot will then automatically enter and exit trades on your behalf 24 hours a day. This obviously means you will always have to leave your PC connected to the internet. On the occasions when you can't do this you can arrange to have your forex robot hosted onto a VPS (Virtual Private Server).
In order to find out how well your particular forex robot is working you will need to back-test the software. By doing this you will be able to gain a better idea of its performance by looking at its reward/risk ratio, as well as its consecutive losses and wins record. What makes one forex robot better than another will often be a personal choice depending on how you adapt to its particular peculiarities, as all are designed to improve your chances of success. The following 10 forex robots have been reviewed by forex traders who have given them more ticks than crosses:
- Pro Forex Robot. Professional floor trader, Ron Carter, has developed the trading system used within the Pro Forex Trader. Its highlights include its ability to make full trading reports available for the past three or four years. It also gives an average 86.3 percent monthly return and its exit/entry is based on PSAR among other private indicators that adopt a sell low – buy high entry. The Pro Forex Robot also contains an optional Martingale money management system as well as being programmed with automated high spread protection that stops spread hikes when volatile periods occur. The Pro Forex Robot gives you a low chance of losing money when you adopt the Martingale strategy. It is reported to work very well and catches profits when trendy conditions prevail.
- Xtreme Pip Poacher. This forex robot is reported to have produced up to 194 live trades creating a profit of $89,918.19. It is an automated forex trading robot that has been developed by Williamson following his experiences with no less than 553 failed systems over a 26 year period. Its trading system operates on a pattern of price movements along with sensitive filters but it only trades with the four principal currencies. One feature is that you can customise it so that most of the money management work such as risk percent for each trade, sizing and position are to your own individual liking.
- Forex Bling. This is the first forex robot to incorporate four separate forex trading methods. These being Grid Training, Scalping Trading, Breakout Trading and Trend Following Trading. You will find no less than six expert advisors inside this package and you are able to select any one or all of them to trade with the four trading methods. You are also able to allocate differing amounts of capital to each expert advisor. Your risk management is strong when you use the diversity of this trading system because of the multiple trading systems it incorporates where most other forex robots only adopt the one trading method.
- Ivybot. Ivybot also incorporates four trading systems that are available for you to trade in each currency. It doesn't take opposite trades and it only trades with the current trendline. It is also a forex robot that specialises in short rather than long trades. Ivybot also offers all kinds of downloads such as forex market indicators and scripts for non-automatic traders. It specialises in one hour trading timeframes.
- Forex Outbreak. This particular automated forex robot was first launched in August 2010 with a limited 500 copies only. It is a long term forex trading robot that is capable of carrying out intra-day trades and trendy EURUSD currencies. At the time of its launching its designer claimed it hadn't lost a single trade in a whole year of trading. It focuses on trading in one currency pair only.
- Forex Shockwave. A forex trading system that its creator claims has turned $500 of capital into a six figure sum. Other claims include; making almost $20,000 profit in less than a day, nearly $5,000 in eight consecutive trades, over $5,000 from seven consecutive buy trades. It is a forex robot that can be configured to trade during specific hours each day or trade around the clock. It is reported to work well with all kinds of currency pairs but gives best results when trading in EUR/USD pairs. It is able to trade as well as locate consecutive trades even when the market becomes unpredictable and volatile. It can also be adjusted to take profit and stop loss levels.
- Forex Bulletproof. This particular forex robot was never released for public use but it remains the personal robot for three developers of the FapTurbo robot. It gets a mention here because of it being able to turn $1,000 into $149,484.00 during the last six years. It was designed to produce five percent growth every month. It is only for the brave in heart however as its trading system sacrifices high yields before stability or the safety of any money that has been deposited. It is therefore a high risk but high reward forex robot that is able to double your investment money in just days.
- Push Button Pips. If you thought you would like to get your hands on the Forex Bulletproof forex robot then you hadn't heard of Push Button Pips. This particular forex robot is claimed to have turned an investment of just $2,000 into over $1 million in no more than three months. With these sorts of results it is no wonder it comes with a password that only allows the investor who purchased the software to log in and check his or her trading results. These results are then verified by a third party. One such trading result was as follows:
- Gross earnings = $1,650,591.82.
- Gross loss = $503,011.90.
- Percentage return = 57,378.99 percent.
- Net profit = $1,147,579.92.
A forex trader who is currently using Push Button Pips is allegedly making between $10,000 and $100,000 a day.
- FapTurbo. The workhorse of the Forex Bulletproof creator. This forex robot has become a best seller because of its high trading frequency by scalping for quick pips whenever possible. This combined with its stop/loss tightness allows your account to multiply faster as time goes on.
- Forex SAS. An intra-day scalping forex trading robot, this forex robot trades as much as is possible in a day as well as closes these trades. It creator is claiming that it is earning him $30,000 a month and that he had tried 500 other trading systems before perfecting this one. It can also adjust to take profit at the right time as well as stop loss levels.
Many forex traders actually use their automated forex robot as their only trading system while others only use it to help manage a part of their forex trading portfolio. The working success of a forex robot depends a lot on the worth of the strategies you have adopted along with your money management structure.