What is a Forex Trading Robot? – Developing, Top 14, and More

What is a Forex Trading Robot?

A forex trading robot is a computer program based on a set of forex trading signals that helps determine whether to buy or sell a currency pair at a given point in time.

Forex​ robot design to remove the psychological element of trading, which can be detrimental. While trading systems can be purchased online, traders should exercise caution when buying them this way.

Developing Your Own Forex Trading Robot

1. Forex traders may want to consider developing their automated trading systems rather than taking a risk on third-party forex trading robots.
2. The best way to get started is to open a demo account with a forex trading broker that supports MetaTrader and then start experimenting with developing MQL scripts.
3. After creating a system that performs well when backtesting, traders should apply the program to paper trading to test the system’s effectiveness in live environments.
4. Unsuccessful programs can tweak, while successful programs can ramp up with increasingly significant amounts of natural capital.
5. In general, many traders try to develop automated trading systems based on their existing technical trading rules. Some such systems are more successful than others.
6. An example might be a trader who watches for breakouts and has a specific strategy for determining a stop-loss and take-profit point.
7. These rules could quickly modify to operate in an automated fashion rather than being manually executed.
8. Traders should keep an eye on these systems to ensure that they’re working as expected and make adjustments when necessary.

Top 14 Forex Trading Robot

These are some of the robots that we think are the best in the industry for 2021.

Suitable for use by beginners and experienced traders, they are available as instant downloads and all work with most brokers.

1. GPS Forex Robot

• This robot uses newly developed, innovative technology and algorithms. Constantly monitoring the market in the background has 12 selectable trading styles and strategies, so you can choose the one that suits your needs.
• Ready to go out of the box, GPS Forex Robot is simple to use. Set to receive Basecamp automatic check-in updates whenever the programming needs to be tweaked, it is constantly updated, allowing you to take advantage of developments straight away.
• Minimum Deposit – $100

2. 1000pip Climber System

• This forex system base on an algorithm that analyses the market and provides signals through visual, audio and email notifications.
• The free guide makes it simple for beginners to follow, and it has clear signals giving entry information, stop loss and take profit rules.
• It is a ‘slow and steady’ forex robot, with minimum risk – but perhaps less reward than high-risk strategies.
• It closes trades based on the algorithm, although changes can make to the minimum and maximum limits.
• Minimum Deposit – No minimum noted

3. Coinrule

• Fee: Free with a starter account or from $29.99 per month
• Coinrule is a good choice for those who are new to trading and more advanced traders with its simple, intuitive design.
• Users don’t need to know any code to set their trading rules.
• Coinrule is web-based and works across several cryptocurrencies, and supports some of the most widely-used exchanges, such as BitMex and Coinbase Pro.

4. Forex Trendy

• This expert advisor is an automated analysis system that helps users avoid trading during any uncertain trading times.
• It can look at charts on 34 Forex pairs, from minutes to monthly, and is a browser-based EA which means there is nothing to download or install.
• Although it will not place the trade for you, it will advise when to buy or sell.
• Minimum Deposit – $250

5. EA Builder

• The EA Builder allows every trader to create their indicators and strategies without any programming knowledge.
• It has a simple interface that establishes rules and algorithms so you can trade anything with several features in just a few clicks.
• This web-based program does not need any installation and works effectively with MetaTrader 4 + 5 and TradeStation.
• Minimum Deposit – Depends on the platform.

6. Forex Diamond

• Forex Diamond combines three independent trading systems to offer a self-updating algorithm with a profitable 40+ recovery factor.
• With the option to run Trend Retrace, Countertrend or Countertrend Scalping independently or in combination, this EA offers real-time calculation that helps trades be more successful.
• Minimum Deposit – $1,000

7. FX-Agency Advisor

• This is a manual tool that is simple to use for beginners and comes with a comprehensive and detailed instruction manual to help newbies navigate their trades.
• FX-Agency Advisor uses unique technical analysis indicators suitable for scalping and long-term trading and is ideal for all currency pairs.
• Minimum Deposit – Depends on the platform.

8. Wallstreet Forex Robot

• The Wallstreet Forex Robot has the most extended, fully verified performance according to Myfxbook, and it works on any currency market.
• The 2.0 Evolution base on the original configuration of low-risk scalping following short and medium-term trends.
• The addition of the Broker Spy Module, which allows you to protect your capital from unethical brokers.
• Minimum Deposit – $1,000

9. FX Pattern Pro

• This beginner-friendly pattern indicator is an EA that alerts users to the best times to buy and sell through alerts.
• The user-friendly interface makes it simple to see when the alerts have been sent, and the buy/sell signals are not repainted, thanks to the unique algorithm.
• FX Pattern Pro is an all-inclusive solution that sends alerts through Telegram so that you can perform trades on the go.
• Minimum Deposit – Depends on the platform.

10. TradeMiner

• TradeMiner is an indicator that scans market data to identify historical or seasonal trends.
• Creating easy to read reports based on custom search parameters is a great way to back up or inform trading strategies and decisions based on the cyclical nature of the trading system.
• This effective backtesting tool works on forex, futures and stocks.
• Minimum Deposit – Depends on the platform.

11. X Trend Premium

• This is a forex indicator that, according to the creator, uses algorithms that adjust to real-time market fluctuations.
• Indicators can send to you via email or even as push notifications on your phone. Still, as this is just an indicator, you need to be in a position to physically make the trades yourself, unlike some of the automated robots.
• Minimum Deposit – $100

12. Forex Gump

• This forex robot runs on nine currency pairs and monitors trends, prices and news.
• You can set your trading preference to high, medium or low risk – and this will affect the outcome of your trades.
• It comes with full instructions and support and even offers a money-back guarantee.
• Minimum Deposit – $4,000 regular account, $400 on a nano account

13. Auto ARB

• Created by Leap-FX, this is an arbitrage-based robot that takes advantage of slow connections against faster markets, reacting to make a profit in the time lag.
• It works on all currency pairs, cryptocurrency, stocks and indexes. It uses the speed of the broker connection to the market.
• And also, it makes it simple for anyone to use automatic trading, and the creators say that it is almost risk-free.
• Minimum Deposit – Depends on your broker and platform, works on demo accounts.

14. Centobot

• This robot deals with forex and cryptocurrency; you can use it to trade across both.
• The software is easy to use, and if you know, you can use it as a platform to create your robot with your preferred settings.
• Minimum Deposit – $250

Understanding Forex Trading Robot

1. Forex trading robots are automated software programs that generate trading signals. Most of these robots are built with MetaTrader, using the MQL scripting language.
2. It lets traders generate trading signals or place orders, and manage trades.
3. Automated forex trading robots are available for purchase over the Internet, but traders should exercise caution when buying any such trading system.
4. Another criticism against forex trading robots is that they generate profits over the short term, but their performance over a long time is mixed.
5. This is primarily because they automate to move within a specific range and follow trends. As a result, a sudden price movement can wipe out profits made in the short term.

Conclusion

Automated forex trading robots automate software programs used to generate trading signals.

While they advertise the prospect of profits, it is essential to remember that forex trading robots limit their capabilities and are not foolproof.

Also Read: What Is the Business Cycle? – Work, Illustration, Measures, and More