Forex is short for Foreign Exchange, which is defined as the process of changing the value of one country's currency to that of another country, usually for a variety of reasons, including tourism. The stock market can be used for trading because the value of a country's currency is constantly changing, either up or down. To optimize the process of trading in the forex market, many traders now use the best trading robots in the forex market.
Many people decide to become traders in the forex market because this market is one of the largest and most liquid asset markets in the world. This is due to the very wide range of transactions, which includes a global market for the exchange of national currencies. The best forex trading robots can help traders not always keep an eye on the market.
What is a Forex trading robot?
A forex trading robot is automated software whose algorithm is based on a set of forex market signals that can help traders determine whether to buy or sell a currency pair at a given time. These robotic systems usually operate automatically and are linked to an online broker or currency exchange platform. They are designed to minimize the trader's psychological factors that can be detrimental.
These robots are widely available on the internet, but as a trader you need to be careful as companies will appear selling these trading systems with a money back guarantee, only to disappear a few weeks later. Some of the criticisms leveled at forex trading robots are that they are profitable in the short term, but their long-term performance is mixed. Therefore, make sure to choose the best and the right forex trading robot.
Advantages of investing with Forex trading robots
Humans created forex trading robots because they have only one goal and that is to minimize the flaws of manually done forex trading so that the profits traders get are even higher. Additionally, the specific benefits of using the best forex trading robot for investing will be explained in the following description!
1. Trading around the clock
As human beings we cannot stay awake for 24 hours, there are times when we need to sleep to rest our body so that we can resume our activities the next day. But, unfortunately, the forex market moves around the clock without stopping. Like human nature, we certainly cannot follow the market for a whole day, especially when we also have other activities to do. So, using the best forex trading robot is highly profitable as traders will not miss the target price to be hit as this robot can work automatically for 24 hours.
2. Negotiate without emotions
Emotion is one of the biggest challenges traders face when making investment decisions. For example, when the market is green, he will usually be tempted to buy assets because he thinks the chart will continue to rise, then when the market drops slightly towards red, he will be quick to sell it out of fear. to lose. Even though it's the opposite of good investing, buy when the market is red and sell when the market is green. This is the role of forex trading robots which are very useful so that traders can be more consistent with the objectives and the decisions that have been made. Of course, it can save traders losses.
3. Forex robots are always looking for trading opportunities
The best forex trading robot makes it much easier for the trader because he can perform his own analysis. The analysis that this robot can perform, namely determining the loss limit, determining when to take profit, making trades and executing buy and sell orders. Of course, the analysis is heavily influenced by the system developer. Despite this, this robot is very useful for traders who do not have time to do their own market analysis.
4. The performance of the Forex trading robot has been tested
Do not hesitate to use a forex trading robot because the robot must have been programmed correctly and have passed several tests. If the robot has any shortcomings, it is sure that the developer will continue to try to improve it and develop its functionality so that the traders who use it are more comfortable.
5. Multitasking Forex Trading Robot
Multitasking is a hard thing for some people to do, but it's something that can be done by all the best forex trading robots. Trading robots can observe the rise and fall in the value of currencies of all countries, but also analyze the market, set profit targets, determine when to exit and enter the market, and even place stop loss orders. All these activities are carried out simultaneously by the robotic system.
6. There are always feature updates
Technological developments are increasing year by year and impacting forex trading robots. Bot developers will always update features to meet existing needs. This is why sometimes there are robots available in several versions and it is recommended to use the latest version because it means using the latest features.
How to Choose the Best Forex Trading Robot
The choice of a forex trading robot cannot be neglected because you will use it for important things and related to the assets you own. Pay attention and learn some tips for choosing the best forex trading robot like MoneyDuck which will be presented in the following description.
1. Learn the working mechanism of Forex trading robots
The first way is to learn how Forex trading robots work. This needs to be done because many traders use trading robots, but do not know how they work, so the profits obtained are not optimal or even suffer losses. Trading robots work automatically, for example by analyzing price changes and movements in the forex market. Traders only need to determine at what price for the robot to complete the buying and selling process.
2. Test the performance of a Forex robot
You should also test the work of forex robots. Make sure that the robot can be used without problems and rarely needs maintenance. However, if the maintenance takes place several times, it is normal that the performance of the robot is also well controlled. You should also pay attention to whether you can use all existing features and according to their functions. For example, when you command the robot to make a purchase at a certain price, will the robot actually make it or not?
3. Functionality of risk management tools
The best forex trading robot will offer risk management features. This is used so that traders can get the maximum possible profit and keep losses to a minimum, if the market does not match the trader's predictions. An example of a risk management feature typically present on a trading robot is a stop-loss order.
4. Provide security
The most important thing in any transaction, including in the forex market, is security. If the security is insufficient, your forex account can be hacked by hackers. It is therefore necessary to ensure that the safety of the robot used is guaranteed. The characteristics of the original forex trading robot, which comes in the form of an EA or Expert Advisor file, can be used by all forex brokers and must be installed on a server device first.
5. Research Forex Robot subscription fees
The use of forex trading robots is not free. This is not surprising as they provide services with fantastic features. To minimize costs, you need to research the forex market subscription fees. You can find the subscription amount by surfing the internet by mentioning the name of the robot you want.
Recommendations on the Best Forex Trading Robot
You may feel quite confused in choosing a robot for forex trading because you don't know which robot is a champion in this field. For this reason, MoneyDuck did some research and came up with 6 recommendations for the best forex trading robots you can use. Referring to the list below, you can choose one of them that suits and suits you.
1. Tops Scalper FV
The first is Tops Scalper FV which was released by Catalin Zachiu on August 13, 2019. The latest update was on October 11, 2020 and this robot entered version 3.7. Before purchasing this robot, you can try it out for free using the demo feature. The price of this robot is around 49 US dollars, which is equivalent to 700,000 rupees. It got a 4.2 out of 5 star rating.
The robot can place BuyStop or SellStop orders a short distance from key price levels, as well as take advantage of pending orders accumulated at these levels. It is highly recommended to use brokers with low slippage, low spreads and fast computers for the robot to work properly. We can also ask the robot to manage profits and losses by doing TakeProfit, StopLoss, TrailStop, setting them to 0.
The next best forex trading robot is ScalPro which is available on the QuickPro app for free for FOREXimf clients. This robot performs scalping based on resistance and relative support, suitable for those of you who like to get daily profit opportunities. To use ScalPro, you need to prepare a budget of USD 3,000 or the equivalent of Rp 42,000,000 to start scalping.
3. Yellow Free
Then there is Yellow Free, which was released on September 21, 2017 by Evgeniy Machok. This robot has a rating of 4.08 out of 5 stars. The last update was made on July 20, 2021 and version 8.5 is now available. There is no demo version for this robot, but you can download it for free. There is also a Telegram group to discuss this robot and exchange opinions on forex trading.
They claim that this robot has a simple, yet effective strategy. With proper money management, the probability of a stable income is very high. Some of the features that you can use in the free version of the best forex trading robot are very limited number of market entries, lower deposit charge, higher free margin and no ability to open positions manually.
4. Correlates EA Free
Correlates EA Free is a forex trading robot that is used on MetaTrader 4 and can be used for free. Some of the terms and conditions for using this robot are: the minimum deposit is around 500 USD or 7,100,000 Rp for 0.01 lots, the minimum account leverage is 1:500, the settings are defined by default. However, there are a number of parameters that traders can change such as lot size, take profit percentage, correlation period, etc.
5. Forex Flex EA
The Flex Forex EA is the next best forex trading robot. Flex EA is a verified robot that operates using newly developed innovative technology involving "Virtual Trades". In other words, Flex will open virtual trades in the background and then use them to continuously monitor the market to help traders determine the ideal entry point, i.e. Flex will open and will automatically manage real transactions in the forex market.
Flex has an automatic update system, so you can make sure your robot has the latest settings and performs best in current market conditions. Some of the features of the Flex Forex EA include a money management feature, MT4 and MT5 versions, FIFO and NFA compatibility, a members-only forum, and 12 strategies to choose from.
6. GPS Forex Robot
Finally, there is GPS Forex Robot which has entered version 3. They mentioned that the latest update this time has made the system easier to install. Other advantages include the fact that the robot can work 4x faster than previous versions, it is safer and more profitable, it adds the most optimal settings for the current situation in the forex market, so that you can adjust the main parameters according to your own trading style.