The forex robot space is often quite challenging because there are innumerable options. Each robot promises a gamut of benefits, claiming to be the best friend of the trader, encourages trades with the hope of churning profits – and all through automated trading. Now, amongst all these, there are forex robots that promise profits, but traders end up losing a lot of money. The worst happens when traders use up all their investments, in pursuit of profits.
But help is available online which can help traders move on the right path. Are you searching for the best forex robots to enhance your profitability scope or if you are looking forward to some passive income generation? For all this to happen, you need to select the right robot, and the most important part is that you need to know how to choose your robot.
Selecting the Ideal Forex Robot
When you are choosing a forex robot, there are a few facts you should consider during your selection.
- Try a Demo Account – It is wise to test a robot in a virtual environment, instead of taking it to any real market and then risking the money. However, one needs to remember that test environments might not always depict the real condition, but it is helpful in selecting the robot. It still helps the user to measure what the FX robot might offer.
- Testing – It is necessary to test a robot against variable spreads & also real slippage before it is used. Backtesting can also be considered for checking the results. Besides this, even data from authoritative websites like myfxbook are also quite effective in the evaluation of the robots.
- Drawdown – Low drawdown is a good sign. It means a decline or reduction of capital. If there are high drawdowns, it means more gains. It also means exposure of an account to unnecessary risks.
Scams – Traders Need to be Cautious
Whenever you are in search of forex robots, you must remember that there are several products that claim to provide huge gains. However, all these robots are not able to provide any real-time based evidence. Here, one needs to remember that user reviews are helpful, but again these can be fake.
Today, there are hundreds of scam robots present. Thus, as a forex trader, one needs to keep a watch and eye for various red flags. There might be problems related to withdrawals, or instances when profits are not adding up or when the robot is not behaving as it should.
However, the good news is that there are services like myfxbook which can evaluate the effectiveness of the robots. It is vital to choose robots from the developers you know or whose background is clearly mentioned. If everything is genuine with the robot, the developer should not have any problem in being transparent about the fess, about the services which are offered, and about past results.
Top Forex Robots of 2021
RoFx – RoFx has been around for more than a decade now. Developed by an expert team of forex traders, this robot is considered one of the most consistent robots today. Its key feature is its artificially driven neural network which adjusts with great ease as per changing market conditions. Its compensation plan is also another significant feature of this robot which is facilitated by the reserve fund of the robot. Other significant features include signals for new trades, consistency in profits while trading, guarantee for loss coverage, no leverage, stable passive income, and low risk when trading. RoFx is one robot that is suitable not just for experienced traders but novices as well. The minimum deposit required for trading is $1000.
Perfect Trend System – This is an online platform, the objective of which is to transform different investors into better traders. The system provides signals to different investors. This system lets the trader avoid the hustles of not being able to execute trades on time. It offers the best entry points & exits. The blog section of their website has several helpful articles and blogs for traders helping them to trade and win trades.
Flex EA – This is one of the best performing forex EA which is suitable for MT4 and MT5 platforms. It comes with verified EA results. There are several useful features of this system which include its 12 selectable strategies, its money management feature, it supports all currency pairs, includes optimized settings, and is FIFO compatible. Users should go through the features of Flex EA before they start using it.
Point Zero Trading – This is a forex developer that claims to create expert advisors and indicators that are suitable for different versions of the Metatrader trading platform. All expert advisors are properly coded so that safe and predictable execution of trades is carried out. They also offer several free trading tools. The advisors and indicators provide great flexibility.
FX Delta – Introduced in 2016, FX Delta was developed by a veteran forex trader Yordan Kuzmanov. FX Delta is a trading system that can be used by both experienced and novice traders. This is an all-in-one package that offers many intuitive trading features and a versatile user dashboard. There are 4 sub-areas in this dashboard which includes trade management, filters, delta patterns, and alfa pattern.
However, one should remember that no forex robot will work in the same way under the same marker condition. Today, there are several forex robots and with it, the number of scams has increased always. Thus, it’s necessary that the traders become diligent and cautious. It is necessary to carry out a lot of research before choosing any forex robot.
If you manage to select the right forex robot has the capacity to change fortunes. Even novice traders who are looking forward to making passive income can benefit from such robots. However, traders need to be aware that any forex robot which promises extraordinary gains under all market conditions, might not be the right choice.