Using forex robots has been a typical feature in forex trading. The huge fame of forex robots began growing after the launch of the MetaTrader 4 trading platform. Nonetheless, you will find a wide array of EAs in the market, making it challenging to find a good one.
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What is a Forex Robot?
Automated trading needs a huge amount of research to find the ideal software that will make your trades properly. Sitting back and allowing an automated tool to do the hard work for you can be a huge temptation. That is where forex robots come to the rescue.
A forex robot is a computer software that is based on a selection of forex trading signals helping to determine whether you need to sell or buy a specific currency pair at a specific time. These trading bots are accessible 24/7 to traders and can be easily purchased over the internet.
You will find numerous factors to consider when picking the best and most profitable forex robot. Keep in mind that some of them are risk tolerance, trading style, and more. Other factors you need to consider are maximum loss or profit ratios, profit ratios, and risk-to-reward ratios.
The risk of losing money is extremely high in the case of forex trading, even when a robot with the best algorithms is selected. Hence, it is of utmost importance that you identify the number of financial risks you’re ready to take.
Remember that the best robots are the ones which make the most profits. However, they are also the ones with the most risk. Thus, select a forex robot that best fits your risk appetite.
Before you tried to pick a forex robot, you need to test it with the actual market first. You can do that by signing up for a demo account along with the broker. At the same time, you must pick a forex broker which enables you to trade smaller lots. That will help you lower your risk at the beginning and is a good tactic to determine if the robots match your requirements.
What is the Best Forex Robots Based on Profitability?
Keep in mind that profitability level depends on a series of factors like the forex robot’s trading style, the percentage of the deposit within the account the robot can use to open orders, and other factors.
However, when it comes to different styles of trading and profitability, remember that the decision is always yours. You can pick a system that would be profitable but could be much more unstable and could have deep drawdowns at the same time.
You can also pick a system that offers not that high profit but would be stable and would not have huge drawdowns. Every time you pick an EA, ensure you consider your trading style.
Check out the most profitable forex robots in the market today.
- Forex Fury
In case you didn’t know yet, Forex Fury is an automated forex robot created by the team in Rypax Inc. they are also famous for its other useful product they called Forex Steam. Based on developers, their forex robot is the best EA accessible, which is excellent for both experienced and newbie traders.
With a ninety-three percent win rate and set of awesome features, Forex Fury is one of the best options so far when we talk about automated trading.
- Forex Steam
Forex Steam is a strong trading robot, which has been offering traders thousands of pips for years. Their Advanced Retrace Technology functions on the low-risk principle, which sets a bar and saves many traders from losing a huge amount of money.
Their holiday feature is a practical one, allowing traders to prevent any unfavorable market circumstances. Overall, the platform is mainly created for MetaTrader 4 platform on the M5 timeframe and has been delivering the best support for its users for over twenty-five years.
- Forex Flex EA
This is a forex robot that has endured the test of time. It has a wide array of real live confirmed by Myfxbook accounts highlighting the EA’s overall performance throughout a sustained time.
One of the amazing features of this forex robot is that it puts virtual trades to evaluate the market’s behavior until it locates a gateway to put an authentic market entry trade. That feature, together with the excellent twelve strategies executed, guarantees this forex robot can adjust to changing market conditions.
Have we already mentioned that it has a dedicated developer to keep the software updated and give around-the-clock support?
- GPS Forex Robot
GPS Forex Robot surely has something to provide for traders. Have you already modern knowledge and experience the financial markets? Then you might benefit from using such bots.
The specialty of this software is that it’s four times faster than the average one and could locate top-performing settings based on the present situation of the market to use it to real trading. That’s why GPS Forex Robot is one of the most profitable forex robots in 2021.
- Forex Diamond
This forex robot is a unique combination of countertrend and trend strategies. Those are perfect combinations in guaranteeing smart money management and fast implementation of trades. Some of the best features of this forex robot include its high-frequency trading, high spread protection, high slippage protection, three independent trading systems, dynamic trading logic, and self-algorithm.
To sum up, you will find a wide array of forex robots out there, but not all of them are profitable like the five we mentioned above. You should take advantage of filters and sort the EAs to meet your needs.
We understand that some traders will choose robots with low drawdowns while others prefer huge profits and don’t mind the additional risk. Indeed, the longer a forex robot has been running on an account, the more trusted the outcomes are more likely to be.
You must also consider if the robot has a high-profit factor. Take note that anything higher than a profit factor of one is considered profitable. Simply put, the higher the profit factor, the better.