Top 5 Forex Robots You Must Check Out
Forex, short form for foreign exchange, is the process of converting one currency to another. Say you’re traveling abroad, then you have to make a forex transaction. Apart from these practical purposes, forex trading is done primarily for earning profits.
In this process, forex traders buy some currency and sell another. They make great profits due to the currency differences and predicting the direction a currency may move towards. However, this is not as easy as it seems. Successful forex traders have to know current currency movements and the world economy to enter a profitable trade.
This is where a Forex robot comes in. It uses in-built algorithms and market data to predict which trade you must invest in. So, in case you’re looking for the best forex robots, this list below will guide you.
This is one of the best forex trading robots currently out there – this is what Patrick’s Forex Fury Review says. When this software was initially released, it traded the GBPUSD pair only. Now, after more than 60 updates, Fury can easily trade currencies such as EURUSD, AUDJPY, USDCAD, and USDCHF.
The latest versions of Fury, which you’ll find, are Fury Version 3 and Version 4. Some of their most amazing features are –
Fury has always worked well in ranging market conditions. Now, its range filter comes with an ADX indicator. This identifies ranging market conditions and can bring down the trading potential in these trending markets. It helps you to pick up profitable trades quickly.
One Set of Trades
The software allows only one set of trades per day. After completing a single trade set, the robot doesn’t start another trade to get extra wins. This reduces the risk of financial loss.
This functionality increases the trade sizes after you suffer a loss. It helps you recover faster than before.
This forex robot is completely automated. You can just install it, and it will start trading for you. If you are a pro at forex trading, you can configure it according to your trade requirements. This way, it has helped customers earn a lot of cash.
Usually, scalpers depend upon only a few indicators, as they want to cash in on as many trades as they can. However, Forex Steam uses some indicators to maximize your profits while trading. Here they are –
- Standard deviation – This is used for understanding the possible currency fluctuations in the future.
- Relative Strength – You can use this to measure the magnitude of recent economic changes and perform technical analysis
- ADX Trend Strength – This is used by traders for ensuring that the robot trades go well during fluctuation market conditions
- Williams %R – Traders use this for evaluating levels that are bought and sold the most. It is also used for momentum analysis.
- Stochastic Oscillator – Another tool used for momentum analysis
Forex Flex EA
Forex Flex EA has made a name for itself in the market for forex trading robots. The software is powered by a technology called virtual trades. So, what does it do? It opens some trades in the background so that it can use them to analyze the current market situations.
This immaculately coded software comes with useful updates and features. Plus, it supports all types of traders. Whether you are a beginner taking lower risks or a seasoned trader who likes to swing for the fence, it has settings that suit everyone.
Some of its amazing features include –
- It can work on any currency pair or asset.
- It comes with 12 trading strategies for you to choose
- Compatible with FIFO and NFA
- A member’s forum for discussing queries about trading
- Consistent EA and settings updates
- It has an in-built feature for money management
As the robot comes with so many trading strategies, you can experiment a little and figure out which one works for you.
This robot has become popular as it boasts of its outstanding recovery rate of 40 +. With such a high recovery rate, the Forex Diamond software can help you battle losses and gain more profit. Coming from the developers of the Wall Street Forex robot, another successful software, you have an assurance of quality. Plus, they have positive reviews and data from over a decade.
What sets this apart is the auto-updating algorithm, trading logic, and 3 market domination strategies. Let’s take a closer look at these strategies:
- Trend retrace signals are used in Strategy 1 to locate lucrative trades.
- Market reversals in trade are utilized in Strategy 2 for identifying profitable trades.
- In Strategy 3, the algorithm modifies the trading parameters to match the currently active markets and trades.
The robot works all day and mainly on 4 currency pairs – GBP/USD, USD/JPY, USD/CHF, and EUR/USD. Working 5 days a week, from Monday to Friday, it implements strategies according to market conditions.
This software is also a powerful trading robot that boasts of having a decade of experience backed with positive data. Forex Cyborg stands out from the rest due to its expansive currency support. This robot supports 14 currency pairs and can work on 15-minute charts simultaneously.
Offering users, a very neat user interface, 2 core technologies that drive the software are deep learning and neural networks. It will run on your MetaTrader 4 trading platform using any mt4 broker. This software can efficiently work on various market conditions.
Furthermore, the back-tests have real slippage simulated in them, so changing trading conditions can be predicted. It also uses real tick data for more accuracy in back-testing.
And that’s not all, the company provides 24/7 customer support to solve all your queries. They also provide a free setup of this software on your VPS or through Team Viewer.
Whether you are a newbie or a pro trader, you have to take time to research before choosing a forex trading robot. As different robots have different trading styles and strategies, opt for one that meets your needs. If you get overwhelmed while looking for robots, you can always check out our handy guide.