What Is a Forex Robot and Is One Right for You?

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If you’ve ever wished for a robot to clean your house or walk your dog, you’ll likely understand the appeal of forex robot. These services don’t do windows or pet-sit, but what they offer is arguably more valuable: a relatively hands-off way to trade forex and other financial markets.

Many people dream of finding a perfect forex computerized trading system, which guarantees profit and requires little input from traders. When many Expert Advisor Builders that produce Forex EAs or Forex Robots are available, there are some important questions that need to be answered.

Summary:

  • What is Forex Robot and how does it work?
  • What is the best Expert Advisor Builder for making Forex Robots?
  • Example of a free profitable Forex Trading Robot (+ 10% per month)


What is a Trading Robot or Forex EA

As the name implies, a Forex Trading Robot — also known as Expert Advisor or Forex EA goes beyond mere testing of trading strategies to actually apply them in real-time to make real trades with live market data. When the programmed expert advisor generates a buy or a sell signal, the platform automatically places the trade. These systems have been widely used by institutional traders for many years in all financial markets. In recent years Forex EAs has become much more popular with private traders, particularly because it does not require any coding skills to create, run and optimize an automated forex trading system.

Assuming the forex EA is well designed, it is backtested, and its performance is monitored, programmed trading has some obvious advantages:

  • Never miss an opportunity: a trading robot can work 24/7.
  • No emotion, full discipline: a trading robot takes the emotion out of forex trading as long as you’re disciplined enough to let the system work even when you believe the rules don’t apply under current conditions.


So if:

  • You develop a clear, unambiguous set of trading rules that can be expressed in programming code.
  • You have the time and expertise to translate the rules into a program and backtest it, or to use an advanced Expert Advisor Builder to do that. Then auto-trading is the best way to execute an accurate forex strategy.


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How does Robot Trading work

Forex Robots use algorithms and advanced software to automate trading decisions. Services range from giving you a trading signal to placing and managing the trade for you automatically and require little to no human interaction. If you have a forex strategy that's strictly mechanical and that doesn't require a human in the decision-making process, you can program your forex robot to trade for you 24 hours a day. 

The most popular forex robots for retail traders are built around the MetaTrader 5 platform. These robots run on MetaTrader as "expert advisers" and are the implementation of some trading rules in code that MetaTrader or another trading platform can understand and execute. MQL5 (MetaQuotes Language) is the integrated programming language designed for developing forex robots within the MetaTrader 5 software and requires advanced coding skills.

However, there are tools that allow you to generate forex robots without coding, known as EAs Generator or Strategy Builder.

>> Continue reading for more information or start a 14-Day Free Trial and see how to make a consistent Forex Trading Robot with an Expert Advisor Generator.

What is the cost of a trading robot

Many companies create and sell forex robots, but be careful who you deal with if you're in the market to buy one. It's not uncommon for unregulated brokers, traders or different unknown websites to spring up overnight and start selling an "instant riches" forex robot, including money, back guarantee, only to disappear in about 30 days or so. The majority of made-for-purchase forex robots are not profitable, so please do your research first if you're planning on purchasing one. It's best to be wary because there's a great deal of curve-fitting or data-mining bias in the made-for-purchase offerings. As we've mentioned above, the alternative is to use a forex ea generator, designed to let you create, test and export unlimited forex robots for MetaTrader 5 trading platform without writing codes. 

A forex robot is much cheaper than a human money manager or a copy trade account. Most companies sell Forex EAs at a one time fee or charge monthly and annual fees. Still, any forex robot needs ongoing optimization of the parameters and may fail shortly after a profitable start. In other cases, traders have access to an EAs Generator and even a dedicated expert for support and consultancy within their forex broker.

What you need to know about Forex EAs

Those conditions don’t apply to most of us, so the way most of us would exercise this option is via the retail forex trading. Many forex brokers offer a wide variety of trading systems as part of their offerings. There’s nothing wrong with trying these, especially if they allow you to paper trade them for a while to see for yourself how they work.

1. Expert Advisors are generally designed to work in specific kinds of environments, typically either trending or range-bound markets, but not both. Before choosing a forex EA, be clear on what kind of markets and conditions it’s designed for. A legitimate vendor will provide clear information on what kind of conditions the expert advisor is designed for, its performance and length of track record, likely profit and maximum drawdown, and so on. 

2. As with any business proposal, if forex EAs profitability sounds too good to be true, chances are that it is. If the returns seem outsized and the price very low, well, I hope they let you paper trade it first or start with very small amounts at risk. Otherwise, move on.

3. You want to see as long a track record as possible and understand what the market conditions were during the sample period. For example, in a time of growth and rising rates, expert advisors that buy carry trades will work well as risk currencies are favored. However, during global downturns, these forex EAs will suffer.

4. Typically, the higher the returns claimed, the higher the risk of loss. If a system vendor claims both high returns and high maximum drawdown, that’s a sign of honesty. If vendors claim high returns without a correspondingly high-risk level, then be suspicious. There are many online trader forums and websites dedicated to the auto-trading; there are legitimate EA builder providers and there are scams, so four caveats are in order.

However, the best option is to build your own Forex Expert Advisor. Here is how to automatically create them in a couple of clicks, WITHOUT writing codes.

Which is the Best Expert Advisor Builder

ROBO ADVISOR 007 is the only online generator or expert advisor builder for automated forex trading systems. With Robo Advisor 007 you can automate any forex strategy for MetaTrader 5 comfortably and reliably and use them as Expert Advisors (EA). You do not need to know any advanced programming languages since the EA generator is smart enough to do all the coding for you. The core of the program is an advanced backtesting algorithm, similar to that in the MetaTrader's Strategy Tester, but much faster. The program is so fast that it can create and backtest strategies automatically.

Robo Advisor 007 has several core components:

  • The Generator - The Generator creates and tests strategies automatically. The Generator stores the best strategies in the Collection. When you generate a strategy you can export it as an Expert Advisor or send it to the Editor for review and tuning.
  • The Collection - When you use the Generator, the program collects the profitable strategies in a collection. You can sort the collected strategies by a specific statistical parameter and send them to the Editor for review or export. You can also export the complete collection for later revalidation and use.
  • The Editor - With the Editor, you can create and edit strategies by setting indicators and parameters. When you edit the strategy the program calculates the backtest on historical data, shows the most important stats and draws the balance and indicator curves on a chart. Since Robo Advisor backtests is so fast you can tune your strategies as you look at their charts. When you find a strategy to your liking you can export it as an Expert Advisor.
  • The Report - When a strategy is in the Editor you can go to Report to see extensive information about its backtest results. The Report page contains the full statistical information, charts, and trade Journal from the historical test.
  • Exporting Expert Advisors - You can export your Expert Advisors for use in MetaTrader. The exported experts use only standard MT5 indicators, which makes it very easy to use the experts in MT or to upload the files to a VPS. You can confirm the proper work of the experts with the MetaTrader Strategy Tester (in MT go to View → Strategy Tester) and with a demo test on unknown data. If your tests are good, you can use your experts for real trading.


The idea of Robo Advisor 007 is that a forex expert advisor builder with a good backtest and a corresponding forward demo test 'may' bring a real profit. Please be extremely careful when trading with real money and always consider your risks.

How to make a forex robot with an EA generator

With the powerful tools used by hedge funds or global investment managers and institutional traders, you can make forex robots with EA generators without any programming skills and without coding.

You will see real results right away and with just one click you can download the best free forex robot and trade with MetaTrader 5.

If you are a beginner trader, you can generate strategies for the desired forexstocksindex or commodities, cryptocurrencies with just a few clicks. You will see hundreds of strategies that are calculated and ready to be traded.

Robo-Advisor gives you the possibility to use many strategies in one trading account. In this way, you will vary your risk and achieve more stable results.

Here is an in-depth step-by-step guide on how to create Ea Forex (Forex Robot) with EA generator and download the best free forex robot in a MetaTrader 5 trading account.

Free profitable forex robot

Forex Factory News Trader is a MetaTrader 5 Expert Advisor or Forex Robot developed to help forex traders execute news trading opportunities that arise during the release of important macroeconomic data from the economic calendar.

Forex Trading Robots can be used for news trading strategies by utilizing news volatility. It is important to understand that Forex Factory News Trader is not entirely an automatic solution - traders must set the date and time of news release and also decide on the appropriate Stop Loss and Take Profit.

However, Stop Loss and Take Profit settings based on ATR are also available. This Free Forex Robot supports flexible position sizes in addition to fixed position sizes. It is available and compatible with MetaTrader 5 AM Brokers with ECN Technology. The reason will be explained later.

>> Download the best free forex robot

 

 

 

 

Categories:  Forex