If you are looking for a reliable source of passive income, investing in Forex robots can seem tempting. These systems are based on advanced algorithms and they can place trades automatically on your behalf. Seasoned traders and developers program these robots to place trades only when certain conditions are satisfied.
The prices of currency pairs are influenced by a myriad of factors and every trader needs to monitor these developments closely if they wish to make profits. With automated Forex trading, you can stop worrying about reading complex charts and performing difficult calculations, because the robot does all the work for you. Provided you have a stable internet connection and a decent computer, these systems can run round the clock.
While many individuals have earned huge gains through automated systems, others have lost money after falling prey to fraudulent EAs that do not perform well in real-time trading scenarios. Luckily enough, there are ways to determine whether a robot is trustworthy or not.
Here, we have presented a list of some of the best Forex EAs on the market, along with the different factors you need to keep in mind before choosing one. Hopefully, this will help you find the perfect automated software you’re looking for.
The Most Profitable Forex EAs With Low Risk in 2021
Here are some of the best Forex robots to invest right now:
1. Forex inControl Reborn
Forex inControl Reborn has a live trading account on Myfxbook that has been active for more than 3 years. It has more than 6% monthly profit and low drawdown, which is something that would impress any Forex merchant. It diversifies risks by trading in two currency pairs, compensating for the losses suffered for one through the profits made for the other.
This EA has also shown satisfactory results in backtests conducted for the AUD/USD and EUR/GBP currency pairs. When the market is flat, you can activate the accelerator mode to generate more profits. It has three different trading styles, namely conservative, normal, and aggressive.
2. WallStreet Forex Robot
WallStreet Forex Robot works on both Metatrader 4 and 5 trading platforms, and it is ideal for trading in currency pairs with high liquidity. It can trade for you 24 hours a day, 5 days a week. The robot has a stealth mode that prevents other brokers from viewing your stop-loss levels. Thus, you don’t need to worry about unscrupulous brokers swindling you via high spreads and negative slippage.
This EA follows a low-risk scalping scheme and follows short-term and medium-term trends in the market. Trading lots are calculated automatically based on the risk percentage for a particular deal.
3. Forex Real Profit EA
Forex Real Profit EA employs 6 distinct strategies for trading in the EUR/USD and GBP/USD pairs. It has a 61% winning percentage and is compatible with all brokers. The robot is backed by 17 years of backtesting and 10 years of real-time trading statistics. It doesn’t conduct trades over the weekend and has an efficient money management feature.
You can use this EA for a small yearly fee of $199. In case you are not satisfied with the system’s performance, the vendor offers a 30-day money-back guarantee for the first installment. It can work with micro-lots as well.
4. Forex Gump EA
This Forex EA has managed to generate a total return of more than 2000% after trading live for 2 years. It trades in 9 currency pairs for the M1 timeframe and is capable of operating 24*5. You can start off with a small balance of $40 for a micro account, so it is suitable for novice traders as well. Thanks to the advanced news filter, the EA can easily adjust to the current market conditions. Furthermore, traders are protected by the 30-day refund offer.
Important factors to consider while choosing an expert advisor for automated forex trading
Here are some of the things you need to keep in mind before selecting an EA:
Not all Forex robots have advanced features built into them. Some only have the basic functionalities that let them place trades while using stop losses and take profits. But some of the more advanced EAs have features like money management, news filter, stealth mode, etc. In the end, your choice comes down to what you need from your automated system.
If you are an expert trader, you might want to purchase a robot that has several configurable properties. This will allow you to tweak the trading strategy to suit your requirements.
It makes no sense to invest a fortune in an automated system. You should never pay a large amount for a Forex EA unless you are positive that it can earn you steady gains for the long term. If you are unsure about the future, it is better to choose one that offers a subscription package. This way, you cancel anytime you want without taking unnecessary risks.
Also, you ought to make sure the vendor has a refund policy. In the absence of the same, it becomes too risky to invest in a system, because you don’t know when the market is going to move against you.
There is no one trading strategy that suits all. Some EAs use scalping schemes that are only suitable for generating small profits with multiple trades. These robots follow a high-frequency trading approach that is sometimes difficult to keep up with.
Others aim to earn larger profits but do not place trades that frequently. Before choosing a strategy, you need to be clear about your financial objectives. In case a vendor does not provide enough information about the trading strategy, you should avoid buying the software.
You should always look for systems that publish their live trading results on verified third-party websites. Many vendors cherry-pick their trades and share the screenshots on the official website, but these cannot be considered authentic. As a general rule, you should look for a system that has a profit factor exceeding 1 and steady monthly gains.
When the real-time results are shared on a third-party website, the vendor cannot alter them, so you get to see the true profitability of the system. Backtests are something you should look for as well since they reveal important details about the historical performance.
A reliable vendor will always be transparent about the company’s history and background. Look for robots that are manufactured by licensed companies that have a long history of manufacturing such systems. When the vendor reveals the identities of the traders and developers, it is always a good sign. It tells you that they are running a legit business and have nothing to hide.
A reliable company always stands behind its promises and will offer you a refund if things don’t go well. Unscrupulous vendors, on the other hand, might cheat you off your money.
Do Forex robots really make money?
Yes, you can earn real money with Forex robots, but this does not mean that they will bring you riches overnight. There are a ton of options for you when you browse the market for an EA, but you need to select a system that suits your trading style.
Do not fall prey to those robots that promise unrealistic gains. If the live trading performance shows a monthly gain of 3-5%, you know it is a dependable EA. Moreover, it should have a fairly low drawdown so you don’t suffer losses frequently.
Is it possible to use Forex EA’s without trading experience?
Many Forex EA vendors claim that their robots allow individuals to make money even without any trading experience. While this is true for some systems, others have some advanced functionalities that require some experience to operate. Moreover, inexperience can lead to emotional decision-making, and this is something that can be eliminated through expert advisors.
Of course, if you are a seasoned merchant, you can program the EA settings to automate your own trading strategy. This is not recommended for novice traders who do not possess in-depth knowledge of the market.
What do I need to start automated trading?
Before you start trading with automated software, it is good to learn some basic skills. You can start off by studying technical and fundamental analysis. Find out about the different currency pairs and what factors affect their prices. It is also useful to learn about some risk management schemes.
If you are keen on developing your own strategies, you should acquire some programming skills by learning languages like Python, Java, and C++. You can learn more about automated trading by reading books and watching professional courses.
The Forex EA you choose should not only be based on the projected profitability. You ought to consider what kinds of risks are involved with the particular system and whether you can afford to use it in the long run. The information provided by OurSite is only for educational purposes and should not be considered as financial advice. You should carry out your own research before making the final decision.