Ever since forex automated trading software has been introduced in the forex trading landscape, their popularity has exponentially grown. Also known as Expert advisors, these trading robots or software scans the market and follow some pre-described trading rules to automatically enter and exit trades.
Many people opine that forex EAs aren’t as effective as human traders. There are two main reasons why EAs aren’t as effective always: they cannot simulate all the aspects of human behaviour and they are over-sensitive. This is why a trader should always study certain aspects of an EA before they start using them. The best forex expert advisors keep things transparent enough for their user base to appropriately evaluate them at all times.
A simple Google search for Expert Advisor will fetch you thousands of search results, reflecting the overwhelming number of vendors and developers providing such services. However, there are many frauds and scams which covertly operate under the guise of being a legitimate EA. To make sure you don’t fall into this trap, you can consider some red flags that are commonly seen in EA scams and frauds. Avoid the brokers and software providers if you experience on or more of these red flags.
Hiding the information about the team behind the product or the developers responsible is a sign that they are trying to hide something. This is generally how scams operate as they refuse to give out any information that could link their true identities to the crimes. Avoid such providers who cannot or refuse to provide information on their background.
Certain metrics can identify whether a particular EA is risking more than necessary. For instance, taking a look at the drawdown rate is important. Scams or frauds which advertise major returns usually have higher drawdown rates which indicate a higher degree of risk. Avoid such a high drawdown percentage.
Stay clear of any EAs which do not provide enough information on how their robot works or what strategies they use. There are many risky strategies such as scalping which could be detrimental to your account balance in the long run. Always check whether the strategy is carrying a moderate degree of risk or not
After taking into consideration the different factors necessary to make a well-informed decision, we have compiled a list of some of the best forex EAs one can use.
Forex Fury advertises itself as a fully automated EA which is compatible with almost prominent platforms: Mt4, MT5, FIFO and NFA. It makes a bold claim of achieving a 93% win-ratio. The product is currently available in two packages: Diamond and Gold. Initially beginning with just one pair, the GBP/USD, it has grown over time to offer to trade in other currency pairs such as XAU/USD, AUD/JPY, EUR/USD and USD/CHF. However, its strategy is on the risky side.
Developed by a group of forex traders and expert developers, ROFX has been around since and has been consistently expanding its customer base worldwide. With favourable deposit and withdrawal methods including Bitcoin, it has become the destination for many traders who find its minimum deposit amount and minimum trade amount to be reasonable.
Created by an expert coder going by the name of “Admin Steve”, Forex Flex EA makes use of its proprietary virtual trades technology to monitor current market conditions. It is compatible with MT4 and MT5 brokers, along with NFA and FIFO. Users have the choice of selecting 12 different trading strategies which come with built-in money management.
Fortnite is an expert advisor which not only automatically trades in the direction of the trend but can also perform hedge trading to mitigate its losses. In other words, this EA employs a trend following strategy. Different settings ensure that the product can be adjusted for high, middle and low-risk trading styles.
The wide application of robot trading in the market has benefited transaction efficiency. This has led to many developers designing trading robots that are capable of simulating different strategies aimed at making a profit. Learn all about forex and trading strategy through a comprehensive forex training course and forex signals.