Forex robot traders are pre-programmed software which allows you to automate Forex trades. There are many different versions of this software in operation all designed to help you to make money from Forex trading without having to trade manually. For many they allow you to trade in greater volumes, 24 hours a day, no matter where you are or what you are doing.
Whilst there are many Forex robots in operation it is important to choose the right one. To do this you need to know what you are looking for and ascertain what exactly you want from the software. Do you want to trade automated currency pairs whilst continuing to trade manually or would you rather that the robot takes all of the risks for you?
Once you have decided what you want from a robot how do you choose? We have teams of experts that are well versed in all things Forex and come from successful trading backgrounds themselves. They use their expertise to research and review all of the various robots available presenting the information in a concise and comprehensive format. We do the hard work so you don't have to.
Are you interested in robot trading and how it can help you? Then read this guide to discover:
- How Forex robots work and how they can enhance your trading experience
- The different types of Forex robots that exist across the Forex trading space
- How we look for, research, review and present each of the different robots
Our Top Recommended Robots Updated: January 2018
How Forex Robots Work
First of all it is important to understand how Forex robots work. A Forex robot or auto trading robot is a piece of software that you can use to automate your trades. The software works by using a set of trading signals to calculate when to purchase or sell a particular pair. Robots scan the data available in very quick time, much quicker and much more in depth than a human is capable of. In addition to this they have also been programmed to work to a certain set of criteria so that they can execute effective trades.
They can trade for 24 hours a day, 7 days a week, which humans can't. It is hard to conduct round the clock trading in all of the different markets when you need to eat and sleep. With markets across the world active around the clock and in different time zones it is impossible for you to be online 24 hours a day, 5/6 days a week. You might also have a full time job and be limited in the time that you can spend trading.
Some people prefer to trust in the robot and automate their trades as opposed to manually trading as well which is not uncommon. If you know that a piece of software can carry out trading when you can't and can process the volumes of data that would take you much longer then it becomes an attractive prospect for many.
Benefits of Using Automation
Essentially the main benefit for automating your trades is to make more money. Whether this is because you trade in far larger volumes or because a robot can execute more effective trades the same outcome is desired. There are various benefits of using automated trading which include the following:
As well as trading in new currency pairs you can also trade in your comfort zone manually whilst using the automated trading to trade in the markets you feel less comfortable with. The one benefit of automated trading that is good for those who feel less comfortable is that it takes away the emotion. If you aren't confident to push the button then the robot software will do this for you. You may just prefer to use the robot to trade whilst you sleep so you never miss an opportunity.
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Different Types of Robot
There are many different types of Forex robot offering their software to new and experienced traders alike. Whilst they all do the same job there are many differences between them, starting with the cost. Obviously there is a fee to use the robot software, how else do they make their money? Often the price can vary, requiring deposits/fees that range from the ridiculously cheap to quite substantial amounts.
Then there are the various types of account available. There are basic accounts then more enhanced accounts which generally follow the principles of gold, silver and bronze. With the various levels of account comes the availability of different Forex pairs. The higher grade your account, the more currency pairs you have available to you to trade. Now in addition to the robots there is another form of automated trading. This is called "trading signal software" and instead of actually executing the trades they produce the trading advice for you to manually make the final decision.
Some robots are more effective than others. Some are more sophisticated and use highly developed software. Obviously there are those that will promise the earth for $20. The trouble with something this cheap that promises the earth is that sometimes it can be misleading and not deliver. If it looks too good to be true often it is. That's why it is so important to review each of the robots available and choose one that is genuine and will offer you the best chance of successful trading.
How we Find And Rate
As with every aspect of Forex trading we offer our advice, recommendations and ratings based on our team of expert traders' experience. In addition to our team of successful traders we also have financial markets experts that understand the Forex market, the legislation, guidelines and what makes a good broker or Forex service provider like a robot.
We test every different robot to ensure that they meet all of the criteria we expect from a good robot software. Only once we have put them through rigorous testing will we recommend them to you. By spending our time researching and using our skills and expertise to test each of these automated trading robots we are able to save you lots and lots of time. In today's fast paced world of trading many of you don't have the time or the knowledge to trawl through tens of Forex robots looking for the best one for you.
By analysing and reviewing them we allow you to make a shortlist based on our experience and then decide on your final choice. You can then make a more informed decision based on our findings. Not only do we carry out all of this work in the first instance we then continually review and update the information to make sure what we bring you is accurate and up to date. Our attention to detail and strict criteria offers you peace of mind when choosing your Forex broker.
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Is robot software reliable and trustworthy?
Robot software definitely has a place in Forex trading and can enhance your trading experience. There are some that are better than others as you would expect. It is important to make the right choice when choosing your Forex robot. Always read our reviews as those recommended have been thoroughly vetted to ensure that they are safe and reliable. Don't get sucked in by those that offer prices that are too good to be true!
Can they really predict the right trades to make?
The best Forex robots can process much larger volumes of data than humans can. They are also programmed to look for certain indicators when it comes to trading. Often they are able to predict more accurately than humans. Of course there may be times when they don't react instantly to big news or changes in the markets. As they are programmed to follow statistics and trends if something is off trend they may not pick this up.
Will I need to pay money for good software?
In a nutshell yes you should pay money for the best auto trading software. Now you don't have to pay exorbitant fees to get the right one for you. What you should be wary of though is those that promise the earth for $20. If everyone could make that much money for $20 the robot software programmers would be insanely rich and would never need to work. Choose carefully. If you need to spend a bit more to get the right software it should pay dividends in the long run.
What if my robot trader gets it wrong?
Occasionally this will happen. It doesn't necessarily mean it has gone wrong. If something happens to affect the markets the robot will not pick up on these changes. A robot follows trends and makes predictions based on the information it is given. This is where it may require your manual intervention. If your software has something more serious wrong then you need to contact the customer support team.
How do I find the best software to use?
That is simple. Whilst it may seem like there is a huge black hole of data waiting to swallow you up that is where we can help. We survey, research, investigate and review the Forex marketplace to find only the best to present to you. Our reviews are based on the experience of our team. We put everyone through vigorous testing to ensure that we offer you a choice of only the best. Then it is up to you to choose the one that best suits your requirements.