Best Forex Robot Making Real Pips – September 2018
August 2018 was a huge month in forex trading. Piles of quality trades were just ripe for the taking. But don’t forget: September is typically one of the biggest trading months of the year. The last few days have had some of the best forex robot action we’ve seen in a while. But without a forex bot you’re missing out on some easy pips. Let’s look at the top three automated robots actually making money right now.
Best forex robot overall: Odin Forex Robot
Odin has quickly become the best forex ea of 2018. It’s the top choice for professionals right now due to its solid grid trading strategy and powerful features. It comes optimized for over 22 different currency pairs. Most of all its tight stop loss and take profit levels keep your account safe. As a result it found over $149,164 in forex trades during August.
The Odin Forex Robot plots price in real time to find the best entry and exit points automatically.
Odin’s equity curve has minimal drawdown thanks to its tight stops.
Using Odin is simple and straightforward. It runs inside the MetaTrader 4 forex terminal. Most forex brokers offer free demo accounts you can sign up for instantly. With MetaTrader 4 installed you simply drop Odin into place and attach it to a forex chart. After that everything is fully automatic. We highly recommend Odin to all forex traders regardless of skill level.
Biggest forex trades: Vader Forex Robot
Vader is a proven EA with years of live account experience. Advanced new features and a solid Fibonacci strategy make it a reliable choice for all users. It runs the brand new Gryphon Trading Engine 3 with over 30 new features, upgrades, and enhancements not available anywhere else. It also found over $116,442 in automated forex trades in August.
The Vader Forex Robot cuts your charts into pieces using daily fib levels.
Vader is a reliable performer with steady account gains and sound money management.
You can use Vader on demo or live forex accounts out of the box. It also comes with free updates for life. That means you never have to pay for future updates or setting changes. All of these features and its reliable performance make it one of the best fx robots currently available.
Best Strategy: The Reaper Forex Robot
The Reaper Forex Robot has been on a nine month winning streak. It found over $91,377 in pips in August. Visually it is gorgeous. Clean, solid lines make your charts simple to understand. Plus it’s fully automated and runs on its own.
Reaper has made the best forex EA list ten months in a row. Its reliable performance and ease of use are great.
Reaper is actively traded on over 1,300 live forex accounts daily.
Reaper also comes with full support from its developers. You’ll receive help every step of the way. Including custom settings, installation help, strategy guides, and troubleshooting. Simply contact us for anything you might need.
Safe trading with any forex account size
All three forex robots work with any account size. So you can trade mini, micro, or full size lots. Mini lots allow you to start with as little as $100. And demo accounts let you test and go live later on. These forex bots determine the safest lot size for your account balance. Over-trading your account is nearly impossible due to built in margin checks. And safe money management routines are directly inside the software.
Choosing a forex broker
These bots run inside the MetaTrader 4 forex terminal. It’s easily the most supported forex terminal in the world. Hundreds of brokers offer this platform for free to use with both demo and live accounts. Any broker that offers MetaTrader 4 will work well with these forex bots. Both 4 and 5 digit brokers are fully supported.
Any currency pair with a good spread is a good choice for Odin. So finding the best pairs to use is easy.
Choosing the best forex pairs
The best pair is typically the one with the lowest spread. Less spread means less pips you have to recover on each trade. Otherwise any pair will do. Gold and oil are supported too but typically have very high spreads. It’s best to start with 2 or three pairs and add more as you go along.
Finding the best forex robot for you
All of these expert advisors are solid choices for any trader who wants software that actually works. But if you’re looking for the best forex robot, choose Odin. If bigger trades are your thing stick with Vader. And for the best strategy go with Reaper. It’d be hard to go wrong whatever you decide.
Sit Back and Let Forex Robots do the Trading For You.
Is this a sensible trading strategy or just plain and simply lazy? We’re going to be looking at Forex robots and automated trading here today, and after spending some time reading what we’ve got to say you should be in a position to form your own opinion. Forex robots, or FX bots as the tech-savvy crowd calls them, are computer programs that make use of a variety of trading signals to decide whether to buy or sell a specific currency pair, at a certain moment in time. We’ve already discussed Forex signals, and automated Forex trading takes things just one step further. With an automated system of trading, the often-detrimental psychological element is removed from the trading process; and it also allows traders to get on with other things. So is that a good thing or a bad thing? As with many arguments it depends on which angle you look at it from. Time to continue with more enlightening information, and then we’ll leave it up to you to decide…
The best Forex robots – What do they do?
In order to understand exactly what a Forex robot does, we should first examine Forex trading in general. The aim of any Forex trader is to predict what is going to happen to the value of a foreign currency, and to make a profit from speculation. It is a very popular form of investment because there is potential for a quick profit from a small change in the value of a country’s currency.
The world of trading and processing of stocks started with humans sat behind a desk, negotiating and placing orders over the phone. Nowadays, as with many things, trading has gone digital, and can even take place on an automated basis, with no intervention from humans. Automated tools and programs, one of which is known as ‘Forex Robots’, are a recent addition to Forex trading; and there are hundreds of traders who think they are the best thing since sliced bread. Many use these automated trading tools to their full advantage, turning small trading accounts into much bigger ones.
However, there are also a number of traders who are treating this advance in technology with much more skepticism. How could a robot possibly make sensible investment decisions? And there is a valid point to this side of the argument too: While there are a number of investors who have gained from using automated Forex trading robots, there are a number who have lost it all.
So how does an automated trading robot work? It uses its very own analytical abilities to investigate the past performance of a particular currency pair, both in the short and the long term. It spends its time looking for trends that have occurred, over and over again, during the lifetime of the currency pair. It is looking for troughs as well as gains, and for events that may have caused the rise or fall in price. The robot then chooses whether to carry out its own trades based on what it has uncovered by looking at past performances. Once it has analysed a currency pair it decides whether to invest in or against, based only on the currency pair’s past performance; which is pretty much the same as a savvy human investor.
It sounds pretty foolproof, and indeed it can be. But – and it is a big but – there is a downside to such a system. The financial markets, and indeed the world in general, have a tendency to change on a regular basis, and it doesn’t usually follow any rules. There is absolutely no guarantee that conditions in the market will stay the same. The world economy doesn’t behave like a computer, and it most definitely doesn’t follow a Yes or No system. The world is controlled by humans, with all their human emotion and unpredictability. For this reason, it is not possible for a computer to react to every situation. Events that happen outside of its remit will throw its investment strategy out the window, and possibly even damage it. The human element of the market can’t be explained to a robot, and it can’t be predicted.
All it takes is for one of these events to throw an automated trading system into the red. For every lucrative trade a robot has the potential to make, there is one waiting to trip it up. Say, for example, a political announcement is made that causes a small dip in the value of a currency. The robot doesn’t know how to react, or does so in the wrong way, and the robot’s operator could potentially be bankrupt.
There is a way around such a problem, however; and that’s by not letting the robot make all the decisions, but pairing its analysis with that of an experienced trader who is in tune with the global economy and currency markets. The expert trader monitors the robot, and helps in the decision-making process, as well as adapting the program to cover any new and unexpected changes.
Are Forex automated trading robots the get-rich system they often promise to be?
If you spend enough time reading some of the advertisements for Forex trading robots, it won’t be long before you’re convinced they are the Holy Grail. But did the Holy Grail ever really exist, or is it just a tale of myths and legends? In much the same way, stories of trading robots being 100% effective, and the one and only answer to your Forex trading prayers, are utterly worthless, and in fact merely a dream. There is no get-rich-quick scheme, and if there was, why on Earth would anyone want to sell it? Some of the biggest financial firms keep their trading programs safe and secure under lock and key, where nobody else can find them.
Unfortunately, because Forex trading is still relatively unregulated, the number of scams seem to be ever-increasing. One area in which this happens on a regular basis is with automated Forex trading bots. Many of the systems make some pretty unrealistic claims, and promise a successful trading career, even when you’re asleep. They even seem to be able to publish positive results on their sites. However, a word of warning: These amazing results are often the result of back-testing, or based on hypothetical results. They might look like impressive trades on the surface, but no money will have been committed, and no “real time’ data will have been used, but only historical data. The back-testing results are also very likely to have been manipulated, often only covering hypothetical trading for a short and carefully selected period of time, usually when the results would have been the most impressive. Results obtained during live trading, over a longer period of time would be more valid and relevant.
Factors to consider to avoid being robbed by a scam robot provider
The most common problem with fraudulent robot trading systems is in the way the services are marketed. Promises of guaranteed success and limitless profits are obviously untrue. The issue is not with what is being said, but in how they are backing up such claims; because let’s face it, only a fool is going to believe that the forex trading robot’s path is paved with gold. Any trading system is only as good as the person who developed it; but in order to get traders’ attention they are marketed using results that have been achieved using historical data and back-testing, but with very specific and limited parameters in order to maximise results. Don’t they say that hindsight is a wonderful thing? Well, with automated trading systems this is definitely the case. Trades can be made to look phenomenal, but it’s highly unlikely for such results to be repeated in a real live trading scenario.
Some FX bot providers may claim that their trading results were obtained using real-time data. However, this doesn’t mean that money was used and that a trade actually took place, although it could be inferred. What it is actually saying is that the robot used a live data feed, as opposed to being tested on historical data. It’s important to remember that past performance results can in no way be considered an accurate reflection of how a system will work in the real world. Hypothetical results are just that and nothing more, and should always be taken with more than a grain of salt. Our advice would be to contact the provider of the automated trading system and request additional independent verification of the trading results.
Tips for finding the best Forex robots
We’d be the first to admit that automated FX trading robots are most definitely an attractive proposition; and there are a number of people using them, so they can’t be all bad. Having the opportunity to trade foreign currencies 24 hours a day seems too good to be true. We’ve already advised caution if you’re looking for a Forex bot, so now it’s time for us to help you find one. Automated trading does have the potential to increase your profits, but you have to remember there are risks involved. In order to make the most of an automated Forex robot, you first have to find the best one. Follow our tips and you’re far more likely to achieve some success.
- Undertake an online search– Type ‘Forex robots’ into your preferred search engine, and you may find yourself completely overwhelmed with the number of hits. When we did it we had more than 5 million results. Obviously, you’re not going to be able to view them all, but you don’t want to go for the first one either. You’re not going to find the best one in just an hour. It’s going to take a bit of time and effort in order to do the research and find one you’ll be happy to stick with long into the future. You should be able to pick a few from the initial description in each, and from there identify a few you feel most comfortable with in terms of professionalism. You should be able to get a good feel by looking at individual websites, but don’t be fooled by lots of fancy bells and whistles.
- Create a shortlist – Once you’ve had a look at a few websites you should be able to come up with a list of a few favourite contenders. Now’s the time to research each one individually. You may be able to find some useful information here on our site, as we will be looking at a number of them, and sharing our opinion. You should also look at online trading forums and independent review sites so that you can read some honest customer reviews. If you can’t find anything you should consider starting your own thread to see what comes up. Once you’ve got a little more information about individual providers you should be able to narrow down your list a little further.
- Pick ones that offer a free trial – This will give you the perfect opportunity to see how the robot works and to test its functionality. You want to feel comfortable using it and not having to struggle, as this will only hamper your success. There should also be numerous added features, all designed to help you succeed.
Test out the level of customer service– One very important aspect of any type of tool or service is the level of customer service and support. Should you have any issues, you want them to be there when you need them; preferably on a 24-hour basis, as you know the chances of something happening in the middle of the night. After all, how often do things go wrong in your home out of normal office hours.
- Check out the small print – You should make sure that the robot you’re signing up for comes with some form of returns policy or guarantee, especially if you’ve paid money for it. After all, it is perfectly feasible that you will not be satisfied with the performance. A large number of software providers offer a money-back guarantee, which is great because it gives you time to evaluate the system with the help of a demo account before risking any money. We would always advise traders to avoid purchasing any kind of trading system that is promising unrealistic profits, or even those that are questionable – unless it can be proved that the system has been tested in a live trading account with real funds. The results were positive, and have been independently verified.
- Choose vendors in regulated locations– One final thought for those of you looking for suitable automated Forex trading robots is to choose one that is located in a country where financial regulations are well-developed, and therefore reliable, rather than a country where financial services are poorly regulated. Examples of the better regulatory bodies include the Commodity Futures Trading Commission (CFTC) in the USA, the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) in Australia, and BaFIN in Germany. With a regulatory body that is recognised, there is likely to be additional recourse in the event of a problem, or if the software you paid for was sold to you under false pretenses. However, we would advise you to always read the terms and conditions, and to read any claims carefully, as many of the claims are well-written, and can be read and interpreted in a number of different ways.
One final thought, which actually applies to a number of situations, especially when it comes to trading Forex, is to investigate thoroughly before you decide to invest. Any form of investment comes with a certain level of risk, and not only is there a chance for profit, but there is an equal chance of a loss. Only invest what you can honestly afford to lose, and you shouldn’t come a cropper from any fraudulent service or bad investment. Once you’ve decided to invest, don’t lose sight of common sense, and constantly monitor your investments. Even if you decide to take advantage of a system that promises to do everything for you, it shouldn’t be left to its own devices – even when you’re asleep. And the moment you become suspicious of any wrongdoing, or the provider suddenly disappears off the face of the earth, pull out before you lose everything. Have in mind also that some Forex brokers do not allow the use of robots on their platforms.
Forex trading is not supposed to be just a means to make money, but it should also be enjoyable. Be sensible, trust in your instincts, and take any advice you can get. Do this, and your Forex trading will be great fun; and hopefully, you’ll end up with a few extra dollars, or possibly a new career!