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Odin EA

Declare War On Your Broker

Odin turns your forex terminal into a grid trading machine. Elite code meets a vicious strategy.
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Vader EA

The Ultimate Forex Robot

Vader slices your charts into pieces using daily Fibonacci levels. Finds big forex trades.
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Reaper EA

Pips, Meet Your Maker

Forex trades can't hide from Reaper. Daily breakout trading gives it untold trading powers.
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Ganon EA

Rip Your Charts Apart

Ganon uses our exclusive new Strand Theory™ to cut through charts. Finds strong trend trades.
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Falcor EA

Trade Like A Wild Animal

Falcor eats pips alive. Price action helps it take down the biggest forex trades with ease.
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The Original Automated Killer

The software that started it all. Scans 8 time frames at once for incredible forex trades.
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Pterodactyl EA

A Primal Instinct To Find Pips

Hunts down and trades fractals like an animal. The automated version of the Fractal Breakout.
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WaveRunner EA

Ride The Waves

Utilizes advanced Elliott Wave Theory to trade market tops and bottoms.
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Volatility EA

Take On Any Chart

Loves market volatility. Ready for the most hectic charts you have.
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Hedge EA

More Trades, Less Risk

Make pips from the price when it moves in either direction with automatic hedging.
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Fractal Breakout EA

An Indicator With Shocking Precision

Harness the power of fractals to find easy signals on any forex chart.
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Directional EA

Trends Until The End

Detects huge directional pip movements early. Loves large trades.
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A forex robot (aka "expert advisor") is software that trades a forex system for you.

They run inside your forex terminal and can be attached to any currency you choose. Using advanced calculations they open and manage forex trades for you according to a forex strategy. Every EA is different. Use more than one at the same time for best results. No experience is required and setup is simple.

Using a forex robot is the only way to improve your trading instantly.

With an expert advisor you can instantly start trading a working system regardless of your own skill level. Difficult calculations and safe money management are handled for you. They never sleep and can look for trades 24 hours a day/5 days a week. And they're the only way to cover multiple pairs at the same time.

Every expert advisor is fully automatic and loaded with features to dominate any chart.

We code everything but the kitchen sink into all of our forex robots. Automatic hands free forex trading? Yep. Proper money management? Check. Stop management and automatic take profits? You bet. Each expert advisor is fully optimized for any currency pair. And they can trade micro, mini, and standard lots.

Do Automated Forex Trading Software or Robots Work?

When trading on the Forex market, sometimes it’s tempting to just to sit back and let a pro or an automated device do the work for you.

This is why robots became popular.

Basically, robots and other forms of automated software, promise to make traders big profits with little or no effort on their part.

It’s just the lazy man’s way of trading.

What Exactly Is a Forex Robot?

It is a software application specifically created to perform trades on the Forex market through computer automation.

Forex trading robots became so popular almost from 2007.

As far as I can see, some of them are still being sold and some new ones come every now and then.

The question is whether they really work and who buys them and why?

Can’t people trade on their own?

Do they really need an auto-trading robot to make money for them?

What Does a Forex Robot Do?

Why would Forex traders want to use robots?

Their main goal is making easy money out of the Forex market, without doing anything manually or having to sit at the computer.

Most Forex traders lose and when they get fed up of losing, they look for the other ways as the solution.

And, robots look like a good solution at the beginning.

Robots users have to find a good currency pair and ideal time-frame to trade in it to maximize their profit.

This is what the robots developers let them know when they buy a robot.

Some robots are able to scan numerous charts and watching their movements all at the same time, which is beyond human capability somehow.

Also, robots are programmed with parameters needed in making trade decisions.

With embedded trade signals, they decide when or when not to trade.

Some robots offer solutions to find profitable trades even in erratic market chaos when the trending direction is unclear.

By following the best trend, they can maximize their profits and possibly eliminate chances of taking losses.

Obviously, trading against the trend leads to loss after loss while trading with it, maximizes profits regardless of the method or robot that is used to trade.

But wait a second.

Such a description can be seen on the websites that promote those robots.

Is There Such a Robot That Finds and Follows the Trends?

I am going to answer this question shortly.

Most robots trade within the range or sideways market.

They make some pips trading inside the tight range during the slowest forex market time, while they usually set a few pips target and either a too wide, or no stop loss.

They succeed to make profit in most of the trades they make, because they make a few pips in each trade.

But a sudden, strong and unexpected range breakout wipes out all the profit they’ve made.

Some robots make money in a positive trend but lose money in a choppy market.

Thus, finding a great trend to follow is crucial.

How Effective Are Robots?

Although Forex robots promise make profitable trades, they are not all they’re cracked up to be.

According to the federal government, most of them are scams.

Likewise, you’re not too likely to find articles in the Wall Street Journal or any other reputable news source that promotes them.

Even online robot merchants promote their robots by claiming their competitors’ are scams.

Many are advertised with false claims by people who’ve made money using these systems.

A great number of investors lost money using them.

In fact, some had their entire accounts wiped out.

If you want to know how effective they really are, check out reviews online.

All of the reviews are posted by the traders who have not been able to make any profit on their own, and so they use a robot to make some money for them.

Though they can scan millions of charts within seconds, 90% or more turn out incorrect information.

Forex Robots Are Only Robots

Even though robots can perform highly sophisticated tasks, they can’t think creatively.

Likewise, they can’t imagine what may happen in the future as their functionality is limited to how they were programmed to analyze the past performance.

For traders that use one, they should not depend on it to do conduct all their trading activity.

After all, trading requires a great amount of human observation and research.

Also, humans, not software, can follow up with economic conditions or keep up with the financial news.

Robots can only find positive trends and trading signals, but sometimes their functionality is adversely affected by jittery trends or false information.

Hackers and viruses might also hamper robots.

Automated forex trading software or robots are good opportunities for their developers to make money, not for you as a Forex traders.

They not only don’t make your rich, but they can also wipe out your account and blow up your trading capital.

But they can make the developers millionaires.

Smart developers know that people are eager to make money.

And, Forex trading is one of the ways people can follow to make money.

However, they use this as an opportunity to create a robot or software (or an e-book, DVD, course, seminar, webinar, …) to sell and make money.

If the robots they sell, could really make money through trading the currencies, then why they are selling them to others?

Why don’t they use the robots to trade on their own Forex accounts?

This can have less headache for them.

But selling a product has a lot of headaches, and is a lot of work.

The answer is they know the robots they create don’t make any money for the Forex traders.

They are the only one who make money through selling the robots.

Can a $99 Robot Make Thousands of Dollars Every Month?

If yes, then why do they sell it for a $99 one time fee?

If it was that easy to make money using the robots, now everybody would be doing it, and you wouldn’t see anybody on the streets going to work every day.

It is possible that a robot makes money for a limited time.

But then it starts losing.

In most cases, it wipes out all the money it has made, within a position.

Most robots are scalpers.

They make a few pips with each position they take.

They set a very tight target and too wide or no stop loss.

Can a trader survive with such a strategy?

Forex trading is an skill, knowledge and art.

It is something visual and analytical.

It cannot be done by a software.

Besides, markets conditions change all the time.

It is only an experienced trader who is able to distinguish when to enter the market and when to stay away from.

Don’t waste your time and money on things like automated forex trading software or robots.

Instead, spend some time on learning a strong trading strategy.

Become a professional trader who relays on his own knowledge and experience, not on some pieces of computer codes written by someone who is not a trader himself: Trading Strategies Don’t Work If You Don’t Choose the Right Living Strategy

Just before you go, did you check This System? Make sure to do it now, otherwise you will regret.

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hi Chris…fabulous article…learning to trade for yourself is too exciting and especially starting at the right place which is LuckScout! I only pray that those guys using those robots discover this site before its too late! Thanks and happy trading.

Hi Steve, Thank you and happy trading to you too.

great. article

Your article above is so tru…. BUT, you missed out on the “Grey” area…and that is creating/developing trading “Bots” that are not 100% automated… but take control of a trade once you set it in motion… Unfortunately, I have nearly killed myself trying to program the “perfect” EA and I have now realized that… I’d actually rather trade than continuously keep tweaking and changing my algorithm…

All that being said, I do however strongly believe in the power of semi-automating your trading. What I mean here is that I believe that if I have a set of criteria already in place before I make a trade….and then let the computer to enter, manage and exit that trade without any input from me… then I’m happy….

No stress… no human emotions….

Sorry for going on here… but…. I am not disciplined enough as a human to be a good trader so I rely on a little help from my cpu friends….

Thanx for your great site…. I really appreciate the effort you guys are putting in…

Thank you for your comment, and welcome to LuckScout ??

You are right about the semi-automated robots that help the traders manage their positions, move the stop loss and target, hide the stop loss and target from the broker and… . They are good. In the above article I am talking about the fully automated robots that are sold over the internet. They make the novice traders lose money and get disappointed on trading.

One of my friends has developed an EA which is able to plot support/resistance lines on the charts. It doesn’t take any positions at all. So it is not an auto-trading robot. It just plots the lines. He wants to share it on LuckScout for free. It is a while that I am checking it to see if it is good enough to be shared on the site, and I have come to this conclusion that it can help novice traders learn technical analysis much easier and better. So I have decided to share it on the site. This is also the example of a good “white hat” robot. So in general I agree with you that some robots can help.

I’d be very interested to have a look at that EA of your friends (maybe I can incorporate it in my trading “Bots”)… I’ll see if I can find it posted somewhere…

Thanx again for your time and effort…. it is appreciated

You are welcome. Hopefully we will share it on the site this week.

I’ve just developed a simple robot for cTradeR platform which manages the open positions

This cBot will get the most of your winning trades. It will prevent hitting the target while you are surfing a winning trend, without risking the pips you are already earning.

When the bid/ask price of the currency you are trading is about to hit the target, this cBot will move the take profit setting a few pips further, and will put the STOP LOSS a few pips away from the current price.

This process will be repeated until the SL finally gets hit.

Thank you for sharing Sebastian. Good luck ??

robots are shucks

Hello chris thanks a lot for your article. It will help me a lot .

Hey Chris, I can not see any analysis for the week

there are different kind of robots in the world…
robots for $99 suck for sure, as Chris said, why would developer bother to sell it instead of trading it? but there are robots for $5-10k and a proven record for the past 5years with 100% and even 200% gain. they do exist, but they cost. banks trade with robots too (do they use it even if they are crap? i don’t think so).

internet is full of crap, same as is full of false signals and our goal is to find that good one. good robots do exist, semi & fully automatic, but not for $100 or $200 ??

I enjoyed your comment about the robots. I’m sure there must be some out there that work pretty well. Do you know the names of any of the robots/software, even in the higher price brackets that have a proven track record? I would like to check them out.
Thank you

Don’t believe everything you read from strangers in cyberspace Take everything with a pinch of salt and do your own research.

chris for me it is difficult to make 25 percent .my target is 12 to 15 percent per month .Am i professional trader.

12-15% is also great if you can do it consistently.

I’ve recently bought robot Pulse Detector – automated tools.com. I was wandering if you have tried/heard anything about it. It allows us to trade manually as well. It’s hybrid.

Please share your experience/thoughts about it.

Is it better idea to trade manually/automated ?

It’s my understanding that a lot of people here prefer not to use them. I’m working on keeping a portion of my activity under my control and a small portion to be tested on fap turbo or myinvestco.com megadroid that will be automated free of emotion or excitement.

Using robots help us very much especially if you actually do it right in the parameters and if you understand the market and keeping in mind that there are lots of scam and stupid robots.

One of the biggest problems is that we need a VPS for those. A friend recommended me a platform called vertex which have great features which saved us thousands of dollars. One of the main features is the free EA hosting!

Thanks, dad for letting me know about “Super Simple Bot”. I’m finally getting a grip on my finances. Do a quick Google search for details.

So you just heard about the bot presumably and are already getting a grip on your finances?

I have never ever trusted any robot. They are all scam. thanks Chris for reminding.

Why am I seeing ads for binary option robots everywhere, even here?

Actually robots are good and very useful. They automate our trading and help us to get better results and performance. Of course this depends on the robots. For example i mix manual trading and automated managing of these trades. I use a robot called profit defender to set automatic trailing stops to my manually opened trades. This way i don’t care about my trades when i am not in front of my computer. If there are any other traders who do the same please share your experience here i would like to get other traders opinion.

The robots that help you manage your open positions are helpful. The above article is talking about the “auto-trading” robots which means the robots that analyze the price and take the positions on their own.

Regarding your robot, you have to note that your computer has to be always ON otherwise the robot doesn’t work. Or you have to rent a VPS and let the robot work on it 24 per day.

Hi. Where can I get robot?

By accident I stumbled across this site….
and start reading…
As my experience led me: I also pay my fair share of “school fees”
A black box or five , a robot here and there. Newsletters.Tip services.
You name it : I`ve tried it.
It took me quite while to accept: There is no such thing as easy money….
I am fortunate to be a South African.
We have a legendary world class golf player: Gary Player
who said:(Quote):
“The more you practice, the luckier you get”
I`ve decided to follow his advise:
And today, roughly 13500 hours ( roughly 12 years) later,
I can look back and say :Mr. Player, You were right…
Now I can dance with the market….
I no longer look one dimensional to a chart.
Nor three dimensional. Or ten.
I`ve become an extension of her.( The Market)
Or she of me. I don`t know. I look at her.
And she smiles. I`ll smile back. We love and respect one another.
Do we beg to differ? Of course. Like any normal couple would.
We just sort it out.(Counseling) Thank you, Mark Douglas((Trading in the Zone)
and all the other friends (books, seminars, you tube etc) who unconditionally shared there knowledge,wisdom and inspiration.
(Small print:countless hours,lonely cold nights)
Ye, what would I`ve been without Market Wizards, who thought me the words:
“Infinite return”
Today I am a living testimony that words like these, are possible.
Wished by many. Ute-red by few.
Not bragging.No need.
You want to dance with the market?
Joy, Fun, Laughter.
Can a robot have any of these?
I doubt.
Enough of me.
I have to go.
I want to go and dance….with the market……
Kobus G

I agree that most of what is available on the internet is total junk that does not work HOWEVER, I disagree it is not possible. in fact jpmorgan just announced they have developed an AI that replaces all of their manual traders and works far more efficient so now their client order entry is far more efficient. can their AI be used to speculate? of course it can! automation is the wave of the future which really, can you even call it a market any more with robot vs robot? I have developed my own which proves it is possible. the technology is unique and one of a kind unlike anything else out there I have seen and I have looked at just about everything. the system covers both range and trend at the same time which is unheard of. the key for my system was not being greedy. if you want to automate, which I recommend, just make sure you keep it very conservative always increasing the balance over time. when you are available to trade manually, cherry pick the positions and manage them correctly for the bigger boost in balance. the reason I chose to automate to begin with was to free up time and take advantage of the fantastic trends that occur in the market just about every day and certainly within each week without having to go crazy and blind staring at screens all the time. if works and it was not an easy thing to invent either. another thing, this blog recommends to trade daily bars and above which for manually trading is absolutely correct since the big money is always in the long term trends. the shorter term you go, the more noise in the market, the more noise, the less reliable = loss which is exactly why ***CORRECT*** automation for short term makes complete sense. besides that, as a small speculator, how are you going to compete with juggernauts like jpmorgan and goldman sacs who have unlimited resources to develop elaborate AI technology? simple answer, YOU ARE NOT! or just stick to the long term trends as this blog has already recommended and forget about short term which is unreliable for most if not all as this article correctly pointed out.

I recently recovered funds from a scam broker, Omega Options. They intentionally make you loose trades so you deposit more money. I had to hire a professional to get my money back. Lesson learnt, happy to share my experience.

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