The Best Forex Trading Robots
Everyone wants to make money in the Forex market, but not everyone is able to learn all the tricks of trading and make successful trading operations on their own. What to do when there is no time or desire for training and independent trading? Of course, use a trading adviser that is able to do all his work instead of a trader. In addition, today the network presents just a huge selection of programs, so you just need to choose the option that you like and can afford. Against this background, we have prepared for you a review of the top five free Forex trading robots.
Top 5 free Forex Trading Robots
1. Generic A-TLP
The program is a popular multi-currency scalper that works during the Asian trading session on the M15 timeframe and eight currency pairs,
- EURGBP,
- GBPUSD,
- USDCHF,
- USDJPY,
- GBPCHF,
- GBPCAD,
- EURCHF,
- USDCAD.
This Expert Advisor performs scalping according to the signal indicators of the Bollinger Waves indicator, making deals when the price rolls back from the main trend movement. The scheme for opening orders is classic when using a channel indicator - the robot opens an order when quotes bounce off the channel border by the default number of points. The robot can close orders by stops, takes or by offsets from the channel frames of the Bollinger indicator. It should be noted that Generic is a safe Expert Advisor - it does not use martingale and order grid.
In this case, the adviser can set time limits, separately for each trading day. The only caveat is that the Expert Advisor does not trade often, so it is not recommended to use it to overclock the deposit, there ismore suitable options.
Monitoring of a real trading account shows quite acceptable performance of the Expert Advisor:
It is recommended to use the Expert Advisor with the default settings, since the supplied sets contain optimal parameters for currency pairs.
In one transaction, a risk of 2% of the deposit amount is allowed, while in the parameters you can set the risk level and allow the robot to calculate the lot amount on its own.
Generic will only execute trades on TickMill, Robo forex and Alpari ECN accounts (when used with other brokers, you need to adjust the time settings in accordance with the platform time). Also, for the smooth operation of the Expert Advisor, you need to use a VPS server.
2. Silent Ilan
Able to work around the clock on the M5 timeframe and on any currency pair, however, the author of this robot recommends using it on the EURAUD pair.
Silent Ilan is a potentially dangerous software because it uses a martingale system, that is, it increases the size of bets when losing. Nevertheless, this Forks robot gained its popularity in the network due to the combination of high profitability with acceptable drawdowns, so it stands out in a particularly interesting light compared to other Martingale Expert Advisors.
To enter the market, Silent Ilan uses the signal indicators of the standard RSI indicator and the author's analyzer Ozymandias, which acts as a filter for losing trades when entering the market in the direction of the main trend movement. When receiving a loss, the robot uses a martingale, so during its use it is not recommended to accumulate a large amount of profit on the trading account.
In general, the program demonstrates quite good results, which can be seen on the monitoring of a real trading account:
The Expert Advisor can be used on cent and classic NDD accounts.
Also, if it is not possible to keep your PC in a constantly working condition while the adviser is running, you must use a VPS server.
When installing the software, it is not recommended to change its settings - thanks to the built-in set-file, the software can be used with default settings.
3. Equilibrium
This trading expert is a prominent representative of trending Forex robots that operate on the M15 and H1 timeframes. This EA shows maximum efficiency on the EURUSD and GBPUSD pairs, while Equilibrium can trade around the clock.
The program trades on short-term trend movements within the framework of the main market trend. To make deals, Equilibrium uses the signals of technical indicators, with the help of which it determines the main trend movement and enters the market at times of increased volatility and corrective rollbacks. A positive aspect of the Expert Advisor is the absence of averaging methods in its mechanism, which allows us to call it stable and safe.
In addition, the bot quickly recovers from losses, which can also be called its undoubted advantage:
The optimal parameters for each currency pair are “embedded” in the code itself, so there is no need for manual settings.
At the same time, you can use the work only on ECN accounts and using VPS hosting.
4. Funnel Trader
This trend expert works on short-term Forex market trends and trades in their direction on the M15 timeframe and currency pairs;
- EURUSD,
- GBPUSD,
- USDJPY,
- AUDUSD,
- NZDJPY,
- NZDUSD,
- EURJPY,
- GBPJPY.
This adviser is able to work around the clock and simultaneously on several currencies. According to its principle of action, Funnel Trader looks for a trend with a pronounced direction in the market, and opens positions on rollbacks. Its algorithm does not use martingale and other dangerous methods, so it can be safely used for automated forex trading. This robot also shows quite good statistics on real account monitoring:
You can use the software with any broker offering NDD and a cent account type.
Also in trading it is mandatory to use a VPS.
5. Trio Dancers
This Expert Advisor is classified as "dangerous", since its operation algorithm includes martingale averaging. However, Trio Dancer operates on three trading strategies Keroncong, Jaipong and Tortor at once, which allows him to carry out quite profitable activities. To determine the moments of entering the market, the bot uses the signal indicators of the MA, Stochastic, MACD, CCI, RSI indicators, on which the applied strategies are built. In addition, Trio Dancer has a built-in trailing stop algorithm, as well as time trading settings.
At its core, Trio Dancer is universal for any timeframe, and shows maximum performance on EURUSD or GBPUSD pairs:
It is recommended to use the adviser on cent and classic NDD trading accounts of any brokers that provide the withdrawal of transactions to the interbank market and allow auto trading.
It is also mandatory to use a VPS server for uninterrupted operation.
It is not recommended to change the adviser settings - the robot already contains the optimal parameters for each currency pair.
In terms of risk management - 0.01 lots per $2000 for classic deposits and 0.1 for cents with a volume of $200.
As a result, it should be said that the best trading expert for forex trading is the one that earns the most and does not drain the deposit.
However, in this vein, the efficiency of using the robot also depends on the trader himself, especially if the advisor used belongs to "dangerous programs". We also recommend that before using any of the Expert Advisors on a real trading account, be sure to test its work on a demo account.
