The concept of forex robots is full of confusion. Some forex robots work really well and offer lucrative profits to traders through automated trading. However, the market is full of scam robots that claim to provide substantial profits but disappoint the users with poor performance. In the worst-case scenario, you will not only fail to earn profits, but you will also lose the capital you have invested if you choose fraudulent forex robots like this.
Fortunately, you can access a vast range of information online that can guide you to choose the right automated trading service. If you are looking for a forex robot that performs best in order to enhance your chances of profitability and generate passive income, you need to pick the right robot and you have to learn how to choose the best one.
Considerable factors to choose the best forex robot
You should take these factors into account to choose the right forex robot:
- Thorough testing
When you choose an EA or trading robot, you must test it against various spreads and real slippage before you can call it usable. Backtesting result is also an essential factor regarding this subject because it can help you to make the final decision. Traders can visit authoritative and reliable sites like Myfxbook to gather third party data that can help them assess the trading robots.
When it comes to the statistics of trading results, traders always prefer a low drawdown. It stands for the decrease and decline of capitalism. On the contrary, a higher drawdown can refer to higher gains, but it can also cause unnecessary levels of risk to the account.
- Using a demo account
When you use a trading robot in the real market, you risk your money. So, before doing it, test it in a virtual environment. It will allow you to test the trading strategy using virtual money. However, keep in mind that the trading conditions in a demo account do not always represent real market conditions. Yet, it will provide you a clear idea of what the forex robot has to offer.
- Avoiding forex robots scams
While you look for forex robots, make sure to watch out for companies claiming to generate a significant gain. You should especially be aware of the robots that cannot support their claims with real-time based evidence. Although user reviews are a great source to know if a robot really works, you need to know for sure that those reviews are genuine. The internet is filled with scam products which is why you must always watch out for the red signs. These signs include things such as the EA behaving differently than how it was advertised, profits not adding up, issues while withdrawing money after depositing once, and more.
This is the reason why Myfxbook is so important because it can help you to know if a robot is a scam or reliable. You must go for EAs only from trustworthy developers with goodwill and clear background. Developers must always show transparency while offering information involving the fees, offered services, and past trading results if they want their clients to start them.
The top forex robots for 2021
Some of the best forex robots for 2021 are:
Designed and developed by a group of professional forex traders and expert developers, RoFx has earned the title of being one of the most consistent forex robots in the market for over a decade. Its self-learning neural network is an important feature of this robot that keeps it updated with the changing market conditions. Another great feature is the company’s superior risk management that offers compensation to clients for lost trades from the company’s reserve fund. If you visit the Myfxbook page of RoFx, you will see that the account has an impressive gain of 811.29%. Alongside major fiat currencies, BTC funding is available as well, if you care about your private data security.
Minimum Deposit: $1000
- Forex Fury
Forex Fury is the result of years of hard work and the development of a group of forex traders. The robot has been showing great trading results consistently for three years now. The EA is compatible with various trading platforms like MT4, MT5, NFA, FIFO, and more. The developers are always updating it with tested and proven settings and making it better. Other important features include ECN support, effective money management, multiple filters to avoid odd market conditions, and easy installation. Forex Fury works with any MT4/MT5 trading brokers and the EA is also perfected for multiple pairs. The drawdown is less than 20% which is quite impressive and evidence of its low-risk trading strategy.
Minimum Deposit: $100
Flex EA is a verified FX EA that uses a newly developed innovative technology involving virtual trades for trading. To put it simply, the EA opens virtual trades in the background and uses them to monitor the market continues to help traders determine the accurate entry point where the EA will automatically start opening and managing real trades. Unlike many other automated systems, Flex EA can work long-term with its automatic update system. So, traders can be sure that their copies are always up-to-date. You can view the live trading results on the website that are verified by Myfxbook.
Minimum Deposit: $100
FX Delta 2.0 is a powerful propriety forex trading system that both novice and experienced day traders can use for leveraged trading. It is an all-in-o9ne package with newly integrated intuitive trading features, a versatile user dashboard, and additional filtering parameters that result in more optimal trading conditions. Core features of this EA include signal alerts, visual trade manager, flexible money management, aggressive and conservative setups, post-trade adjustments, full customization, and more.
Minimum Deposit: $500
- Ninja Scalper
This EA was developed to run the EUR/USD on the 5-minute timeframe. Ninja Scalper uses statistical analysis of the EUR/USD for more than 20 years to determine the best entry and exit points on the market. The operating base of this EA uses a strategy based on the MACD indicator along with other trend indicators.
Minimum Deposit: $30
You must keep in mind that no forex robot can always perform well because market conditions keep changing all the time. However, that does not justify the actions of the scammers. These days the market is full of fraudulent robots. Therefore, you must be cautious when you pick a forex robot. Make sure to research well and also check testimonials before you choose a robot. No matter which robot you buy, you must check the live trading results to view the gain and drawdown as well.
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