Compare Expert Advisors

Trading with Forex Robots

A Forex Robot or else an Expert Advisor or else an EA is a tiny piece of software that suits your Trading Platform (mainly on MetaTrader) and trades automatically on your behalf. Forex Robots are incorporating algorithms to measure and evaluate intraday, daily, or long-term price trends. Usually, Forex Robots combine several tools to measure the master trend and optimize entry/exit points using a combination of Forex indicators. Money management and a stop-loss order are also included in their core algorithms so that they can limit the loss potential. Forex robots can trade 24 hours per day using a computer that is continuously turned on or using a VPS Forex hosting (recommended).

 

Before purchasing an Expert Advisor check its historic performance by focusing on the average winning pips and the maximum drawdown. It is highly recommended to test always a Forex Robot on a demo account before you start trading for real money on a Live Forex Account. In addition, use Expert Advisors only on ECN/STP accounts and avoid Dealing-Desk execution. The spread and the slippage you pay are very important when implementing intraday automated trading strategies.

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Table: Compare Forex Robots

EXPERT ADVISOR

EA TYPE

PLATFORMS

FEATURES

PRICING

EA Builder Forex Robot Creator

By a Team of EA Programmers

EA BUILDER

(CUSTOM EAs)

■ CREATE CUSTOM FOREX ROBOTS

■ NO NEED FOR PROGRAMMING

■ IDEAL FOR FOREX EAs

■ CAN TRADE EVERY ASSET CLASS

L MetaTrader4 | L MetaTrader5 | L TradeStation

  • Create Advanced Expert Advisors for trading Forex currencies
  • Export files directly to MT4/MT5 and TradeStation
  • Full set of Technical Analysis Functions
  • A user-friendly graphical interface (drag and drop)
  • Does not require any programming skills
  • Full money management functions (time, spread control, risk, etc.)
  • Unlimited Real/Demo Accounts

> $97 (one-time fee)

> Free Lifetime Support

 

» Expert Builder Review


» Visit the EA Builder Web

 

 

Forex Diamond Review

by a team of developers and traders

FOREX DIAMOND

(EXPERT ADVISOR)

■ INTRADAY SCALPER

EURUSD, USDCHF, GBPUSD, and USDJPY

L MetaTrader4 | L MetaTrader5

  • 4/5 Digit MT4/MT5 Forex Robot
  • Spread control and profit-protection mechanisms
  • Dynamic Stop-Loss and Take-Profit levels
  • Includes 3 different strategies (Trending, Ranging, and Scalping)
  • 1 Real Account / Unlimited Demo Accounts

> $207 (one-time fee)


» Forex Diamond Review


» Forex Diamond Robot Website

WallStreet Forex Robot

by a team of developers and traders

 

WALLSTREET FOREX

(EXPERT ADVISOR)

■ 4/5 DIGIT FULLY AUTOMATIC ROBOT

L MetaTrader4 | L MetaTrader5WallStreet Forex Robot Review

  • Three (3) Forex Accounts Included and unlimited Demos
  • Five (5) built-in protection algorithms
  • EURUSD, USDJPY, GBPUSD, USDCAD, USDCHF, NZDUSD, AUDUSD
  • M15 time frame

> $299 (one-time fee)

> Gift Omega Indicator (worth $97)

 

» WallStreet Review


» Visit the WallStreet Forex Robot

 

Minimum Configuration for Using Expert Advisors

These are the minimum requirements for trading using a Forex Robot:

  1. Dedicated ECN/STP trading account
  2. Broker allowing the use of EAs and scalping
  3. Competitive pricing (tight spreads) and minimal delays in order execution
  4. Personal Computer (minimum 5 cores, 8 GB RAM, 300GB HD) with a fast and reliable internet connection or a VPS Service (generally offers better and more reliable results)

 

General Advice When Trading With EAs

Automated trading systems like any other trading system are evaluated based on their past performance, here is some key advice:

1. Focus on Winning Pips and not on Winning Ratio

Some trading systems (especially robots) are designed to trade with a wide stop-loss and a narrow target profit. That means that they win most of the time but when they lose, they lose hard. Avoid these systems, risk/award ratio must be at least 1:1.

2. Avoid Systems promising to make you rich in a couple of weeks

You shouldn’t believe any provider that is promising more than 40%-100% per year.

3. Do not to take anything for granted

Double-check any information regarding the past performance of any given system.

4. Use a Trial Period

Most providers offer a trial period, it usually costs $5 for a period of 3-7 days trial. Take advantage of any trial period, it can save you time and money.

5. The Importance of the Right Settings

Given that you have chosen the right provider, another important issue is to enter the right settings into the system. That is especially important in the case of Forex Robots which are fully automated systems. Read the manual very carefully and take the advice of other traders who have already used the system. If you are a beginner, you may also attend a specialized course.

6. Scalping and the Role of Technology

Technology matters especially as concerns short-term trading and Forex Scalping. Scalping is a trading strategy targeting profits of 4-10 pips while tens of trades may be executed in a few minutes. These types of scalping strategies are usually incurred in Forex Robots. If you trade from your own PC keep in mind that the speed of execution is absolutely crucial when you use automated Forex systems.

 

 Compare Forex Robots (Expert Advisors)

ForexAutomatic.com

 

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