What is a Forex Expert Advisor?
What is a Forex Expert Advisor? What should be considered when choosing the best Forex robot? What are the advantages and disadvantages of Forex Expert Advisors? What are the best Forex Expert Advisors?
If you are interested in the Forex market, you know how difficult it is to trade successfully. Therefore, many professional traders use automated robots to simplify operations and make complex trading decisions.
The best Forex Expert Advisors save a lot of time and effort. However, it is difficult for novice traders to choose a reliable robot. That's why we have prepared for you a detailed guide that will help you make the right decision.
In this review, we have compiled a rating of the best advisors of 2022. Thanks to this, you can be sure that you will find a Forex robot that will meet your requirements. In this article you will also learn how a trading advisor works and what advantages it offers to traders.
If you have not yet chosen a brokerage company, we recommend that you look at our independent rating of Forex brokers with real reviews of traders.
What is a Forex Expert Advisor?
A Trading Advisor (or robot) is a program based on an algorithm that scans the Forex market for the most profitable trades. Most Forex robots work with technical indicators that allow you to find the best trading opportunities.
Anyone with basic programming knowledge can create an Expert Advisor. If you have no programming experience, then you can buy an Expert Advisor or order a robot according to your parameters.
Forex Expert Advisor is practically no different from manual trading strategies except that it opens trades automatically. At the same time, he completely lacks human emotions and fatigue, which makes him more effective.
What should be considered when choosing the best Forex robot?
- The results of testing on the history. Before choosing the best robot, always check the previous tests. The software should work well in various trading conditions and support multiple currency pairs. A seller who is confident in his robot will be happy to provide it for testing.
- Real-time trading results. When checking the offer of robots, we always pay attention to the declared profitability. Sellers usually say it's around 90-99%. However, in reality this is often not the case.
- Reliability of the trading system. Before buying an Expert Advisor, always check the seller and the trading robot. Also read other reviews and opinions about the robot. Also, check how long the system has been running and how many users are using it.
See also what brokers exist for trading robots.
Advantages and disadvantages of automated trading systems
Before deciding to choose one of the Forex robots, you should understand the advantages and disadvantages of autotrading.
Advantages of Forex Expert Advisors
- Control over emotions. There is no place for emotions in the Forex market. Spontaneous decisions lead to a rapid loss of funds. Automatic trading eliminates this problem.
- A simple check of the trading strategy. If you want to test your strategy on historical data, you can create an Expert Advisor by laying down the trading rules of the strategy in its algorithm. The test results will show you if you still need to refine your strategy. This method can save you a lot of time.
- Compliance with trade discipline. A trader acting independently is inclined to change decisions, hesitate and question the trading strategy. The robot maintains discipline even in an unstable market. The desire for a quickfear or fear of losing money does not affect your trading decisions.
- The sequence of solutions. Thanks to the use of Forex robots, it is easier to maintain consistency in the implementation of your strategy. Traders who have suffered one or more losses often change their trading plan to take advantage of the current opportunity. It is worth remembering that even the best strategy will not protect you 100% from losses.
- The ability to quickly open transactions. Currently, robots can react very quickly to changes in the market. A trader can conduct a transaction much more efficiently than if he acted independently.
- Diversification. Thanks to the Expert Advisors, you can simultaneously trade on several accounts with different strategies. The robot can also trade on several currency pairs and financial markets at once, which will allow you to distribute risks across different instruments.
- Trading is possible at any time. If you are trading on your own, then you have to accept the fact that when you are not online, you miss opportunities. Robots allow you to find profitable trading opportunities and open deals even when you are asleep.
Disadvantages of Forex Expert Advisors
- Automated trading is not reliable. Like any other program, the Forex robot can fail. Therefore, you will still have to monitor the progress of the adviser. In addition, electricity and uninterrupted Internet are necessary for the successful operation of the adviser. If you accidentally close the trading terminal, your electricity goes out or the Internet goes out, then the adviser will no longer be able to open and close transactions, which can lead to large losses. To prevent this from happening, a VPS server will help you. This is a remote trading terminal where you can install the robot. For a small monthly fee, you will be sure of uninterrupted work withvetnik. Some Forex brokers also provide a free VPS.
- Advertising robots does not always correspond to reality. Robot sellers often overestimate their profitability and adjust the tests to the history, which does not coincide with real trading.
- It is impossible to guarantee the profitability of the adviser in the future based on his past trading. Some trading robots using Martingale strategies can show excellent results. With their help, you can double and even triple the deposit. But, as a rule, they always have the same result – at some point they lead to the draining of the deposit. You should also be wary of advisors trading on news and scalpers.
See also what brokers with a low spread are.
The Best Forex Advisors
Here are some of the robots that we consider to be the best in the industry for 2022. They are suitable for use by beginners and experienced traders, are available for instant download and work with most brokers.
1. Forex Fury is the best Forex robot with a yield of 93%
Forex Fury is one of the best Forex robots on the market. To begin with, this robot boasts a 93% success rate of trading with verified Myfxbook accounts, using a low-risk trading strategy with a drawdown of less than 30%. It is compatible with a wide range of platforms, including MT4, MT5 and others.
The strategy of the Forex Fury robot is based on trading in a range with a low level of volatility. The EA uses several filters to help you avoid bad market conditions. Trading is conducted 1 hour a day on one currency pair on the account to avoid the growth of volatility, and the accounts are steadily increasingdonkey.
There are two options for buying Forex Fury. The Gold account costs $229.99 and comes with one live trading account license, unlimited demo versions, free upgrades and a lifetime membership. The Diamond account costs $439.99 and comes with an additional real account license.
The recommended deposit is $ 2,000, the yield is 93% per year, the maximum drawdown is 30% per year.
2. 1000pip Climber – excellent results and ease of use
For traders who want to achieve stable results, but do not have the time or knowledge to configure several parameters and filters on a daily basis, the 1000pip Climber robot will be the best option. This robot is considered one of the best, but unlike many Forex Expert Advisors, it has very few settings, and it is extremely easy to use.
1000pip Climber has shown high and stable results in various market conditions. The results of this robot have been verified by Myfxbook. The key to the success of 1000pip Climber is the modern algorithm underlying this Forex system. The algorithm was developed by a professional Forex trader and is regularly updated taking into account changing market conditions. For such an advanced robot, the installation process is fast and the user interface is very easy to use. It is not surprising that 1000pip Climber is one of the leading and most popular robots. He has an almost perfect 4.7 out of 5 score on TrustPilot.
Trading is conducted on M15, H1 and H4 on six major currency pairs. In 3 years of testing, 1000pip Climber has reached 20,000 points of profit with minimal drawdown.
Now the price for 1000pip Climber has been reduced from $299 to $97. So if you join them now, you will get one of the most advanced professional trading robots at a bargain price.
The recommended deposit is $ 2,000, the yield is 86% per year, the maximum drawdown is 40% per year.
3. Forex Flex EA is an innovative Forex robot with a yield of 300%
Forex Flex EA works on three main strategies, namely grid, hedging and trend strategy. The website lists a developer representing the adviser, with 7 years of experience in the market and a yield of more than 90%.
The Expert Advisor works with all currency pairs. He uses innovative technology, opening virtual trades to monitor the market to find the ideal entry point, then the adviser begins to manage real trades. Forex Flex EA testing is conducted on verified Myfxbook accounts.
The developers of the Forex Flex EA robot offer three price packages: one license for MT4 and MT5 worth $ 399.96 each and two licenses for MT4 + MT5 at a price of $ 594. The packages include unlimited demo accounts, all Adviser files, free updates, access to a closed forum, as well as a 30-day money-back guarantee.
The recommended deposit is $ 3,000, the yield is 300% per year, the maximum drawdown is 12.71% per year.
Buy Forex Flex EA
See also what brokers there are with cryptocurrency trading.
Forex robots are reliable assistants for every trader. However, you should not trust them 100%. We recommend that you familiarize yourself with the work of the adviser and its functions before using it. Stick to your investment preferences, observe money management and monitor the work of your chosen robot on an ongoing basis.
Read also the article "How to choose a bot for cryptocurrency trading".