Brokers for trading robots
On this page you will find information about brokers with trading robots on Forex. What is a trading robot or Expert Advisor? How do Expert Advisors work? Where can I get Expert Advisors? What is the best broker for trading Expert Advisors?
Expert Advisor trading brokers, also known as Forex robots, offer a way to trade the markets automatically. Trading with Expert Advisors eliminates the need to sit in front of a computer all day, looking at charts. You can use the robots while you are at work, doing other things, or relaxing. All you need is to choose a broker for trading robots from our rating and install the Expert Advisor on the trading terminal.
What is an Expert Advisor?
An Expert Advisor or trading robot is software designed to analyze currency pairs in the Forex market and identify trading opportunities to buy or sell. All robot actions are fully automated and do not require the participation of a trader in the trading process, which means that emotions that interfere with profitable trading are completely excluded in Forex trading.
How do Expert Advisors work?
Expert Advisors work with algorithms that are usually programmed in specialized programming languages. The trading platform that the trader uses determines which language the Forex robot will be programmed in. Here is a list of platforms and programming languages used to create robots:
- MetaQuotes Language 4 (MQL4) is used for programming Expert Advisors for MetaTrader 4.
- MetaQuotes Language 5 (MQL5) is used for programming Expert Advisors for MetaTrader 5.
- TradeStation-the Lua programming language is used to code Expert Advisors for the FXCM platform.
- ActFX is used for programming robots for ActForex platforms. An example is the AvaTrader platform.
- Specialized programming languages, such as C++, are used to write Expert Advisors on professional ECN platforms.
Criteria for a good Expert Advisor
A good adviser must meet the basic criteria that allow it to work flawlessly. They are listed below:
- The parameters for entering and exiting a trade must be clearly defined;
- The Expert Advisor must have acceptable money management parameters;
- The Expert Advisor should be able to develop together with the market. To do this, the Expert Advisor developer must provide access to periodic updates;
- The commercial advisor must have protection against software hacking;
- The code should be error-free.
Where can I get Expert Advisors?
There are two main sources of getting Expert Advisors: buying a ready-made Expert Advisor or creating your own Expert Advisor from scratch. Each path has its own advantages and disadvantages, and you should be aware of them before making a choice.
Buying a ready-made Expert Advisor
Thousands of trading robots are sold on the Internet, some of them can be downloaded for free. As a rule, free expert advisors are distinguished by their simplicity, they are not updated and can not guarantee profit in the future. They can only be used under the close supervision of the trader.
With paid expert advisors, too, not everything is so simple. The whole difficulty is that you do not have the ability to evaluate the effectiveness of the trading robot. To avoid scammers, buy robots on proven Forex forums with real trader reviews and a free trial period. Be sure to check the availability of free Expert Advisor updates.
Developing your own Expert Advisor
This method has a major advantage. You can customize the Expert Advisor to suit your strategy, adapted to your trading rules, capital, and risk management. The task is to find a programmer who can convert the trading rules of your strategy into the program code of the Expert Advisor. Having your own trading robot also allows you to edit the code at your own discretion.
RoboForex-recommended broker for trading with Expert Advisors
If you Having decided that you want to use an Expert Advisor for your trading strategy, and are looking for a broker that supports the use of automated trading with Expert Advisors, RoboForex is one of the most popular options. Here are some of the reasons why traders choose RoboForex:
- Broker with experience – more than 10 years in trading (since 2009);
- A wide range of trading instruments – currency pairs, CFDs on stocks, commodities, indices and cryptocurrencies;
- 5 account types, including cent and ECN;
- Narrow spreads from 0 pips and low commissions;
- High speed of transaction execution;
- Free Expert Advisor builder R Trader without programming knowledge;
- News trading, hedging, and scalping are allowed.
Also in our rating, you can see other proven brokers with robot trading.
|Trading Platforms||MT4, MT5, cTrader, R Trader||MT4, MT5||MT4, WebTrader||MT4, MT5||MT4, MT5, TickTrader|
|Average spread||1.3 points||1.8 points||2 points||1 point||1.3 points|
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