What is a Forex Trading Robot/Expert Advisor?
A Forex trading robot is a software designed to trade Forex currency pairs automatically in order to maximize profits. The designer implements the market settings, which analyzes when to enter and exit a trade. These Forex trading robots work with different platforms, but some are designed specifically to work with the popular Forex trading platform MetaTrader. These robots are also known as Expert Advisors.
2012 Forex Trading Robots Comparison Chart & Reviews
| Forex Robots | Trial Membership | Pricing (USD) | Payment | Currency Pairs | Multiple Platforms | Multiple Brokers | Online Support | More |
|---|---|---|---|---|---|---|---|---|
| Forex Ambush 2.0 | $17 for 7 Days | $117 | Monthly | 18 | Yes | Yes | 24/7 | Review |
| Forex Auto Money | $ 4.95 for 3 Days | $ 99.99 | Monthly | 16 | Yes | Yes | 24/7 | Review |
| Forex Bling | $ 33 | Monthly | 8 | Yes | Yes | 24/7 | Review | |
| Forex Robot No Loss | $149 | One-time | 8 | MetaTrader4 | Yes | 24/7 | Review | |
| FAP Turbo | $149 | One-time | 5 | MetaTrader4 | Yes | 24/7 | Review | |
| Forex Autopilot | $ 99.50 | One-time | 5 | MetaTrader4 | Yes | 24/7 | Review | |
| The Forex Signals | $ 97 | Monthly | 5 | MetaTrader4 | Yes | 24/7 | Review | |
| GPS Forex Robot 2 | $149 | One-time | 3 | MetaTrader4 | Yes | 24/7 | Review | |
| Forex Over Drive | $ 97 | One-time | 2 | MetaTrader4 | Yes | 24/7 | Review | |
| Forex Bullet Proof | $147 | One-time | 2 | MetaTrader4 | Yes | 24/7 | Review | |
| Forex Crescendo | $149 | One-time | 2 | MetaTrader4 | Yes | 24/7 | Review | |
| Million Dollar Pipst | $ 99 | One-time | 1 | MetaTrader4 | Yes | 24/7 | Review | |
| Fusion Forex Robot | $ 97 | One-time | 1 | MetaTrader4 | Yes | 24/7 | Review | |
| Forex Cash Protector | $ 99.75 | One-time | 1 | MetaTrader4 | Yes | 24/7 | Review | |
| Forex Growth Bot | $129 | One-time | 1 | MetaTrader4 | Yes | 24/7 | Review | |
| Forex NoNameBot | $ 99 | One-time | 1 | MetaTrader5 | Yes | 24/7 | Review | |
| Forexilla | $ 99 | One-time | 1 | MetaTrader4 | Yes | 24/7 | Review |
What are the advantages of a Forex Trading Robot?
The biggest benefit of a Forex trading robot is that trading becomes automated. This enables the trader to take all emotion out of trading, which is usually the biggest challenge individual investors face. By following a pre-designed system, traders don’t need to make any decisions and can increase profits. It can also save a lot of time, because the trader does not need to educate themselves as much regarding trading indicators or chart analysis. The Forex trading robot software does all of this for the trader.
How do I choose the Best Forex Trading Robot?
Forex trading robots are designed for different time frames and/or different trading styles. You must first decide how often you want to trade. Some Forex trading robots will trade multiple signals per day, while others will only trade 1 or 2 signals the entire day. You must also decide which currency pairs to trade. Some Forex trading robots have multiple currency pairs, while others only focus on one or two currency pairs. Also, it is very important that the Forex trading robot has strict stop-loss money management in place to limit losses on losing trades.
How much does a Forex Trading Robot cost?
The majority of Forex trading robots are available as a one-time purchase. The cost can vary from $90 (USD) to over $200 (USD). There is no secret to Forex trading and it is recommended to try different robots to find the one you are most comfortable with.