Forex robot is software that is specially made to be able to perform transactions automatically, according to the settings specified by the user.
It is also known as a forex trading robot that is able to find opportunities, execute transactions and also take profit and cut losses automatically. With these tools, trading activities in the forex market become easier and faster.
Many types of robots are able to help perform forex trading automatically. However, you have to be careful in choosing it. Out there, there are many robotic service providers that seem “promising” in generating high returns but in reality, the opposite is true.
Well, to avoid the above, this article will give you tips on finding the best forex robot. No need to worry about experiencing fraud that is not experienced by a few traders.
Forex robot recommendations
Before choosing which forex trading robot you will use, it’s good to know one by one the types of robots that exist. Here are some recommendations for free and best forex robots with maximum performance.
Who is not familiar with Yellow Expert Advisor? Well, Yellow Free is a free version of these tools. You can use this free forex robot to trade based on short-term trend changes.
The trick is to create a price corridor in the parameters. If you feel that the free version is still lacking, don’t hesitate to upgrade to the paid version!
Tops Scalper FV
The best feature of one of the best forex robots, Top Scalper FV, is that it can place orders such as buy-stop / sell-stop at a short distance from the main price levels. This is done to try to take profit from pending orders accumulated at that level.
Correlates EA Free
A free trading robot, Correlates EA Free, you can get at no cost and is able to implement the classic idea of correlating the EURUSD and USDCHF currency pairs.
Then there is ScalPro, a free trading robot based on a scalping strategy with relative support and resistance, which is perfect for those of you who want to take daily profit opportunities.
In addition, this free forex robot from a third party uses an averaging system that is limited to 2-3 steps. Then it is also equipped with an auto-recovery facility that has been proven to generate profits.
In the market itself, robots like this are priced in the millions. Of course, by buying this robot there will be additional expenses apart from capital.
Fatal mistakes when choosing a forex robot
Well, before we discuss some recommended free forex robots, it’s good for you to know the following important things when you want to buy a forex robot to avoid fraud and failure in trading.
Lack of understanding of trading robots
Suppose you are an airplane pilot. Even though today’s aircraft are supported by a fully automated system, the pilot still has full control over the plane, right?
Likewise with robots. You remain in full control of the robot and need to control the robot. Just like a plane that sometimes needs to be controlled by the pilot.
That is, it is very important for you — as a trader, to understand the mechanics of trading and forex strategies properly and correctly because robots are still robots that are only able to do what they are told.
Therefore, it is important for you to understand more deeply about trading by learning forex so that later this forex robot can help you as expected.
Not testing on forex robots
Testing is important, especially for those of you who are interested in trying a free forex robot. Why does it need to be done?
Because you need to test how proficient and appropriate the lure of the big profits offered by the robot, including if you are interested in upgrading this free trading robot to the full version.
By testing the robot, at least you will avoid fatal mistakes that can cause losses when trading.
Wrong choice of broker
For some reason, some forex brokers do not allow traders to use forex robots for trading.
Therefore, make sure you choose the right broker to become a professional trader, including using this expert advisor (EA) or trading robot. Here are the criteria for choosing a broker:
Regulatory status can be proven
As a trader, you should get used to looking for complete information about the status of the broker’s regulator on the official website that houses the broker, namely BAPPEBTI.
Have a clear identity
Make sure your trusted broker provides clearly identifying information such as; when the broker was established, a clear and complete head office address, and so on to make it easier for you to know clearly and completely about the identity of the broker.
Provide facilities that are easily accessible
By providing easy facilities for you, one of which is a trading robot, the broker is not only looking for profit. But the broker also understands and understands and supports you with every convenience provided to realize your dream as a trader.
Provide communicative customer support
By providing communicative customer support services and fast response, the broker will really help traders quickly and responsively to any problems and complaints experienced.
So, it is recommended that you choose a broker that is easy in terms of strategy and allows you as a trader to get the best facilities from the broker, one of which is using forex robots when trading.
Forgetting the risks of forex robots
Are risks always present when using forex robots? Of course!
This is one of the most important things that novice traders often forget. Although free forex robots have their own settings for order execution, the risk of loss will always exist.
Many traders think that by using a forex robot, they will automatically get a profit.
In fact, at any moment, losses can come at any time — either from unexpected price movement patterns or the mistakes of the forex robots used.
Therefore, it is important for you to consider and understand the use of forex robots in trading, including the possible risks that will come unexpectedly.
Not following the instructions for using the robot
The rules will always be there, including when you use forex robots in trading. When running and changing settings, be sure to always pay attention to any attached instructions from the creator.
Some important points such as:
- minimum deposit recommendation,
- currency pair,
- lot size, etc.
- You can take all that into consideration in maximizing the performance of the trading robot that will be used later.
Not analyzing the products offered
While there is no need to pay, you do need to be careful with the use of free forex robots and the products on offer. Some of the characteristics of fraud in forex robots include:
- Promises unreasonable consistent profits,
- Brokers offering untrusted and regulated robots, up to
- Provide other tempting offers (too good to be true).
Whatever happens, keep in mind that in forex trading — especially in the case of robots, there is no such thing as a profit or a guarantee of always making a profit of 100%.
It should be underlined that you must carefully analyze the forex robot before using it. Because keep in mind that there is no business or investment that has no risk at all, as well as forex trading.