Forex Robots – Reviews and Information on the Best Forex Robots

What Are Forex Robots?

There is a lot of debate going on about Forex robots at the moment, with many critics branding them as a flat out scam and even going so far as to claim that it’s impossible for a working Forex robot to exist. These critics ignore the fact that automated systems have long proven to be successful in stocks, futures and Forex markets, as demonstrated by renowned “Market Wizards” like Ed Seykota, one of the pioneers of algorithmic trading.

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Why Use Forex Robots At All?

The idea of a Forex robot is simple – if you could fully document the process of identifying a trade opportunity, entering the trade, managing the trade and exiting the trade, then you could program these rules into an automated system to replicate this process over and over again for consistent profits on autopilot.

Obviously, there are many advantages of doing so. First of all, you can eliminate the effects of emotional decision making, poor discipline and delayed execution that every trader faces. Because the decision making process is entirely automated, these human elements simply don’t come into play. More importantly, if you employ an automated trading system or Forex robot to trade for you, then you don’t have to do the trading yourself, and can spend your time on other more trivial pursuits instead while still enjoying all the profits that Forex robots can bring.

As a new Forex trader, you would save yourself a lot of time and effort by simply purchasing a profitable Forex robot rather than going through the entire learning process yourself. It’s the ultimate shortcut for busy people who want to enjoy all the perks of a passive Forex stream of income, without having to spend hours upon hours every single day “chained” to their trading desk.

Do Forex Robots Actually Work?

As attractive as the notion of automated Forex robots that make you money while you sleep is, in reality it’s not that easy to find a Forex robot that works. For every Forex robot that actually works, there are probably three or four Forex robots that don’t… and that’s a very conservative estimate. Unfortunately, poorly designed Forex robots put out by people who simply don’t understand proper trading system development have given real trading systems a bad name, because there simply isn’t an easy way to differentiate the two.

The best way to test a Forex robot is to run your own back test and forward test on the system. These days, most Forex robots come with at least a 60 day money back guarantee, so you can use this time to do your due diligence before you run it on your full amount of capital. Most Forex robots are programmed as Expert Advisors for the Metatrader 4 platform, so you’ll easily be able to run a live demo forward test with most Forex brokers out there. In addition, you’ll have access to the free Metatrader Strategy Tester platform, which will allow you to test the Forex robot on historical price data and gauge its performance both historically and in the near future.

For more information about Forex robot back testing and forward testing best practice, I highly recommend checking out the Metatrader Backtesting And Optimization Course.

Recommended Forex Robots

There are many Forex robots out there, and if you were to test every single one of them it would be extremely tedious and time consuming. Personally, I have tested out a number of popular commercial systems, and here are a few that I would recommend.

Firstly, there’s FAP Turbo which has been around for a long time and is constantly being updated by their creators to stay on top of the latest market conditions. It has a track record that is matched by very few Forex robots in terms of profitability and consistency over a long period of time, so do check it out to see if it’s right for you.

Another one that has been successful in recent times is Forex Morning Trade, which is based on the ever popular London open breakout strategy. This Forex robot can be quite volatile at times, but it is another system that has proven to be profitable in the long run, and I highly recommend it.

All in all, Forex robots are a useful tool for anyone who wants to create passive Forex profits or simply diversify their Forex income. Of course, you still have to do some work to ensure that your robots are in tune with the market and are running with the proper money management settings, but it is definitely easier to maintain than if you were to do all the trading yourself.