There has been a lot going on in the Forex industry the last couple of years. A lot of new courses and teachings that are making it easier to get involved with trading. This isn’t always a good thing since people always want to jump in and start making money right away which leads to mistakes and a lot of lost money.
Another area that is making it easier to get into Forex is Forex Robots also known as EA’s. They essentially make the trades for you and when the markets are right you can make some decent money and ROI.
So how much does a Forex EA Robot actually cost?
Pricing on Forex EA’s can vary quite a bit which can make it confusing. I would highly suggest you get a free one to start with like the one we have available so you can demo and make sure you know how to setup and run robots before actually paying for one. The costs from there will be between $100 to the $1,000’s.
Again I would start off free don’t pay before you actually try a robot for the first time. After that if you get the hang of it may be time to upgrade. The newest thing on the market are A.I. based robots that can adapt to the markets have extra features like a news filter. I would go with something that is a monthly fee so the robot is updated frequently to keep the members happy.
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Forex Robots Cost And Do They Really Work: Answers From Real Users
So we have gone out and done a lot of research across multiple sites including Forex Peace Army, ForexSignals.com, Baby Pips, among others to get the real information to you. These are all unedited accept with grammar and spelling and any explicit language removed. If you have any feedback feel free to go to our contact page or email us at firstname.lastname@example.org.
- Lexys (FX-Men Honorary Member) –In theory, there could be a successful one. Of course, it wouldn’t be marketed that way, if it were really successful, and this is the key concept to understand, in order to interpret what’s really going on.There have been successful ones in the past, too: in the 1990’s [I]Crédit Suisse[/I] leased a trading robot from a group of American academics (software engineers, mathematicians, market analysts and traders). I believe they paid $100,000 per month plus a share of the profits from using it. A very interesting book was written about it, by Thomas Bass, who already knew a few of them from an earlier “escapade”.And other institutions have done similar things, since then.That’s typically the way such situations arise, are researched and developed and marketed.The big trading institutions employ teams of very highly-paid experts specifically to assess and investigate them, and people who have one that really works can make fortunes from them via that route, without needing to advertise them online.With the more-or-less home-made ones you see advertised online for a few hundred or a few thousand dollars, the same standards haven’t typically been applied at all (usually they’ve simply been backfitted to historical results, which is very easy but not helpful), and – predictably and understandably enough – [I]the outcomes from using them tend also to be radically different[/I].Making money steadily through trading isn’t easy. It requires, patience, discipline, education and practice. It’s when people seek short-cuts to trading income that all the “accidents” typically happen.Someone far more cynical than I might observe that the aspiring trading public gets the robots it deserves: as long as people are gullible enough to buy them, and others incentivised to promote and sell them, they’ll remain available. Meanwhile, we each decide for ourselves whether we want to try that approach to trading.
- Mohdfx11 – It may bring some ease for new traders, but as for me (btw, I’m new too, trade for 4 months only), robots can’t be trusted, they know only their own programm and won’t be able to analyze some sudden changes.
Moreover, it’s too risky for me to trust a machine my money
- Oliviapips –Yes, trading robots can really work and they do have the potential to generate weighty returns for the investors.
First you need to understand what trading robots are?
Trading robot is a way of automating your trading style based upon your coded logic. Now, if your trading logic is right and it has the potential to deliver profits then definitely forex robots can work for you.
However, the real issue comes in finding the right robots. Presently you would find thousands of forex robots on Google and it become a tedious task to find the right robots from those many options. I completely agree that every robots can’t do the trick and even the same robot can’t deliver you return all the time.
So you need to find the robots right based on the current market conditions and then doing the back testing on time frame of similar market conditions. As the market condition changes, you need to change your robots strategy
- MCRL – yes definitely the trading robots work, however they are not reliable at all time. they can not play with tricks smartly.
- Comstrader – You want to see one of the most profitable robots ? just google “dragon scalper ea droland” take a look at his myfxbook stats 😉 it was trading on a real account.
Prices Popular Forex Autopilot Trading Robots
Here is a list of some paid Forex robots you can try out after trying some free ones that are listed below. The bottom two Traide Ringer and Runner are ones I use for the time being. No one robot can dominate the charts at all times the markets change and it is tough for robots to adapt. These two have A.I. software implemented into them that can adapt to some different market conditions. Always ALWAYS demo first then use very conservative settings when going live with only money you can lose freely without affecting your current financial situation.
- Odin Forex Robot (Price $129.00) – This EA (expert adviser same as robot) has been around for quite awhile. It uses a fully automated grid trading strategy to find profitable trades on your charts.
- Vader Forex Robot (Price $99.00) – This Robot uses daily fibonacci levels with certain trend shifts that help you ride the waves in automated trading.
- Reaper Forex Robot (Price $99.00) – This is a breakout robot that works off of daily levels and can be surprisingly accurate.
- Traide Ringer (*Price $167.00 Monthly) – This is a newer bot that uses A.I. to make wheel or grid like trades for multiple pairs on the forex market.
- Traide Runner (*Price $167.00 Monthly)- This is a scalper bot on steroids that collects small wins that add up over the course of the day.
*These two robots are newer and charge monthly. I personally use this EA and have had great results so far both with demo and live. I will be doing a complete review at some point. The reason I trust EAconomy (name of company) is that my mentor Steve Gregor also uses them along with some trading partners of mine.
You also get a third product called Traide Compass that is an EA that gives you possible trades that you can further analyze before taking manually. They also provide training.
Popular Free Forex Autopilot Trading Robots
LIN Forex EA V2 – Shows a lot of promise with going from $1k to over $300k in 8 months. I find these results highly unlikely but they do try to provide proof of this. They claim you do need to have a super fast VPS which yes you should do your research on VPS’s as well. Link to the free EA (no affiliation) HERE
DailyScalp – This was supposedly tested with over $200k in profit. Claims $250 to $217k in 3 months. Again highly unlikely but could be fun to try on demo. Here is link to that EA (no affiliation) HERE
Highway EA – One thing I like about this Robot is it has a news filter that comes a long with it. Says 10%-30% ROI monthly with correct settings and draw-down below 20%. So these are actually real expectations. Link is here (no affiliation) HERE
We are also working on an EA of our own. I had created it in the past which is based on a Renko strategy. Has a great win rate with little losses so make sure to sign up for our free membership to be notified when the free robot gets released. The one thing with forex is you don’t need to hide anything among retail traders as we aren’t the ones that move the markets the market makers do we are just there to ride the waves and profit when possible.
What is Forex Robot?
Forex robot is the software through which the trader can automate the trading decisions. The robot contains the program which automates the forex trading. With the help of a forex robot, you can automate almost everything, taking from receiving the forex signals to managing the forex account.
As we have seen, forex robots contain the program which automates various trading decisions. So, you should not expect from the forex robot to get flexible as per the market conditions. That’s the major downside of such bots.
Depending on the forex robot you select, the price would vary. Normally, it ranges from $50 to $1000s. If you are new to the forex market, you may have heard about the forex robot from the internet or any media. You must have heard that with the help of a forex robot, you would start making money without doing anything. Is this true?
Nope, it isn’t true. If this would be true, every trader would be rich without any trading plan or strategy. The marketer sells you the pre-programmed robot that doesn’t change as per the market sentiments. Because market sentiment is ever-changing, getting a forex robot will not provide accurate data. If you want to use the forex robot, we advise you not to pay for it, instead go for the demo or free version. Here’s why:
Why You Should Not Pay For A Forex Robot?
Paying for the forex robot is not a good idea. If you are a newbie and want to test the strategy with a forex robot, it is advisable to use a free or demo robot. You should not pay for it because you can get the forex robot for free.
Many marketers will also claim that with their paid forex robot, you won’t lose any money, but it’s actually not true. After buying the forex robot from them and with the passage of time, you will notice that the data stopped became accurate. The reason behind this is the robot is designed with the consideration of present market conditions and with the changing market condition, it can’t provide correct results.
In short, if you want to use a forex robot for smoothening your trading strategies, you should go with free robots rather than paying money for it. If you are someone who does not has enough knowledge about the market, then you can build up a professional team for that. This is far better than relying on forex robots.
Why Forex Robots Lose Money Over Time?
Getting the forex robot won’t make you rich. With the ever-changing market conditions, you can’t rely on the technology that follows old market strategies. If you do so, you are obviously going to lose.
With such a changing market, it is very important to have a forex robot that adopts current market conditions. With your forex robot, you will lose money if it fails to determine the current market conditions and sentiments.
Now if forex robots lose money over time, then do traders use forex trading robots? Here’s the answer:
Why Forex Traders Use Trading Robots?
Though forex robots are not effective over time, still they help in various ways. With the use of a forex robot or EA, many tasks of the trader smoothen. The trader can use the EA or robot for trading without manually spending time in front of the computer.
With the use of automated forex trading robots, the traders can achieve their goal of making things automated without having to spend time sitting in front of the computer. With the use of trading bots, one can find ideal entry & exit, calculate position sizes, and execute transactions. You can set the trading parameters and settings as per the risk you are ready to bear.
Pros & Cons of Forex Robots
Automated forex robots come with both pros and cons. Here are some pros and cons:
Here are some advantages of forex robots:
1. No emotional aspect
The major advantage of having a forex robot is your trading will not have any emotional aspect. As we know, emotional trading may lead to huge losses. With the forex robot, there will be no existence of the emotional aspect.
2. Perfect for mechanical strategy
If you have a forex trading strategy that does not require any manual human interaction in the process, then using the forex robot is the best idea. With the use of a good forex robot, you can set your strategy for the whole day.
3. Use it anytime
Another great thing about trading through the forex robot is it works anytime 24/7. It won’t get down. After setting the parameters, it will trade for you for the whole day and night. This is the major reason why many traders use it.
With the help of automated trading systems, you can adjust factors such as risk levels, profit levels, and many other variables. This ensures that the trade will be placed as per the parameters you have set.
Here are some cons of forex robots:
1. Will need internet connection 24 x 7
The first and major downside of automated forex bot is you will require the internet connection for the whole day and night. Having the internet-connected is not enough, the server must be providing quality network and maximum uptime. The absence of an internet connection may lead to the wrong placing of trades.
2. So many robot programs in the market
There’s so much scam related to automated forex robots in the market. Due to such scams, it is important for you to make a wise decision. So make sure you do the thorough research before buying any automated forex robot software.
3. The intelligence is artificial
The intelligence of the automated forex bot you use will be artificial. What does it mean? You can’t expect the trading robot to change as per the market conditions. Because the robot is pre-programmed, it won’t be able to change as per market conditions.
Do Forex Robots Really Work?
Yes Forex Robots (EA’s) do work and have their place in the market. No one robot will dominate all markets the best ones are going to be able to not trade when markets aren’t suitable and also not trade during the news.
Are Forex Robots Profitable?
Forex Robots can be very profitable when the right market conditions exist. If the market has flat-lined then nobody will be profiting anyway. Just like with anything if you can be profitable you can also lose money. The biggest thing comes down to win percentage and risk to reward. Try some free EA’s out to get going in the robot market.
What Is The Best Forex Trading Robot?
There is no one best trading robot on the market since Forex markets change almost daily. So I would try out at least a few starting out with free. I do like EAconomy’s group of robots that have AI software implemented into them to adapt to different conditions.
What Is A Robot In Forex?
A Robot or Expert Adviser (EA) in Forex is a software that analyzes the markets for potential trades. Most Robots can also take the trades for you. There are many different types of Robots like scalpers, swing traders, and hedgers among others. They can be profitable but need the correct market conditions to exist. More and more robots are turning to AI software to better adapt to the changing markets.
Pricing on Forex Robots can vary quite a bit. I would start with a free one to get the setup and implementation down before investing money. Start on demo and see it in action for a few weeks before putting in real money.
After that time maybe look into a paid Expert Adviser (Robot). But do the same thing test in demo before going live then set your settings to conservative.
EA’s can be very profitable just need to be consistent and also stay away from the news.