In the past decade, the nature of trading has changed from more traditional methods venturing into innovative ones. It is part of a larger trend of computers substituting human traders and their emotions involved in trading. Since computers are immune to human emotion, a lot of analysts have commented that the markets have become more efficient. At the forefront of this shift are automated forex trading software/robots/Expert Advisors as they are sometimes called.
Simply put, these programs fall into the category of trading tools that use algorithmic trading to buy and sell securities based on a set of pre-described rules. Depending on the type of trading software one uses, it may use one or more geometric parameters such as make trading decisions on behalf of the trader using it.
Choosing the right forex automated trading software
You would think that choosing an appropriate product in this case is pretty straightforward. The reality is quite different owing to the multitude of vendors and software developers in the market. The instances of frauds and scams have also increased dramatically as people with vested interests are trying to capitalise on the craze behind automated trading. The selection of a platform can make or break a trader, which makes coming up with a shortlist all the more important. This is one of the reasons why a trader should spend time going over multiple forex software reviews before coming to conclusions. Try to include the following factors in every trading software decision you make.
Company or developer background
The first thing you need to do is to check the background of the vendor or developer in question. Do not go for vendors who have registered just a few months before you encountered them or those who withhold information from you. They could be a part of an elaborate scam that targets unsuspecting traders. It’s safe to go for developers or vendors who have prior experience in the trading world or those who are completely transparent about the name of team members, where the company is based and other financial information.
Past trading background
The best way to crosscheck any vendor who is making outlandish claims about profits is to check its past trading records. Several authoritative sites such as fxblue and myfxbook provide a reliable platform to check out any software’s track record. You should always check whether the system has experienced abnormal losses in the past which is indicated by a high drawdown rate.
Favourable trading terms
Always go for software providers who do not charge a lump sum amount beforehand. There are many products that allow traders to start with only a couple of thousands initially. The software program should also not withhold information about any hidden fees that they may try to sneak in later on. Being unaware of such fees can get costly in the long run.
So what are my options in 2021?
Here are some of the note-worthy products which automatically work on behalf of their users.
The best automated Forex trading software currently available is from 1000pip Climber. This is the highest rated Forex system on Trustpilot. Users have been particularly impressed with consistently strong results and the one-to-one support that they received from the professional trader who developed the software. This extra support is invaluable to traders new to the world of Forex software. If you are looking to begin using Forex software then 1000pip Climber is the best place to start.
Founded in 2010, ROFX has become one of the top players in this market. With a simple interface, easy-to-understand account features and customer friendly withdrawal options, this robot has far exceeded industry expectations. Perhaps what makes them stand out is their client fund protection protocols where they work tirelessly to compensate for any losses caused by them.
Both MetaTrader 4 and 5 are well known in the Expert Advisor market. It provides two markets and stop orders coupled with three execution modes. Traders have the opportunity to use over thirty technical indicators, interactive and customisable charts, and nine timeframes. Both MetaTrader versions use their programming language similar to C programming. Traders can create their EAs using the MQL4 language.
cBots is the automated trading software from cTrader and is pretty similar to MT4 and MT5. It is known for its plug and plays feature which allows users to load cBots from other cTrader communities and start trading instantly. These robots are available by clicking on the automate tab found on the main cTrader platform.
Automated forex trading software has changed the way people access forex trading, leading to a greater influx of traders from all backgrounds.