Do you want to be able to trade the forex market fully hands-free, without having to be physically present? That’s how automatic trading works. With the help of a solid Forex Expert Advisors (EAs) and a low-cost Forex VPS, you may be well on your way to benefitting from the forex market with little worry. This article discusses the best of them, as well as the factors to consider when choosing one, as well as the usage of a forex dedicated server.
In 2020, retail currency trading is one of the most easy methods to make money. Traditional trading methods, on the other hand, have traditionally required traders to learn the ropes of trading on their own, including technical and fundamental analysis, trader psychology, risk management, trading strategy building, and much more. All of this may be exhausting. They do, however, take a significant (read: lengthy) amount of work to perfect.
However, technological advancements over time, particularly in the artificial intelligence sub-sector, have made this increasingly plausible. You may benefit from the markets without being actively involved if you use a Forex Robot.
Forex Robots and Forex EAs, etc. – What are they?
They aren’t exactly the same, despite their near resemblance. Both the Currency Robot and the Forex EA are pieces of software that are built to assist you trade the forex market without your involvement. The Forex Expert Advisor (EA), on the other hand, is meant to “scan” the market based on pre-programmed criteria and identify trading opportunities without you having to trade. It assists you in finding suitable trade entry but does not execute transactions for you; you must do so yourself. It’s important to note that it’s a “advisor.”
The Forex Robot, on the other hand, does both trading analysis and trade placement automatically. Neither is superior to the other; it is a matter of personal choice. While some traders are comfortable allowing software to conduct their deals, others like to maintain control over their trading and be able to double-check their transactions before they are done. Isn’t it straightforward? However, in recent years, many of the two have been developed in such a manner that you may use either an EA or a robot, or both at the same time.
As a result, both words are frequently used in the same sentence or interchangeably.
The Forex VPS – What’s it needed for?
You should also consider employing a reputable Forex VPS when choosing a Forex Robot. Do you know why you should use a VPS to run MT4? A virtual private server, or VPS, is a programme that hosts a duplicate of a computer’s operating system that can be accessed from any other computer. It’s a server – a private one that, because it’s “virtual,” doesn’t require any real space. When you buy any Forex Robot programme, you’ll have to install it on the trading platform you’ll be utilising.
The trading platform will be installed on a computer or other device that you choose to trade with. However, there are certain limits. Your trading platform must be turned on at all times for the programme to continue to function and make deals. Your computer must also be turned on and connected to the internet at all times. If any of these aren’t working, you’ll miss out on some great trading possibilities.
Is it, however, feasible to keep the platform – and hence your computer and internet connection – on all the time? Obviously not. Here’s where your virtual private server will be useful. Your Forex Robot can continue to function on the forex VPS regardless of whether your trading equipment or internet connection is accessible.
Furthermore, the forex VPS allows traders to access their accounts from any device, at any time. Not all brokers provide mobile and web-based trading systems, as we all know. This makes it difficult for a trader to monitor his trades when away from his trading station if he trades on his desktop. Your forex VPS, on the other hand, will provide you access to your broker’s trading interface from any device, anywhere.
As a consequence, you can handle trades while travelling throughout the world without using your laptop or desktop! However, you must conduct some research before selecting a reputable forex VPS service, since not all VPS companies are trustworthy.
How to Choose Your Forex Robot in 2020
There are a lot of Forex Robots out there, but not all of them are reliable. That is, you will find a large number of those that do not function properly. There have been reports of naïve traders losing large sums of money by employing inferior ones. Is this to say you shouldn’t use them? No!
They are worth employing because of the numerous advantages you stand to get from them, and they may entirely free you of the worry of having to do your own trading analysis. It simply means you must be skilled in the art of picking the best one for you. As a result, there are several characteristics to look for while choosing a Forex robot, as listed below:
1. How and Ways to Trade
To arrive at trading chances, each Forex Robot employs a distinct strategy. You must be informed of your desired one’s plan in order to determine whether you are comfortable with it. For example, some, such as the Exon Power Trader, trade only economic news. Some traders, however, may not be comfortable with this technique because of the tremendous volatility that follows such news.
2. Average Earning
Traders will be very interested in this. You should monitor your Forex Robot’s average profitability rate over time. However, we recommend that you stretch out your payment over a period of time.
3. Holding Time
This is not a general rule. However, you don’t want one that stores deals for three weeks, nor one that executes and closes trades in less than 60 seconds. However, we feel that you should look at the average length of time that the Forex Robot holds trades to see if it is compatible with your trading style – scalper, day trader, swing trader, or position trader.
4. Drawdowns on Account
A aspect to examine is how much drawdown your selected one has undergone over time. When you lose a series of deals, you have a drawdown in your account. For example, if you have a $2,000 trading account and lose a few deals, your account will be emptied to $1,700, and you will have experienced a 15% drawdown.
Your trading account’s equity or balance may experience drawdowns. When you have open trades, your equity is just the entire amount you have in your account. When you have no open deals, your balance is the amount in your account.
What is the significance of the drawdown issue? It’s simple: you don’t want a Forex Robot that puts your account in such a poor position that it requires a lot of work to get it back to break-even. 40 percent and higher drawdowns are not healthy statistics.
5. Subscription Costs
Of course, the cost of getting started with the Forex Robot is a consideration. Subscriptions are usually paid on a monthly basis, with the option of a yearly subscription. Although the amount you are ready to pay for a robot is determined by your financial situation, you should not sign up for one if the cost exceeds the balance of your trading account.
We strongly suggest you to choose for yearly memberships because they frequently come with a discount. Others merely request one-time fees in exchange for permanent access.
6. Use MT4 or MT5
This is self-explanatory. For decades, MetaTrader4 has been the most popular trading programme, and with good reason. As a result, any forex software service – broker platform, indicator – must be created to work with the MT4 or MT5 platforms. Although it is still a question of preference, having MT4/MT5 integration in your robot is a no-brainer.
7. Average Number of Trades
While this isn’t a hard and fast rule, it is an important consideration. Traders are frequently advised not to overtrade. This is sound advice, and we believe it also applies to software. It’s possible that your Forex Robot isn’t very good if it makes too many transactions. Because money-making chances aren’t always readily available in the market, this is the case.
8. Minimum Allowable Capital
Trading bots do impose a minimum deposit requirement on every trading account to which they are applied. The most frequent minimum deposit is $100; nevertheless, some of them demand that you have as much as $5000 in your trading account.
Top 10 Forex Robots in 2020
Following extensive study, we’ve compiled a list of the top 10 Forex Robots available in 2020. A table that compares them using verifiable measures may be seen below:
Tips on Using Forex Robot Providers
Regardless of whatever Forex Robot supplier you pick, we recommend that you follow a few guidelines when using it. These are some of the suggestions:
– Subject it to tests
Do not immediately install the programme to your real trading account after subscribing to your preferred Forex Robot service. Start with a demo account and stick with it for at least a month. You’ll learn how it works, the techniques that it was based on, and much more, all without putting yourself in any danger.
– Be Patient
Different tactics are programmed into different trading bots. As a result, some do very well in some market situations while failing miserably in others. Before drawing any judgments, you must attentively observe the programme in various market situations by testing it for an extended period of time.
Similarly, once you’ve signed up for a service, remain with it. Traders utilise a variety of them. This is counterproductive and might result in significant losses.
Conclusions
Using Forex Robots is a fantastic approach to trade. However, not all of them are worthwhile to attempt. We’ve included a few of the ones we think are the greatest. Before making a decision, conduct your study, contact forex blogs (see www.myfxbook.com) and chat groups, and read reviews.
You’ll need a Forex VPS with low latency, little downtime, and great speed to run the EAs after you’ve located them. Visit this page to learn more about Forex VPS Plans.
