Tag: Forex Robot

Forex Robots: Are they Money Making Machines?

Post author By Forex Academy
Post date 25 May, 2021
No Comments on Forex Robots: Are they Money Making Machines?

If you have always wanted a robot to clean your house or take your dog for a walk, you would understand how attractive a Forex robot is. These services do not clean windows or take care of your pets, what they offer is definitely something much better: a relatively non-interventional way of trading in forex […]

Many people dream of finding the perfect trading system, which guarantees profits and requires minimal effort for users. When many Forex robot programmers are available, there are some important questions to be answered.

What Is A Trading Bot?

As the name implies, a trading robot – also known as Robot Forex goes beyond simply testing trading strategies to currently apply them in real-time to make real transactions with live market data. When the robot generates a buying or selling signal, the platform automatically places the transaction. These systems have often been used by institutional traders for a long time in all markets. During the last few times, trading robots have become quite popular with private traders, particularly because they do not require any programming experience to create, execute and optimize them in an automated forex system.

Assuming the robot is well designed, tested, and its performance monitored, robot-assisted trading has some obvious advantages:

-You never miss an opportunity: the robot can work 24/7.

-There are no emotions, pure discipline: a trading robot eliminates the emotions of forex trading as long as you are disciplined enough to let the system work even when you believe that the rules do not apply under certain circumstances.

So if you do:

-You create a set of clear and unambiguous rules that can be expressed in a programming code.

-You have the time and experience to translate these rules into a program and test it, or use a programmer to do it. So automated trading is the best way to execute a precise forex strategy.

How Does A Forex Robot Work?

Trading robots use algorithms and advanced software to automate trading decisions. Services range from giving you a trading signal to placing and handling the transaction for you automatically requiring minimal or no human intervention. If you have a forex strategy that is strictly mechanical and does not require a human decision process, you can program your robot forex to make transactions 24 hours a day.

The most popular robots for retail customers are programmed on the Metatrader 5 platform. These robots are run on MetaTrader as “expert advisors” (trading robots) and are the implementation of some trading rules in a code that Metatrader or other trading platforms can understand and execute. MQL5 (Metaquotes Language) is the integrated programming language designed to develop forex robots with the Metatrader 5 platform and requires advanced programming skills. But, there are several tools available that allow you to generate unscheduled forex robots, known as “EA Generator” or “Strategy Builder” (EA generators or strategy developers).

What Is the Cost?

Many companies create and sell trading robots, but be careful who you do business with if you are in the market to buy one. It is not unusual for brokers, traders, and different unregulated websites to appear overnight and start selling a “get rich right away” robot, including a money-back guarantee so that your money will disappear within 30 days or less. Most of the robots that are made to be bought are not successful, so please do your research beforehand if you are thinking about buying one. The best thing is to be cautious because there are a lot of risks on the learning curve or mining data in the offers that are for purchase. As mentioned above, the alternative is to use an ea forex generator, designed to help you create, test, and export unlimited robots for Metatrader 5, without writing codes.

A Forex robot is much cheaper than a human manager or an account to copy the movements. Most companies sell robot forex for a one-time fee or a monthly fee as well as an annual fee. Even so, any forex robot needs constant parameter optimization and may fail after a successful start. In other cases, customers have access to an EA generator and even an expert within the company dedicated to consultation and support.

Those conditions do not apply to most of us, so the way most of us should use this option is using retail forex trading. Many forex brokers offer a variety of trading systems as part of their offerings. There’s nothing wrong with these, especially if you’re allowed to check them for a while to see how they work.

Expert Advisors (trading robots) are generally designed to work in specific environments, typically for a trend or markets that tend to regress, but not both. Before choosing a forex robot, you must understand what kind of markets and conditions the robot is designed for. A legitimate vendor will give you clear and concise information on what kind of conditions the robot works in, its performance, the amount of time it has been in operation, the benefit you can expect as well as the maximum you can lose.

As with any business proposition, if the benefits of a robot forex sound too good to be true, the odds are that it will. If the benefits look very out of place and their price is very low, well, I hope they allow you to test it first with a small amount of risk, otherwise, continue your search.

Ideally, as far as possible, review as much time as the robot has been operating and understand market conditions during that period of time. For example, at a time of growth and rising interest rates, the trading robots they buy will work well as the riskier currencies are favored. However, during the crises, these robots will suffer.

Typically, the more benefits you get, the greater the chance of losing. If a salesman offers you big profits and losses, he’s being honest. If the seller offers you high profits without a high risk of loss, you should be suspicious. There are many online trader forums dedicated to automatic trading; there are legitimate robot programmers and there are frauds, so consider yourself warned.

But, the main option is to build your own robot forex.

What is the Best Software for Robot Creation?

ROBO ADVISOR 007 is the only software to create robots online. With Robo Advisor 007 you can automate your forex strategy for Metatrader 5 in a comfortable and safe way. No need for you to know anything about advanced programming since the robot generator is smart enough to write the code for you. The source of the program is a very advanced algorithm that tests the strategy, similar to that of Metatrader, but much faster. The program is so fast that you can automatically create and test the strategies.

Robo Advisor 007 has several components:

The generator – The generator is in charge of creating and testing the systems automatically. The generator saves the most successful strategies in the collection. The moment a strategy is generated, it can be exported as a trading robot or send it to the editor for review and improvement.

The collection – when we are using the generator, the program stores successful strategies in a collection. You can search the strategies collected by a certain parameter and send it to the editor for export or review. You can also export the entire collection for further revalidation and use.

The editor- With the editor, you can create and edit strategies by modifying the indicators and parameters. When you edit a strategy, the program tests the historical data, displays the most important statistics, shows the balance sheet, and charts the curve of profits or losses. Since Robo Advisor tests are so fast you can improve your strategies while looking at the graphs. When you find a strategy you like you can export it as a forex robot.

Report- When a strategy is in the editor you can go to Report to see extensive information about test results in the historical data. The report page contains all statistical information, graphs, and the transaction log.

Exporting robots – You can export your robot forex to use in Metatrader. The exported robots use only standard MT5 indicators, which makes it very easy to use the robots in MT or upload your files to a VPS (virtual computer). You can confirm the operation of your robots with the software to test the strategies of Metatrader Strategy Tester with a demo account or data that are not known. If your tests are good, you can use your robot for real trading.

The idea or intention of Robo Advisor 007 is that software to create Forex robots with a good algorithm to test the strategies as well as an execution of the strategies in real time give you as a result a good benefit. Please be extremely careful when dealing with real money and always consider the risks.

How to Create a Robot with a Generator

With the powerful tools used by hedge funds or global investment managers and institutional traders, you can create forex robots with generators without any programming skills and without programming. You will see real results immediately and with just one click you can download the best robot for free and use it in Metatrader 5.

If you are a novice in the markets, you can generate strategies for forex, stocks, indices, raw materials, and cryptocurrencies with just a few clicks. You will see hundreds of strategies that are already tested and ready to be used. A robotic counselor (Robo-Advisor) gives you the possibility to use many strategies in a single account. This way, you can diversify risk and achieve more stable results.

Tags Forex Robot, Robo Advisor 007, Trading Robot

Forex Signals

A Prop Traders’ Take on Expert Advisors

Post author By Forex Academy
Post date 20 January, 2021
No Comments on A Prop Traders’ Take on Expert Advisors

As trading in the currency market may be a completely dissimilar experience for different traders, a single piece of advice may also apply differently across different people’s careers. If you feel that a specific set of instructions is not working out for you, while others seem to be doing quite well following the exact same steps, understand that there are more things at play aside from technical suggestions and tools.

Money management, trading mindset, and overall psychology sometimes seem to be the main determinants of one’s success, which are only topped up by their pristine routine and theoretical knowledge. In fact, some experts assume that whichever way you decide to go about with a specific currency, be that long or short, is by far less important in comparison to an individual’s money management skills. Naturally, traders may want to take all preventative measures to increase their chances of succeeding while decreasing their losses. Some other specifics of forex trading, such as entry points, can thus be perceived as an additional vehicle that could help traders ensure smooth trading in the spot forex market.

Even more importantly, the understanding that the means to becoming a successful trader are naturally diverse, which further implies that traders can always discover a new, easier method that could land them more pips than ever before. Due to supporting the maintenance of an inquisitive approach, this article covers the topic of expert advisers in an attempt to assess and present some important conclusions regarding this matter and provide forex traders with more opportunities to expand their vision concerning this market.

Forex expert advisors, or in other words robots, stand for a program created for the purpose of managing a trade more efficiently and earning more money as a result. Once plugged in any trading or charting software connected to a trader’s account (Metatrader 4 as the most widely used today), an expert advisor is meant to give signals and guide individuals throughout the trade on the basis of the program. The programmers behind these algorithms which are aimed at directing traders in their trades create codes that serve as a business plan. As code writing is a lucrative business, many seem to be interested in creating these programs and selling them for a particular fee despite not really knowing much about the market itself, which is unfortunately quite often the case.

As the aim of every trader is to establish a continual flow of income, this solution may seem like a perfect fit for anyone who is less impressed by the challenges of sitting long hours at the computer trying to grasp the essence of this market. Owing to high demand for any driver that could bring money with less effort, expert advisors have grown to become a large industry as they are now sought by many currency market participants.

While market enthusiasts who can navigate the programs to their benefit may certainly exist, anyone attempting to secure their financial stability via code is advised to exercise caution. The best approach to discovering and using an expert advisor (or EA) includes properly conducted research and testing as any rash, blind purchase on a random website may turn out to be quite costly in the end, both literally and figuratively. Any product advertised online will typically have a carefully structured description that was designed in a way to appeal to a potential customer, so the manner in which a product is advertised does not necessarily confirm its effectiveness and efficiency. Many traders sharing their experiences with these robots online have seen the dark side of this business, as they claim to have tried a wide range of different EAs before disappointment sparked their interest in understanding the market and the tools better.

Some prop traders even seem entirely certain that finding a valid robot to manage people’s trades effortlessly on their behalf is rather arduous work, further stressing the importance of carrying out detailed research that would prevent any misfortunate outcomes from happening. The likelihood of getting hold of a good EA is, therefore, not impossible, yet the task itself is just incredibly challenging. Should you, however, be able to get your hands on one such good EA, a number of prop traders would assume that your battle for securing a stable money flow would then be over, as your program would in that case be providing you with stable wins in a row.

The chapter of expert advisers then truly requires traders to challenge and analyze any EA that they come across, especially because, as discussed above, many codes have been written by programmers who possess little knowledge of the nature of forex trading. Whereas some experts in this market did think about atomizing their algorithms, they decided not to go along because they realized that the technical side is precisely that – a side or one side of the story, and how any trade they have ever entered required a fair share of intellectual work as well. Programs simply cannot account for this aspect of human existence or ability, which significantly reduces any program’s chance of being a sole tool for traders to rely on.

In addition to the human factor described above, there is another aspect of the spot forex market that a program of this sort is highly unlikely to track or take into consideration. As many traders already know, the currency market often undergoes many changes, so we go from periods of consolidation to quite volatile market moves, sentiment-caused reactions, and the impact of news events, among others. Unfortunately, these programs are often only designed to work properly under one such market condition, which could make any trader believe it is a work of art, but only for a while, that is until the market changes its modus operandi.

Many traders primarily seek this product so as to avoid the strenuous process of learning that naturally slows down the time span required to start making money from trading currencies. The desire to escape the reality of doing a job we dislike, living in underdeveloped countries, becoming rich quickly or any other reason that involves the need to rush things for that matter inevitably reduces traders’ odds of making their forex trading career take off. These are some of the main causes of failure in this market and most probably the sole reason behind the longevity of this robot industry. Prop traders, who are incredibly well versed in all aspects of the forex market, often describe the EA industry as a game for luring impatient individuals into falling for a scamp, may it be for at least a few months before they turn around and accept the sobering reality.

The pool of traders who display insatiable hunger for success never seems to be able to dry up, so in order for you to take necessary precautions and protect your finances, you should note down several key steps to follow before signing any contracts or paying some of your money. One of the first and most important points to consider includes results, as this is essential data that many companies omit in their product descriptions.

Actual numbers and tangible results are vital and they ought to back up any convincing story used for advertising a program of this kind. It is interesting how these same products are still sold despite the lack of quantitative information that traders should seek prior to the purchase. If you just quickly investigate these companies with your browser now, you would be able to discover that traders are mainly asked to trust the program and the selling company rather than form their opinion based on some real evidence.

Aside from evidently refraining from supporting their claims with numbers, these EA selling companies also often use quite manipulative tactics to blur traders’ vision and trap them quickly before they figure out the true nature of the product. These sly maneuvers frequently entail adding a spreadsheet with numbers that have no realistic grounds. The companies often insert the data that they create freely and present them as real evidence of a product’s quality. So, should you see any factual information concerning the number of pips produced in a month, you should really think twice and seek to find more information about the company and the product.

In spite of their fraudulent nature, these companies seem to be in the clear when it comes to penalties and punishment. The fact that such companies can simply get away with these activities can be connected to their country of establishment, which are typically either quite far away or do not need to obey international law.

Playing with numbers is unfortunately only one of many different manners the robot industry can trick traders – for example, any such program can be created in such a way that traders are presented with some unbelievably good, blow-out-of-the-proportions data, when in fact the money management was just tweaked to exaggerate any wins. What is more, these programs can also be developed so as to only show you the wins, while any losses are simply not included in the calculation. While the information on the wins may even prove to be legitimate, the number of hidden losses may substantially exceed the wins.

Some sellers may decide to show you a top-winning robot based on having a large number of accounts and different robots running on each of them. Some others may try to lure you with a promise of earning a staggeringly high number of pips which is simply impossible in reality. These linguistic games also include presenting information on an impressive return that is, unfortunately, a product of overleveraging, which only tells you that the risk of your account being wiped out has increased instantaneously. These tricks are numerous, yet the companies will see your account go down and it is not them who will have to worry about the consequences, which is why every trader needs to make sure that he/she obtains all the information in advance.

Strategies such as Martingale, for example, make traders double up every time they lose until they finally win, which is followed by a break-even, offering them to keep all their wins. Alas, if this approach led to anything good in the long term, people would not be losing their houses in casinos. In addition, some other sources that once used to be credible, such as MyFXBook – a website used for tracking results, are no longer classified as trustworthy due to alterations done intentionally to get to traders. Therefore, anything offered so freely, disguised under the “genuinely altruistic” or “highly efficient” tag, has probably been compromised for the purpose of amassing a fortune on the basis of your misfortune.

As invested and deep researchers of all matters pertaining to the spot forex market, prop traders are likely to leave room for finding an EA that actually works well and does not conceal any valuable information. Nevertheless, even if you believe that you have found “the one you have been looking for,” give yourself the benefit of properly (forward) testing it before you actually invest real money.

The best and the safest way to acquire in-depth knowledge about your program of choice is to use your demo account and really invest your time and effort into assessing this product over a longer period of time. Traders may need a minimum of one month before they are able to see how these expert advisors operate, which is why extending this testing process to a few more months, without feeling scared of investing since fake money is used, may be the wisest decision before committing to tying your real account to one of these programs.

The percentage of dissatisfied customers is said to be extremely high among the group of traders who have purchased and used these programs in the past. The one way you can protect yourself against the robot industry’s creative tricks is to carry out extensive research and maintain a degree of suspicion regardless of the testimonials or results that the related companies may present on their websites. Should you decide to indulge and purchase one of the EAs whose advertisement you found to be credible, you should definitely demo test it and track the results for a period of one month at least. Only once you have accumulated the results you are satisfied with can you actually move on to plugging the EA into your real account, and rather invest small before confirming the previous success with your real money.

Lastly, in spite of the ease that the possession of such a program could bring about, these quick solutions, and most importantly the need for the psychological hunger to progress fast, may not be the road worth taking long-term. Rather choose to be a good trader in control of your account than hope for wins and rewards will follow naturally. In case you find an EA that works long term, if it adapts to new market conditions, if it has sound risk management implementation, use it as much as you can but still be ready for sudden losses your account should endure. When all is said and done, the search for a great EA could be as time-consuming as making your own manual trading algorithm minus the trading experience, which is irreplaceable.

Tags Expert Advisors, Forex EA, Forex Robot, Trading Robot

Forex Signals

What are the Best Forex Trading Robots?

Post author By Forex Academy
Post date 1 December, 2020
No Comments on What are the Best Forex Trading Robots?

Forex robots or Expert Advisors (EAs) for MT4 appear to be a dream come true for many people, as we can see from various chatrooms and comment sections. Automated trading has emerged as a perfect solution for anyone who finds manual trading to be too hard or resents the process of learning about the Forex market. Forex enthusiasts seem to love trading robots because they can work 24/7, they are unaffected by emotions, and they are available on the MetaTrader platforming many shapes and prices. The number of forex trading robots seems to be doubling each day, forex is more and more driven by automated solutions and increasingly intelligent AI.

If you just care about the gains and rate robots based on their net gain performance during a month or a year, you could be shocked that the best performing robot suddenly lost a big part of your account one day. Consequently, this leads us to how do we interpret the specs and presented the performance of an automated solution. MetaTrader 4 and 5 platforms have a testing module that could give us some clue if the robot is functioning well on a specific asset, time, or market conditions. The industry and the demand grew so much you now have so many websites selling EAs and investment companies that take deposits for their AI to trade with. Not to mention scalping strategies are mostly automated since they can execute much faster than a human would. The guide of how to find the best robot is likely to be obsolete in one year given the pace EAs are produced. What’s more, the robot could simply stop being “the best” once the market conditions change. So we are going to give you a few evergreen universal pointers for your quest.

The internet is full of marketing bloated false websites that attach to anything popular. Automated trading is very popular, everybody would like to earn money without knowledge about trading and almost no effort. When it seems too good to be true, it probably is. Now you have really to dig the internet search results to find something about robots without a bias of sponsorships, industry pitching, and overblown robot performance (fake). When you look at the top-ranking lists you will not find the same robots, and even top-ranked robots will not be the best according to reviews sites. Then it gets even fuzzier when you want to find a specific robot type. There are a few starting web portals you may look at first to have an overview of the EA market.

First, go to Forex Peace Army and read some reviews. The reviews on this site are not made by sponsors, but by real users, most of the time. You will also see some red flags and warning about a particular robot seller, scams also if you want to see how people got scammed, it is educational. Focus on robots with a good number of reviews, having a 5-star rating does have any weight if it is based on 2 reviews. When you read the reviews, try to figure out if they have enough useful information about the product. Something like “great robot!” does not mean a lot to anyone. Check the FPA forum if something grabbed your attention on the internet. For example, Forex Fury is a very praised robot by rank websites, but it is not as great according to users. Of course, robot users are not always good representatives of its quality, so take everything they say with a healthy dose of suspicion.

Explore how the robot selling portal looks like, who is the author, what is the strategy behind. Check for any flashy content, extremely good performance charts, percentages, and ambiguous claims or explanations about the robot. Any of the mentioned is a bad sign, especially when no trial is offered. Interestingly, demos are not commonly offered. You will notice when the portal is just full of pitching lines, it is wise to stay clear of those.

Before all, understand where the robot is applicable, its settings, how to set up, and if all this is in line with your lifestyle. It is not comfortable to fund a robot that is overtrading or has a Stop Loss level too far. Most of the time robots will require a sustainable connection with the market 24/7 so you will need a VPS service. Assess how all the costs combine to your preference and how much can it hopefully earn to make everything worthwhile. Some robots are based on subscriptions or work only in very calm market conditions when you are unavailable to put it to run. Therefore, you need to do a lot of o research about a robot of preference, including the performance elements.

Gains are not important, it is how they are achieved. If you see the robot is allowing for too big of an account drawdown (%) at any given moment, know its risk profile is not optimal. Some robots are just made for high-risk gains and are not meant to be used all the time since they will fail at one moment and bust the account. Robots with risky strategies are sometimes used with small deposits but on multiple leveraged accounts, one that endures a month might have enough gains to cover all the costs. People who want steady income will search for other strategies designed no to risk too much, single-digit gains per month without overtrading, martingale, and cost averaging when things go sour. Such robots/strategies are developed by experienced traders, able to be manually exercised with the right tools.

If you use the MetaTrader platform, then you probably know about the EA market. Here you can find so many robots, some of them are free. The best trading robot can be free and still make your profits. Some of the very promising robots are not even listed on any website except on the MQL market. Robot authors usually describe the robot strategy and performance charts to the best ability, yet some free robots do not serve really to provide good results and may just be demo versions of the paid variants. When you read the technical specifics presented, know they are not accurate. The high winning rate of some robots could reveal the strategy is based on many short trades with high-risk tolerance hence the winning rate is high. Lossing trades are typically extreme with these, even one is enough to leave you empty-handed.

Consider robots that are constantly updated. It is hard to devise a strategy adaptive to market conditions. Robots are rigid, simply there are not enough code statements to cope with the ever-surprising forex market. Because of this authors need to update their robots meaning you will inevitably see losses once the conditions are not “right” for your robot. Adaptive strategies are not that uncommon, the market conditions could be recognized by some tools for volatility, such as $EVZ, ATR, Choppiness Index, and similar. Also by comparing past data with the specific events that could drive the market bullish or bearish, for example. Automating strategies is very hard work and requires a lot of testing. The price for complex adaptive strategies robots is high, mostly over $1000, still, it is a small price to pay for something that generates consistent profits.

Finding the best robot requires a lot of work and luck. The search part is already time-consuming and unfortunately, the time invested in the research might not bear fruits. The promising robot might perform well and then simply stop. There is a lot of factors that could turn the odds quickly the robot just can’t compensate for. The answer to this bread question is unsatisfying – the best robot is the one who gives you at least some profit.

Tags Forex Robot, Forex Signals, Trading Robots

Forex Service Review

FXCharger Forex Trading Robot Review

Post author By Forex Academy
Post date 19 November, 2020
No Comments on FXCharger Forex Trading Robot Review

FXCharger is an automated trading robot that was designed to work on the MT4 trading platform. As we well know, not all trading robots are created equal. Check out this FXCharger review prior to making a purchase and using this tool to trade on your behalf.

Strategy

FXCharger is an automated system that sets a unique take profit and stop loss for each order with adjusted settings based on the current market condition. The system typically allows orders to stay open for 1-4 days while setting a take profit level that is reasonable. The stop loss settings are designed to ensure that the robot does not lose any more money than what is specified in the setting, even in the event of an internet loss, system crash, or drawdown. There are two product versions: FXCharger Basic only works with the currency pair EURUSD, while FXCharger MAX works with the pairs EURUSD, AUDUSD, and EURGBP. The MAX version also offers complete control for settings and can be optimized to work with more currency pairs. Note that the system is compatible with any forex broker.

Service Cost

FXCharger offers two separate versions with varying prices:

FXCharger Basic for $385
FXCharger MAX for $495

On the website, the Basic package is displayed beside a graphic with 2/5 battery bars charged. The MAX package has a graphic of a fully charged battery. It seems as though the primary differences revolve around supported currency pairs and that the MAX option offers more customizable settings. Both products come with a 30-day money-back guarantee, free lifetime updates, and 24/7 customer support.

Conclusion

FXCharger offers a unique automated system with special settings in place to reduce losses. Traders are given the option between a Basic or MAX version of the product, with more currency pairs and advanced settings being benefits on the better version (which costs $110 more). This product is a bit pricey and the number of supported currency pairs is restrictive for the price, although the MAX version can be optimized to work with more pairs. Online, reviews for this product tend to go in both directions.

Some give it a one-star rating and cite losses, while others give 4-5 stars with positive reviews. Once you consider that there is no free trial, purchasing becomes somewhat of a gamble. The best way to reduce your potential losses is to monitor the product initially and to be sure to check the default settings and to ensure that stoploss settings are at accurate levels.

Tags Forex Robot, FXCharger, Trading Robot

Forex Indicators

All You Need to Know About Manual Trading Vs. Copy Trading

Post author By Forex Academy
Post date 19 November, 2020
No Comments on All You Need to Know About Manual Trading Vs. Copy Trading

These days, there are a lot of different ways that you can trade, two of the main ways that people trade include manual trading the art of performing all the market analysis yourself and then placing the trades, ad copy trading, the simple act of finding a trader that you believe has a good strategy, and simply copying their trades onto your own account. The latter is fastly becoming one of the more popular ways to trade with multiple platforms appearing allowing people to copy other traders’ trades. We are going to be looking at the advantages and disadvantages of both so you can compare which method of trading may be best suited for you.

Manual Trading

If we start by looking at manual trading, this is the traditional style of trading that you see in the movies or have most likely read about online. This form of trading involves you looking at the markets, working out the direction of your trade, and then placing your trade in line with your strategy and any risk management plans that you have in place. There are a number of different advantages when it comes to manual trading, the first point to make is that when you are trading in a manual manner, you are less susceptible to certain events such as economic news, simply because you are in control of your trades and can decide not to put any trades on during these times.

You are also able to perform better than a computer in regards to placing trades, simply due to the fact that you have experience, your own intuition, and are able to make decisions based on real-world events that a robot may not be able to. The other main advantage is simply the fact that as a human trader you have the ability to analyse more variables that influence the markets whereas a computer will not be able to.

Having said that, there are also some disadvantages to trading in a manual manner, this includes the fact that as a human, you are prone to emotions, these emotions can have an effect on your trading and can potentially cause you to make mistakes. Trading can also take a long time, time that you do not always have and so you may need to make sacrifices to other parts of your life to trade properly. Due to this, he may also have to sit at the computer for long periods of time, making it a little boring if nothing is happening. Your trading will also be limited to your availability, you can only trade when you are there at the terminal, so this will be limited by things like sleep and work.

So that is manual trading, but what exactly is copy trading? There are actually a few different versions of copy trading including, signals, mirror trading, and social trading. Each one has a similar concept, you are finding a trader and then simply taking their trades and putting it onto your own account, hence the term copy trading. It takes a lot of responsibility, but you are putting your accounts and trades in the hands of someone else. So let’s take a quick look at the different versions and advantages of these trading methods.

Copy Trading

Specifically for copy trading, there is a master account that is controlled by a person. Then there are then a number of copy or save accounts that are linked to that original account. When a trade is placed on the master account, it is automatically copied to the copy accounts. The advantages of this sort of trading include that you can trade with very little knowledge of forex, there is no need for you to monitor your trades all day long, you won’t miss any trades as you are taking the same ones as the trader is, you have the opportunity to learn from the taker by watching what they are doing, you are also able to diversify your portfolio while at the same time keeping your risk low.

There are of course some downsides to copy trading, these include the fact that your account is out of your control, you are automatically copying trades, so if bad trades are made, you will make them too. You also can’t make any decisions based on your own findings or initiatives. Finally, you won’t gain as much knowledge and experience simply copying someone rather than doing the work yourself.

Mirror Trading

There is also mirror trading. It probably sounds pretty similar due to the names of copy and mirroring. The main difference is that with copy trading you are copying from a single trader, with mirror trading, you are taking trades from a basket of traders, you don’t necessarily have a choice of which traders and which trades to mirror, just that you will get some from that basket of traders.

Some of the advantages of this style are the fact that it does not take a lot of time at all, the trades and analysis are done by other people. There is a reduced risk when compared to copy trading due to there being a choice of multiple traders rather than just one. The potential for consistent profits are higher and can be expected due to the trading models generated from mirror trading, there are also no emotions when trading like this as they cannot affect the trades that are being put on.

There are of course some disadvantages too, including the fact that you are not in control of the trades that your account is making, the algorithms used to choose the trades are also often not known which can make it hard to know why certain trades are being made. It is also important to note that this form of automated trading is not recommended for beginners, as you need some form of understanding when choosing which traders to have in your basket.

Social Trading

The other style of trading is social trading, this is a mix between the other two, this is where there is a kind of marketplace where you can view other traders or trades and choose which ones to copy, it gives little more control over what you trade and copy.

The advantage of this style of copy trading is that you have more control over what you are trading. You are also able to engage with other traders, getting and giving ideas on trades, and working out different reading strategies. There is often more information available on the traders so you can better analyze their trading strategy to work out exactly what you want to trade.

There are once again some downsides, including the fact that it can take a long time to work out who to follow due to the amount of analysis that you will need to perform, you may also miss opportunities for trades if you are not at your computer, some traders and news events can have more hype than expected, giving a false sense of confidence in certain traders and some of the social trading platforms can have transparency issues, keeping their workings and costs hidden from the copiers.

So that is manual trading and copy trading, there are advantages and disadvantages both, you need to work out which one will work for you, or maybe even try a little bit of both. There Is no harm in trying multiple methods, as a beginner, copy trading is perfect, but it is always good to learn on the side so that you can later be an independent trader with the ability to trade fully yourself and not have to rely on others.

Tags Automated Trading, Forex EA, Forex Robot

Forex Service Review

MathTradeSoft Worldwide Trading Robot Review

Post author By Forex Academy
Post date 8 October, 2020
No Comments on MathTradeSoft Worldwide Trading Robot Review

Mathtradesoft Worldwide Robot is an EA that was created in March 2020 by Iranian developer Mehdad Mohammad Nejad Namvar. This is not the first EA developed by Mehdad Mohammad Nejad Namvar, who has more tools available on the MQL market. Worldwide is a Trade Robot (EA) designed for MT4. Works with the part of a trend determination strategy that is the general direction of a market along with appropriate stop loss and take profit levels. The workflow is largely automated after assigning it to a chart. MathTradeSoft WorldWide Robot decides when to buy or sell, but the trader can disable or allow long or short trades. Maximum margin, market execution, stop loss, make profits and the overall robot options can be adjusted by an operator.

Characteristics of the Strategy

As a general method, it is the best way to be in the direction of trend and trade with it safely using stop loss and take profit, which means that if the overall direction of the market is up, traders must be aware of taking any position that depends on the trend in the opposite direction. This strategy is activated to show itself when there is a potential desire in the market and both among buyers and sellers with signs that are considered as a short trend direction or long weakening and investment during the volatile and non-volatile hours of negotiating. Many indicators such as CCI, ATR, WPR are used in order to improve robot skills in trend detection and trade.

The relative reduction is close to 25% on average (with broker leverage of 1:500).

Note that the results may be incorrect when testing with Metatrader tester because Metatrader strategy tester is not working on real ticks; so the test results are not good criteria for evaluating the robot. It is highly recommended to confirm the robot in a demo account.

Tips for getting better results with Mathtradesoft Worldwide Robot:

-When you load the EA into the chart, you will see a set of options as input parameters.

-All settings are by default and the robot is completely ready for use.

-The minimum balance required is 1000 USD for trade.

-If you are a risk trader you can increase a Fixed lot according to the minimum balance and withdrawal that are required accordingly.

-Recommended time frame: M15

-Using the next pair in trade can reduce the risk based on the robot’s fixed lot and margin level.

-Symbol to be used: EURUSD

IMPORTANT NOTE: You can increase the size of the Fixed lot at certain levels of the deposit.

All of the above developments with the automated trading robot itself make it an easy-to-use trend trading system for all types of traders.

Requirements and Recommendations

–ECN account with 1:500 leverage and normal spread ranging from 0-15 pips (5-digit brokers), command execution, and low latency to ensure transactions run as fast as possible.

-The currency of deposit: USD or EUR.

-The recommended currency pair and the optimal time frame are EURUSD and M15. This combination has had the best result in the backtests performed by the developer.

Parameters defined by the user:

Fixed lot – lot quantity for orders.
Take profit – user-defined at the level that designates the price for closing.
Stop-loss – User-defined stop loss level for trading.
Max loss points – defined maximum points for loss that can be set by an operator.
Is market execution – the type of order execution for the trade, true or false.
Max spread – maximum propagation filter.
iMA Period – number of bars for Mobile Media indicator calculations.
iCCI Period – number of bars for Commodity Channel Index indicator calculations.
iATR Period – number of bars for True Middle Range gauge calculations.
iWPR Period – amount of bars for William’s percentage range indicator calculations.
Long trade – option to enable or disable long trades.
Short trade – enables or disables short trades.
Magic number – unique identifier for robot commands.

In short, we are talking about a tendency robot like many that exist in the market. It is advisable for you to use a VPS or virtual server to ensure that all transactions ordered by the EA are executed, otherwise, we will have to leave the computer on 24/7. It’s an EA of considerable cost, and we’re missing an audited real account with the robot running to see its actual performance. Our best option can only be to download the free trial demo version and see how the EA works and its potential benefits for our trading.

As a newly created tool, there are currently no user opinions that can give a more realistic view of the functionality of this EA. Mathtradesoft Worldwide Robot is for sale on the MQL market at a price of 1,280 USD, and its rental is also available at a price of 550 USD for 6 months of use, and 1,000 USD for 1 year of use.

Tags Forex Robot, Forex Robot Review, MathTradeSoft WorldWide Trading Robot

Forex Service Review

RoFX Forex Trading Robot Review

Post author By Forex Academy
Post date 17 August, 2020
No Comments on RoFX Forex Trading Robot Review

RoFX was created by a team of software developers and traders in 2009 before being made available to the public one year later. The system is fully automated and seems to be targeted towards beginners without much experience, along with more advanced traders that don’t have the time to trade consistently. Overview RoFX was created […]

Overview

RoFX was created to place trades automatically on one’s account, which makes it a good choice for any investor that is just starting out. The website points out that experience is not needed to use this system and that human emotions won’t negatively affect trades, which makes the robot more efficient than a human trader. Of course, these points could be made for any other fully automatic trading software. Here are a few of the system’s features:

Ability to see your account transactions from the “history menu”, including your profit and any performance fees that have been applied
Account statistics and analysis is offered
Works with the MetaTrader 4 platform
Losing trades are protected by AutoTrader and each trade uses a stop loss
Does not use leverage; only trades with your actual funds and those of the company
24/7 customer support

Developers don’t spend a lot of time explaining how the robot trades or what contributes to its decisions, however, traders are given control with the “history menu” where they can review all of their trading results. Still, it would be nice to know more about the algorithms that are being used.