What are Free Forex Robots?
Forex robots are software packages that make trades automatically at any time of the day. They do it via application programming interface, which allows them to receive price information from your broker’s website and deliver operating instructions in trading with your account. Running a forex robot software needs to have a personal computer running in with full 24-hour Internet connections. It is needed because of the changes in the values of currencies that may occur at any time of the day. Running the software 24-hour of the day enable the software to track changes at any time of the day, and makes trading on its advantage.
There are possible means of acquiring fires robot software. These include purchasing having your own automated program from a programmer. However, it could be expensive, unless of course if you make it yourself.
Another is to purchase the software from someone who produced it from a profitable method. There are many publishers online offering forex robots. Choosing the best from various robots would be difficult, especially if you do not know how to figure it out. However, if you finally made a choice on the best forex robot you find the web, surely you will have a very promising trade.
Make sure that you purchase the right program that will ensure you with successful forex trading. Check the product first, its feedback, and the publisher before actually purchasing it. Also, check different forex robots and compare their outputs before you go for one.
If you decided to trade on Forex market, but you are not sure what the best strategy is, you can get a little help from automated trading. Basically, a robot that tells you when to buy and when to sell, and even does the trading for you. This means that software does all the trading, based on a set of signals, parameters implemented by the developer of this program or punched in by you, directly.
Some of these programs are paid, while others are free trading robots, and beginners or experienced traders alike use them to help in their trading. Since they trade based on a series of parameters already included in the software, all you need to do is download the software, activate it and let it do the trading for you using the default settings or punch in some technical parameters of your choosing.
How robots work
The top Forex robots will help you win while trading on FX markets, but in order to be able to choose the best software, you will need to understand how it works and what to look for in such a program.
The software analyses the market, spots the trends, the events that may have an impact on the currencies, and thus signals potential winning trades. Once it identifies the data that meets the profitability parameters, it sends the buy/sell signal, and the program puts the call automatically.
- No emotions, only math-based trading, based on specific parameters
- No human interference
- No need to stay in front of the computer, the software does the trading for you
- No lapses in trading, as the software identifies opportunities instantly
- Multiple accounts managed at once
- The programming decides the results, so a poor program, can bring poor trading
- Susceptible to fraud, so do a check to avoid scammers
- Some may cost quite a lot; the good news is that there are free robots out there that can be quite useful
What are the best free forex robots?
Before answering this question, you need to assess your needs. When looking for an FX robot, you will find that most of the developers promise big wins. Some even offer statistics of those wins. They are not necessarily a guarantee for future wins.
When choosing an FX robot, you need to look at:
- Real-time monitor of the market
- Easiness of use
- Accessibility – the possibility to connect from any location having Internet access
Having said that, the next thing to look for is fees. Some brokers do not charge for using robots. Moreover, some trading platforms offer these robots for free. So, what are the best free Forex trading robots? The market offers quite a variety of free robots, and it may be difficult even for an experienced trader to choose the best one.
Best MetaTrader 4 Forex Robots
We have worked hard in order to make our own base of the best free EA’s for the MetaTrader 4 platform. And now we are ready to share it with you. Browse our table of the best MT4 EA’s, pick the best one for you and start trading with it today!
Best MetaTrader 5 Robots
Some of the traders prefer the younger brother of the MT4 called MetaTrader 5. Unfortunately, free Forex robots that work with MetaTrader 4 are not supported by the MT5 trading platform. This is why we recommend you to browse our best free EAs for the MetaTrader 5!
|Dark Cloud Cover and Piercing Line||Engulfing and MFI||Exp_Fast2||LeManTrend||Hammer and MFI|
|LibCustomChart||Lines CrossOver||Multik EA||Puria Method||Stars and RSI|
cTrader Forex Robots
cTrader Forex platform is often considered as the best Forex trading platform. But, this software also requires its own Forex trading robots. Unfortunately, your MT4 EAs and MT5 robots will not work with this platform. But, nevertheless, this platform has its own robots, that are written using cAlgo. If you prefer cTrader, we advise you to check out our best cAlgo Forex robots in the table below and pick the best one for you!
|ArtificialIntelligence||Black Corvette||Fibonacci Robot||Golden Dragon||Mechanic Robot|
|Multiple Entries||News Trading||PayBack Trading||RSI and Boll Bands||Trend cAlgo Robot|
When you seek for the most appropriate FX robot, you will find that there are quite large communities of traders that develop such software, besides the major trading platforms themselves that may have the built-in software. Some platforms allow traders to develop such programs, test them to determine how safe or good they are from a technological point of view and offer them for free to the platform users.
Testing & Customization
One clue in choosing free Forex robots that work is the possibility to test it before live trading. And many of those robots can be tested even in demo accounts.
Moreover, some brokers offer the possibility to trade using robots for free if you open an account with them. Just make sure they support the robot you choose, or you won’t be able to use them.
Another feature of interest in ranking the top free Forex robots is the possibility to customize them as per your needs. And again, most developers allow you to do that but keep in mind that you may add a handful of characteristics, such as size or orders like take profit or stop losses.
But you can also choose from the predefined characteristics those you want to use in your automated trading. And following customization, the robot needs to allow for backtesting. Meaning you can use historic data to test your robot and see what decisions it takes based on the parameters included, to determine if it will prevent you from losing money.
Therefore, in choosing best free Forex robots, you have to seek for the strategy tester, that may include tests on historic data, specific markets, and currencies or compatibility with a broker.
Now, coming to the trading itself, you need to look at a few points:
- Currency pairs
- Customer support
Best performing Forex robots free offer you currency pairs that are, let’s say, popular: EUR/USD, CHF/USD, JPY/USD or GBP/USD. These are the currencies with the highest liquidity and the biggest trading volumes.
The default strategies are, in their turn, a big point of interest, as many robots base their trading on a conservative method, to give you low margins, but with a higher rate of success, while other are higher risk strategies.
The actual software is, again, a major issue, as in order for a robot to bring best results, the program needs to have high speed and make instant trading once the installed parameters are met.
And not necessarily the last feature to check is the support you can receive from the developers. They can help you better understand the program and take advantage of its features even if you are not an experienced trader.
The free FX robots can help you trade successfully, without having to stay in front of your computer at all times. But in order to do so, you need to determine the soundness of the program, perform tests to see of your customized strategy or the default one used by developers can bring you the desired outcome.
Moreover, no trading is guaranteed, and even if they are robots, the strategy may fail. Test and adjust, don’t give up if you fail once, and tweak it just so, in order to take advantage of the huge currencies market.