You want to trade on the Forex market, but you don’t think the MetaTrader is the platform for you? Don’t worry, you still have a solution to trade on a strong platform where you will find a variety of indicators and robots, as well as a simple chart system: cTrader.
And just like most of the platforms for Forex, you will a segment dedicated to robots, namely cAlgo. And before venturing to buy bots, you should know that you will find quite a variety of free cAlgo robots that work well and will help you make money from currency pairs.
How does cAlgo work?
cAlgo features robots that will work for you, without having to be in front of your computer at all times. The robot will automatically place orders for you, as per the strategy embedded in it. Much like the entire platform, cAlgo is easy to get a tool. You just need to click on the cAlgo button in cTrader platform, install it and start using it. Here you will be able to build your own robot, to use those already available or to combine your trading solutions with pre-existing robots and come up with your own robot.
If you think you can make your own cAlgo robots, and master some programming tools, know that the platform works with C# language and offer a wide range of tools for your coding needs. Basically, you will need to use some indicators available on the platform and include your parameters.
What if you don’t know programming or you are not sure of the indicators to use? The platform has a solution for you: just use the bots made by other traders. And know that you will find some free cAlgo Forex robots on the platform.
How to install a cAlgo robot
- Download the indicator into the Sources – Indicators section of cAlgo
- Open the platform
- Click on the indicators
- Choose the indicator you need
- Click build icon
These are the steps you need to take to set up your robot.
What to check in a good cAlgo bot
To find the robots on the platform, just go to the cBot on the cAlgo, or check out the cTDN site and you will see a wide variety of such tools. Basically, the robots will use one or more indicators, and you will be able to pick what you consider closer to your trading strategy.
And, for the convenience of the trading, note that you may also use manual trading in cAlgo, namely to open a trade directly from the chart with a single click.
In theory, most robots look good, but not all of them work in your favor for many reasons. Either the coding is not flawless, or the pairing of some indicators is not necessarily a good solution or it just isn’t compatible with your broker.
Another feature worth mentioning is that cAlgo lets you have several accounts and trade using one or more of them, and switch among them easily. It will also let you use several currency pairs in each account.
As such, you will need to follow a few simple steps to determine how good a bot can be or if this is the best solution for you:
- Check out the strategy
- Look at the tests done by the developer
- Set the robot and backtest it
- Optimize the robot, test it again and put it to work
Pick the best cAlgo Forex robot from our reviews!
|ArtificialIntelligence||Black Corvette||Fibonacci Robot||Golden Dragon||Mechanic Robot|
|Multiple Entries||News Trading||PayBack Trading||RSI and Boll Bands||Trend cAlgo Robot|
Check out the strategy
Each robot displayed in the platform has a description of indicators and parameters included. Some are more elaborate, others are rather simple and don’t really offer many details, but all of them have the coding displayed.
- Currency pairs
For example, you will find robots that work with RSI, or with CAMD, or are based on Fibonacci method. Don’t just take this as a single indicator of potential results the robots will bring. You will also need to check the currency pairs they are optimized for – some work with two, three pairs, other with most of them.
The timeframe is also an indicator to look for, as the particular robot you may choose may bring good results in a single timeframe – M1, H1, H4 etc. And not last, some of the robots will work only with some brokers, that offer specific features, such as nonzero.
Look at the tests done by the developer
Most of the developers, if not all, will also give you an indication of how well a particular robot work by providing the tests they’ve done and the results they’ve registered.
The best free cAlgo robots will not promise you over the top results, but will give you an indication of how well they did work in a particular period of time, with specific features included in the default settings. If you are happy with those results, and if the bot features ticked most of the boxes you set for your trading needs, then don’t just use it in real trading. Test it.
Set the robot and backtest it
To do the backtesting, you will need to include your currency pairs, your timeframe (you may want to put it to work for several days, actually, to determine the results), pick an amount you want to trade, pick the bars and spread, and start the test.
You will see how it places orders, when (and even if) it closes an order, how long it will leave a position opened, and if all its features actually work. If the robot will lose more than it will win, then this is definitely not among the best cAlgo robots.
If you are set on the strategy behind your “loosing” robot, don’t worry, there may still be hope for it. It may only need an optimization.
Optimize the robot, test it again and put it to work
The optimization process is not hard, it just takes a little learning and you may turn a loser into a winner. Just go to the optimization tab, choose a period (the same as backtesting). Now, play a little with your parameters.
Change the MA
cAlgo bots free will let you pick another limit for the MA, both for minimum and for maximum limits – make it smaller or bigger than in the default settings, depending on what you want to achieve.
Set the TP/SL
Maybe the value for taking profit is too little and you would need to increase it both for the minimal level and for the maximal level. The same goes for the stop loss, trailing stop etc.
Once you changed the numbers per your strategy, see how the robot works, maybe even do some more adjustments, and determine if the robot still has a winning chance and you may use it.
And if you are not sure about how cAlgo Forex bots work, know that you will find some very useful solutions and answers to your questions in the forum section of the platform.
cAlgo is easy to use, easy to program solution to get a free robot that will help you implement your trading strategy based on specific indicators that you will find on the platform.
Don’t just jump at the first robot that promises outstanding results, do your testing first, check to see if it is compatible with your trading requirements, with the characteristics of your brokers and only then let it trade with real money.
cAlgo FX robots will need to include a few features to be your ally and not your enemy:
- Good test results
- Indicators that work together, not against each other
- Simple coding
And, of course, the availability of the developer is quite important – some would help you with optimizing it and putting it to work, will work to further improve the robot just to eliminate any glitches that may occur, and provide a final product that is fast and accurate.
Moreover, the platform allows the users to open manual trades, in order to shorten the trading time and make the best of the Forex market.
All in all, this C# based trading platform is a good alternative for other trading platforms, such as MT4 or MT5, and will let you build your own robot or use the indicators included in the platform to compile a robot for free.
What you need to keep in mind is that the robots are not risk-free. Even those that register the best results in the testing mood, may register losses once you start trading on the real markets. They are merely tools that can help you design a strategy and put it to work without checking it constantly.
But the first thing to do is to start small, don’t go for the biggest wins promised or theoretically possible. While they are robots capable of accurate calculations, they are not without flaws. The “trade on your own risk” assumption is very much applicable in this case as well.