How do you feel when you have your own money printing device that does the work without requiring your continuous control or maintenance? That’s the possibility that has been made possible by different types of forex robots. With automated trading systems, you can overcome your trading mistakes and earn massive returns from your trading—non-stop, 24 hours a day. This article will discuss the list of different expert advisors you can utilize to magnify your trading abilities.
What is an Expert Advisor?
As the name implies, an expert advisor (EA) is a piece of software that makes trading decisions on your behalf.
After installing Forex EA on a trading platform, the expert advisor or trading robot will manage your trades based on some predetermined criteria.
These criteria are some form of programmed algorithms based on your specified trading strategies.
After you’ve identified your trading strategy, you can translate them into algorithms and develop a trading robot that will be executing trades on your behalf, instead of having to keep yourself glued to a computer screen.
You can program a robot on your own or hire a programmer if seeing lines of code makes you sick.
Better still, you can use the Expert Advisor Generator from Forex Robot Academy and build amazing money-making expert advisors without worrying about any line of code or other technical prerequisites.
With an expert advisor, you can bid bye to the disadvantages of manual trading, and escalate your trading career a notch higher.
Since the forex market typically operates for 24 hours a day, some conditions that favor your strategy could occur at the time of day or night when you’re away from a computer screen.
Thankfully, an expert advisor for forex trading will scan the market continuously on your behalf, and execute those trades, regardless of whether you are asleep or at the beach.
Lots of different kinds of EAs exist in the market like for example expert advisor for EURUSD, expert advisor with a stop loss, an expert advisor with custom indicator, and many others. Let me give you more information about each of them.
Expert Advisor for EURUSD
The first robot in this forex robots list is the one for trading the most popular currency pair in the market, the EURUSD.
The EURUSD is loved by most traders because of its high volatility, which makes earning profits from it easier.
It is estimated that the currency pair accounts for about 25% of the daily forex market trading volume.
Because of its high trading volume and its huge demand, the EURUSD has the lowest spreads in the market.
Furthermore, the EURUSD represents the currencies of two major economies in the world; that is, the Euro zone, and the United States.
The U.S. dollar is the world’s reserve currency while the Euro is one of the most significant currencies in the world.
Because of these advantages, most EAs are created for trading EURUSD.
Expert Advisors for EURUSD are usually developed to ensure traders get maximum returns from trading the currency pair.
These EAs are created with the characteristics of the currency pair in mind, ensuring traders are able to make good returns with the robots.
The EURUSD is normally the heaviest influenced by news events, such as Non-farm Payroll and Interest rate announcements. This means EURUSD moves a lot and it is a perfect pair to trade. It makes sense because if a pair does not move you cannot make money out of it.
Forex Robot Based on Moving Averages
Since moving averages are indicators that smooth out the fluctuation of currency pairs over a given period of time, they make identifying trading opportunities easier.
In forex trading, moving averages can be used in varied ways, including identifying the market trend, marking significant support and resistance levels, and executing trades based on their crossovers.
For example, if a strategy is based on moving averages crossovers, a buy signal can be produced whenever a short-term moving average crosses over the long-term moving average.
Forex robot based on moving averages usually take advantage of the various ways to use the indicators and make money.
You can also create a robot based on a strategy that combines multiple indicators and depends on moving averages as additional criteria for confirming market entry and exit points.
With such a combination, errors could be greatly reduced because of multiple conditions to be met before a trade is executed.
Expert Advisor for Micro Accounts
A micro account, with a capital of less than $100 and allows trading with 0.01 micro lots, is good for perfecting your trading skills other than relying on simulated forex trading conditions.
With a micro account, you can safely try out your strategies under live trading conditions without worrying of incurring huge losses.
Similarly, an expert advisor for micro accounts gives you the opportunity to try out the robots on a small trading account before migrating to a bigger account, if you like.
As much as EAs for small accounts are difficult to sustain and maintaining proper money management when using them is not easy, they still exist and can provide you with some good returns, especially when you are still a newbie.
More so, if you want to try out the performance of an EA, you can look for its version for micro accounts.
This way, you can tell if it can be profitable on a bigger account.
Expert Advisor for News Trading
News trading is loved by most traders because of its ability to generate hefty profits within a short period of time.
Anytime a major economic announcement is made, the market usually reacts and spikes either upwards or downwards.
Another EA in the expert advisor list is the expert advisor for news trading, which is usually created with parameters intended to make the best trade decisions during the economic announcements.
With such a robot, you can take advantage of the high volatility during news releases and increase your trading profits.
During economic releases, the forex market conditions can change very fast. Therefore, for such EAs to work well, they should be programmed to accommodate enormous slippages, widened spreads, and even price requotes.
This does not matter if a trading robot is created to operate on higher time frames like 4-hour or Daily time frames.
Furthermore, to ensure the expert advisor for news trading is profitable, it should take into consideration risk management.
If you become too greedy and fail to entrench risk management criteria into your EA, the big moves during important market announcements could work against you.
Forex Robot for Scalping
Scalping is a trading technique that entails opening several positions in the market for short-term gains.
The intention of a scalper is to take advantage of the small market movements to make numerous trades, which eventually add up at the end of the day.
Expert advisor for scalping is built to assist traders to gain from the short-term market movements.
A scalping EA usually scoops short-term trade opportunities from the market.
As much as forex robots for scalping are popular because most people like quick ways of making profits, they are normally a big waste of money and may not prove to be sustainable in the long run.
The forex market is usually dynamic in nature—unpredictable slippages, spreads, and other vulnerabilities could result in big trading costs.
Since a scalping EA is programmed to respond quickly to short-lived market conditions, accommodating such vulnerabilities could be difficult to attain.
In addition, most scalping EAs are normally coded to work with just one “specific” type of a brokerage account.
Therefore, using them for other accounts by other brokers could be impossible.
Instead of spending lots of money on scalping robots, which may not give you good returns, it’s better you invest in EA generator tools like Forex Robot Factory to get unlimited expert advisors for forex trading that employ medium-term or long-term trading strategies.
Forex Robot for eToro
eToro is one of the popular brokers in the forex industry. The broker has a different approach to automated trading systems. Instead of allowing traders to use robots, the broker has an automated trading system with similarities to robot trading.
Traders can either use its OpenBook system or copy-trading system.
With the OpenBook system, you can assess the trading activities of other traders, and follow them, if you like.
This way, you can pick the best performing traders and follow their trades, without having to do complicated market research before making trade decisions.
Also, with copy-trading, you can follow the trading activities of the best traders as well as automatically copy their strategies in your platform, saving you the hassle of having to monitor them 24/7.
eToro’s copy trader platform gives you the opportunity to copy the strategies of up to five successful traders at any given time, an opportunity you can use to maximize your returns.
To start using eToro’s copy trader, you just need to select a trader with winning strategies, set your preferences, and duplicate his or her trades directly to your trading account.
Therefore, forex robot for eToro does not actually exist, or we may say it is a little different, but still, allows you to gain from the benefits of automated trading.
Expert Advisor for Sale
If you need any type of expert advisors, such as expert advisor for gold trading, expert advisor for stocks, expert advisor for iPads, or any other type of forex robots, you can purchase one from a legitimate website—if you’re unable to create one on your own.
One of the legit places you can get a reliable expert advisor for sale is the MQL5 market.
The MQL5 website has thousands of expert advisors and technical indicators available for both the MT4 platform and the MT5 platform.
Before buying any expert advisor for MetaTrader 4 from the site, you should ascertain if the provided information meets your needs.
Furthermore, if the robot has a free version, you can download it and try it under simulated forex trading conditions before purchasing it.
And, a good website that can assist you to do that is www.ForexPeaceArmy.com.
Expert Advisor for Binary Options
Although there is a recent rise in binary options trading, it is still new and not as developed as forex trading.
Therefore, scammers usually take advantage and give false promises to traders.
The truth is that getting an efficient expert advisor for binary options trading is not easy, and you may end up losing lots of money if you decide to buy one.
Instead of being lured to binary options trading with attractive banners promising huge returns within a short time, do your own research and ensure the water is clear before diving in.
It’s advisable to avoid any flamboyantly advertised expert advisor for binary options trading until all your questions are answered.
If you can’t find any user reviews online, try the robot on a practice account until you are assured of its performance.
Expert Advisor Reviews
Expert advisor reviews are important to assist you to make sound decisions before purchasing any trading robot in an expert advisor list.
Without such kind of reviews, scammers could be having a field day in exhorting money from unsuspecting users.
If you intend to buy a robot trading system, you should check whether the user reviews are positive or not.
Expert advisors with lots of negative reviews could point to their ability to increase your trading losses, and not profits.
For example, you can easily tell the profitability of an expert advisor from the given reviews.
A good website you can get unbiased robot reviews is www.ForexPeaceArmy.com (FPA).
In addition to performing its own independent investigations, FPA allows traders to leave reviews on the website detailing their experience with any forex trading service.
For example, every year, over 5 million visitors access FPA looking for information about forex products, and add about 2,500 new reviews.
So, the site can greatly assist you to get experienced expert advisor reviews and avoid falling a fraud victim.
As you’ve seen, there are different types of forex robots you can use for automatically making trade entry and exit decisions in the market.
To get which forex robot is the most profitable, you can try them out under simulated forex trading conditions or check their reviews from reputable sites such as FPA.