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Verified real trading accounts Are the best forex trading robots profitable? These software tools will connect directly to MetaTrader 4 trading platforms provided by forex brokers and the forex robot trading account statements to verify trading performance. The performance chart screenshot above from MyFXBook provides a snapshot of statistics pulled from MetaTrader 4 onto third-party software.
MyFXBook and FX Blue verify both demo accounts with forex brokers that simulate trading and real forex accounts that trade the markets live real-time. Not only is the performance verified, but it also means it is less likely that an account has undergone manipulation for fraudulent reasons, which is easier with demo accounts 2. Trading day count The more days that an automated strategy has been running live on a verified real account, the more it provides comfort that the strategy employed by the Expert Advisor to find forex signals is reliable.
We do not consider forex robots with a track record of less than live trading days as having sufficient time recorded to sufficiently embed trading strategies. The average number of trading days in our 20 best forex robot list is days or just under three years. As well as days traded, we also look to ensure that an Expert Advisor is still live trading right now.
Some FX robots have verified trading days on their website from MyFXBook or FX Blue that confirms performance but relates to an account that stopped trading a currency pair three years ago. Robot refunds The best forex robots are those that employ the services of digital retailers such as Clickbank and Clickbetter to fulfill their customer orders. It allows the forex robots developer to concentrate on what they do best which is developing, updating, and maintaining their forex robot and not worrying about customer administration.
The guarantee varies between 30 days and 60 days, meaning if you are not satisfied, you can ask for a refund. It allows a forex robot to be thoroughly tested on either demo or live accounts to ensure it is the right EA for you. Low drawdown Drawdown is a crucial metric for a forex trader and essential for gauging the risk level of the strategy coded into an automated forex robot. Our best forex robot table considers drawdown and is one of our key ranking criteria.
Drawdown is the decrease in the capital on a forex trading account and results from loss-making trades. An automated forex strategy generates profits by reducing drawdowns through the accurate placement of stop-loss and take-profit levels with a consistent set of extensively backtested rules. An Expert Advisor with a high drawdown percentage can mean higher gains and involves more risk measured by the decline and capital reduction.
A very high drawdown may mean that there are issues with the algorithm coded into the forex robot. Monthly gains What is the most effective metric to gauge the performance of a forex robot over time? Many will look at the total gain in percent that a forex robot has made since it started trading live on the forex market. For example, an unexpectedly large number of pips profit from a single trade might make up much of the total gain.
Conversely, a significant loss may be an influencing factor. Instead, the monthly gain is a much better barometer of the average benefits you can expect to make with the Expert Advisor regularly. It eliminates not being able to read whether a sizeable overall gain might be masking months of losses. Backtesting trading strategies work because forex trades that with past performance have performed profitably will continue to deliver profit. When looking for the best forex robot, it is vital to consider the accuracy of the modeling employed in backtesting.
Robot developers that only use MetaTrader Strategy Tester as a base for backtesting their trading systems should be open to question. Below is a screenprint of the Forex Robotron backtest. Forex Robot Reviews Reviews are an essential consideration before purchasing a forex robot.
Both review sites and forums provide access to the best forex robot reviews. They provide trusted opinions from forex traders using the automated software or professional reviewers that extensively research a robot to make an informed decision about the best Forex EA. One of the best forums is Forex Factory. It has many members and active threads on the forum, with many focused-on forex trade systems. Review sites are an excellent place to read forex Expert Advisor reviews.
FPA is a well-respected forex expert advisor review site. And it is the right thing to do but it is important to understand that not all of the free Forex robots that you might find on the Internet are good for any kind of trading. Moreover, most of them are actually very close to what can be called trash. It is obvious that no one would give you something for free having no benefit from it.
Most of the so-called free Forex EA is actually either: Just another way to make you invest money in some Forex broker; Some hacked systems that are actually made for commercial use often do not work correctly; Just some trading systems that are no more valid for real trading since they are old and have no support and updates.
Anyway, in most cases, those "free" systems can cost you a lot more than you would spend for a good commercial EA. In every case mentioned above, there is a big risk for your deposit to be destroyed, especially in the last two of them because those systems have no updates, support, or guarantee of quality. In other words, it is extremely dangerous to trust them with real money.
They can be used only on a demo account for learning purposes. But there is a big difference in the case of the Forex robot that you can download here. We represent you real commercial EA you can download for free which has live trading statistics, technical support, and updates. Since ForexStore is a big well-known Forex robot marketplace we care about our reputation and give our customers only quality products.
The Forex robot for MT5 and 4 that is available for free here is just a special offer from ForexStore which is intended to introduce you to Forex and robo trading. You get a full version of the commercial Forex robot with all the features of the system included forever. There is no benefit we get by giving you the EA for free. It is just a promotion that is meant to attract more interested Forex people to automated trading. Benefits of the Forex robots Manual Forex trading is a complicated thing to do that requires years of experience to be a pro.
And even pro traders can make mistakes due to different reasons. Even small things like tiredness, hunger, or sickness can affect manual traders since we all human. But it is the opposite if talking about the automated Forex trading systems. Unlike humans, the automated trading system can bring profit even at night or on holidays. Even the most dedicated Forex trader needs to take a break for eating, sleeping, and other obvious things.
On other hand, Forex robots can work continuously with no need for breaks, which opens a large field of possibilities to make more profit with less effort. Faster and more effective work Forex trading requires a fast scan of the market, finding opportunities, and making decisions. That's where Forex EAs take a huge lead over the manual traders.
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