Best Automated Forex Trading Robots: How to Choose?

Oct 17, 2023 Reading time : 6 min

Since the MetaTrader platform was launched, forex trading robots have gained more popularity than ever. A forex trading robot uses foreign exchange market prices to tell traders if they should buy or sell currency pairs at any given time. It can be set up automatically and can be connected to online forex traders or exchange platforms.

The market offers a wide range of choices of free and premium robots for automated trading. You need to consider various features before you choose the best forex robots for your forex trades.

Before that, let’s look a bit into what’s actually an automated forex trading robot.

Insight Into the Automated Forex Trading Robots

Forex trading robots, also known as trading robots, are software programs that create trading signals. Most forex trading robots are built using MetaTrader, which uses a scripting language called MQL. This allows traders to create trading signals, place orders, and control trades. It offers you limited risks and increases your chances of making profits.

With this, let’s go through the various options of automated forex trading robots available in the market.

FXStabilizer PRO

FXStabilizer PRO is built to offer you automated trading on MT4 and MT5. The robot was launched in 2015 and has since then been tested for 2,426 days. It records impressive monthly profits of 4.27%. For the entire time it has been tested, the robot has gained a total of 2,834.95%.

For more than seven years, the robot has recorded a low drawdown of 13.26%. It works under the Durable and Turbo modes to improve stability, lower risks, and increase revenue. It is one of the best forex robot from ForexStore, with incredible durability and reliability.

FXTrackPro Super

FXTrackPro Super pairs up to 6 currencies, including:

EUR/USD
USD/CAD
GBP/USD
EUR/JPY
USD/JPY
CHF/JPY

It is presented as a stable robot that offers high profits with minimal risks. The robot has been tested for 848 days and records an average monthly profit of 8.64%. Throughout the testing period, the robot gained 934.54% and recorded a drawdown of 51.74%. The key features of this robot include the following:

High profitability
Effective risk control system
Trades in multiple currencies
Compatible with the widest range of brokers
Easy installation and use
Trades on MT4 and MT5

FXConstant

FXConstant derives its name from its ability to provide users with smooth, constant profits. For 1,227 days, the robot has generated a monthly profit of 5.33%. Throughout the period, it has gained 735.12% and recorded a drawdown of 33.99%.

The main features of the robot include real-time statistics, fast trading features, and constant profitability. The robot pairs EUR/USD and AUD/USD. It is designed to generate multiple trading patterns and then choose the pattern that will work best for each trading session.

ForexTruck

ForexTruck is a smart robot that offers you 100% automated trading ability. It has been tested for 1,045 days and has recorded an average profit of 6.75% per month. Throughout the testing time, the robot generated a profit of 869.99% and recorded a drawdown of 18.67%.

Its main features are the first block which opens trades after finding an opportunity. The second block assists the first block if it tries to solve a situation that proves difficult to handle. The risk control helps limit drawdowns to cushion your recording of big losses.

FXZipper

FXZipper uses a scalping strategy to trade within the market, which means it earns a little profit from each trade. It can trade with any broker and executes trades that run from 15 minutes to 3 hours. The robot pairs 8 currencies and offers live statistics, reliability, and the use of unique technologies to help the users attain great profits.

It has been tested for 1,103 days and recorded a monthly average profit of 2.98%. Its total gain throughout the testing period is 194.5% and has recorded a drawdown of 13.33%.

How to Choose a Good Forex Trading Robot?

Consider the following points when choosing a forex trading robot.

The number of days the robot has traded: Robots that have traded for more days have better statistics that show their resilience, accuracy, and reliability. They can be more reliable than the ones that have just entered the market.
Profit margins: Choose a Forex robot that has been recording consistent profit margins. It assures you that you will have a good ROI i.e., Return on Investment.
Limited draw-downs: It is common for forex robots to record draw-downs. However, the rate matters because it affects profitability. Buy a robot with limited draw-downs.
Guarantees: The vendor needs to offer a money-back guarantee if you are not happy with the results.

Pros and Cons of Trading With Forex Trading Robots

Now that we have discussed some of the websites that offer the services of a forex trading robot, you can surely make a choice for yourself. To make it easier for you to make a decision, let’s evaluate the advantages and disadvantages of this highly advanced AI.

Pros

24/7 Trading
Forex markets operate on a 24/7 basis, so traders need to be constantly on the lookout for trading opportunities. Forex trading robots allow traders to automate their trading strategies, so they can make trades even when they’re asleep or unable to be actively involved in the market.

Emotional Dealings
One of the biggest benefits of using a forex robot is that emotional decision-making is eliminated. Fear and greed can lead traders to make impulsive and irrational trades. Forex robots run on predetermined rules and algorithms, so trades are executed without any bias.

Backtesting and Optimization
Forex trading robots allow traders to examine past performance to refine and enhance their strategies. This helps traders get more confidence in their system and makes sure it works well under different market conditions.

Cons

Lack of adaptability
Forex trading robots work on the basis of specific trading strategies and rules. They may perform well in specific market conditions, but they may not be able to adjust to changes in market dynamics. Losses can occur during periods of extreme volatility or when unexpected news announcements occur.

Technical failures
Like any software, forex trading robots suffer from technical failures. Internet connectivity, power outage, or software error can cause a trading robot to malfunction. Forex robots should be backed up and monitored on a regular basis.

Over-optimization
Back testing and optimization are useful tools for traders to identify profitable strategies. However, there is always a risk that a trading system will be over-optimized. That is, the old strategy that was too perfect in the past, but might not be a good one in the current market situations.

Conclusion

Forex robots have become popular since the time the MT platform was developed. They automatically generate signals and execute trades based on their programming. They offer you reliability, profitability, and affordability. Choose a robot with high profit margins, excellent testing results, and limited draw-downs.