While some traders don’t feel comfortable with it, the fact of the matter is, automated trading can help you further your career, if used properly. Forex trading robots are designed to help traders that want to deal with the more complex aspects of their job and leave the repetitive elements of forex trading to the machines.
If you want, an automated trading machine can look for trading opportunities 24 hours per day, for how long you want it to. Virtual assistants like these must cost a fortune, right? Not exactly. If you look hard enough, you can find free forex robots out there that can help you accomplish anything you want, for additional information we recommend you to check this article on forexrobotnation.com.
Today, we’re going to discuss all of that, starting with…
Free Forex Robots: What Actually Are They?
Forex robots – or bots as some prefer to call them – are highly sophisticated applications that can be programmed to carry certain trading functions and make your job a lot easier. Not only that, but they can also help you improve your trading knowledge and skills.
Some forex robots are simply programmed to send sell/buy signals to traders. However, more complex robots can act upon those signals if you want them to. You can program a robot to sell or buy forex pairs when it detects that it’s the best time to do so.
That’s not all, of course. There’s a wide variety of tasks forex robots can perform. For instance, most robots can set up, scan, and interpret millions of different charts and give you valuable information. That’s something no human can do, no matter the experience level.
Expert Advisors: Why Should You Even Use Them?
What if you want to do everything on your own? Perhaps you don’t want to rely on a robot to do all of the work for you. Why should you use forex robots in that case? For starters, you can learn a lot by deploying a robot and observing it.
The forex market is pretty unpredictable. Free forex robots have the ability to recognize trading opportunities and when the trending direction isn’t all that obvious. These machines can choose the most advantageous trend to reduce loss risks and ensure increased profits.
In the beginning, most traders make decisions that aren’t all that profitable due to their emotions. With some help from a forex robot, you can eliminate these emotions from the equation almost completely and make sure that all of your buy/sell decisions are based on market analysis.
Automated Trading: How Does It Really Cost?
But having so much help must cost a lot of money, right? Well, you’d be surprised to know that some of the best robots are free. Sure, there are robots out there that will cost you thousands of dollars, but in the beginning, you won’t need them. You’re better off starting with a free robot.
Furthermore, free forex robots are much easier to use. So you won’t have to worry about paying for a product that you’re not quite sure how to use in the first place. Try a free robot at first. Once your trading strategy is refined, then you can move on to a paid robot with more features.
Best Free Forex Robots: Top 5 Robots on the Market
You’re now sure that you want to try out a forex robot. Where to start? How to differentiate the good ones from the bad? We’re going to make things easier. Below, you can find a list of 5 free forex robots that are perfect to use by all traders, no matter how much experience they have.
1. Alligator Robot
In the first spot on our list, we have a robot based on the Alligator indicator, which contains three lines: lips, teeth, and jawline. The Alligator Robot will generate a buy signal when both the teeth and lips lines are above the jawline. Conversely, the robot will generate a sell signal when these two lines are below it.
2. Bears Power Robot
Next up, we have the Bears Power Robot. The program generates a signal to buy when the indicator value is located below 0 and the sell signal happens when the value is over 0. However, you adjust the robot to fit your strategy. The value level can be easily changed where signals happen, by changing the strategy parameters.
3. CCI Robot
Based on the Commodity Channel Index, this robot sends buy signals when the indicator line goes below -175. On the other hand, sell signals happen when the line goes over +175. Just as it’s the case with the Bears Power Robot, you can change the buy and sell levels in the parameters. When the oppositional signal occurs, all of your existing orders will close.
4. DEM Robot
DEM Robot is based on the indicator called DeMarket. As soon as the indicator line goes below 0.2 on the chart, the buy signal happens. On the other hand, when the indicator line is well above 0.7, the sell signal is triggered. You can disable the Take Profit and Stop Loss functions in parameters by setting the value to 0.
5. Heiken Ashi Robot
In the last spot, we have the Heiken Ashi Robot, a well-known robot, which draws on the bull and bears a candle’s chart when the indicator is on the up or downtrend. The sell and buy signals can be set by waiting for more than 2 candles. The candle number will send a new signal, which you can define by the Trade-Start-Bar parameter.
In Conclusion
A free forex robot can be a perfect partner if you use it right. However, you need to have realistic expectations. Despite all of their benefits, forex robots won’t have a 100% success rate. Your robot will sometimes make losing trades. But if you use it wisely, prepare for a few stumbles, and be patient, you’ll be able to maximize your trading strategy and earn a lot of money.