Forex robots are software specifically designed to be able to perform transactions automatically, according to the settings specified by the user. It is also known as a forex trading robot that is able to find opportunities, execute transactions, and also take profits and cut losses automatically. With these tools, trading activities in the forex market become easier and faster.
Many types of robots are able to help perform forex trading automatically. However, you have to be careful when choosing it. There are many robotic service providers that seem "promising" in producing high returns but are the opposite.
Well, to avoid the above, this article will give you tips on finding the best forex robot. No need to worry about experiencing fraud that is not experienced by a few traders.
Free forex robot recommendations:
Free Forex Trading Robot Recommendation
Before choosing which forex trading robot you will use, it's good to know one by one the types of robots that exist. Here are some recommendations for the free and best forex robots with maximum performance.
Yellow Free
Who is not familiar with Yellow Expert Advisor? Well, Yellow Free is a free version of these tools. You can use this free forex robot to trade based on short-term trend changes.
The Yellow Expert Advisor's free version is based on short-term changes in the trend, creating the price "corridor" specified in the parameters. Trading occurs at the corridor's external borders by opening positions in various directions with varying lot sizes.
Yellow Expert Advisor for MetaTrader5 version
The strategy is straightforward, but effective. The likelihood of consistent earnings is very high with proper money management.
The presence of a sufficient number of parameters allows the trader to tailor the advisor to his trading style.
Yellow EA's free version includes the following features:
The number of market entry points is restricted.
Deposit load reduction is disabled by closing the previous position before opening a new one. Increased free margin requirements.
StopLoss can be set in parameters by the user if desired.
Yellow is designed to trade any currency pair on the H1 timeframe.
There is no martingale or arbitrage.
Expert Advisor: TFollower Stable Trend
The trick is to create a price corridor in the parameters. If you feel that the free version is still lacking, don't hesitate to upgrade to the paid version!
Tops Scalper FV
Free Correlates EA
ScalPro
Then there is ScalPro, a free trading robot based on a scalping strategy with relative support and resistance, which is perfect for those of you who want to take daily profit opportunities.
In addition, this free forex robot from a third party uses an averaging system that is limited to 2-3 steps. Then it is also equipped with an auto recovery facility that has been proven to generate profits.
Even though it is suitable for use in all pairs, after testing by the FOREXimf research team using different capital with a capital range between $500 and $10000, this ScalPro robot actually has a much better performance in certain pairs if the capital used is at least above $3000.
In the market itself, robots like this are priced in the millions. Of course, by buying this robot, there will be additional expenses apart from capital.
Fatal mistakes when choosing a forex robot
Well, before we discuss some recommended free forex robots, it's good for you to know the following important things when you want to buy a forex robot to avoid fraud and failure in trading.
1. Lack of knowledge about trading robots
Likewise, with robots. You remain in full control of the robot and need to control the robot. just like a plane that sometimes needs to be controlled by the pilot.
That is, it is very important for you, as a trader, to understand the mechanics of trading and forex strategies properly and correctly because robots are still robots that are only able to do what they are told.
Therefore, it is important for you to understand more deeply about trading by learning forex so that later on this forex robot can help you as expected.
2. No forex robot testing
Because you need to test how proficient and appropriate the lure of the big profits offered by the robot is, including if you are interested in upgrading this free trading robot to the full version.
At least you will avoid making fatal mistakes that can cause losses when trading.
For testing a forex robot, you can use a demo account here. For those of you who don't know how to do it, you can see the tutorial on testing a forex robot below.
3. Incorrect broker selection
Therefore, make sure you choose the right broker like FOREXimf that supports you in becoming a professional trader, including using this expert advisor (EA) or trading robot. Here are the criteria for choosing a broker:
Regulatory status can be proven.
As a trader, you should get used to looking for complete information about the broker's regulatory status on the official website that houses the broker, namely BAPPEBTI. Pay attention to whether the broker you trust is really registered like FOREX or not.
Have a distinct identity
Make sure your trusted broker provides clear and complete identification information such as when the broker was established, a clear and complete head office address, and so on to make it easier for you to know clearly and completely the identity of the broker.
Make facilities easily accessible
By providing easy facilities for you -- one of which is a trading robot--the broker is not only looking for profit. But the broker also understands and supports you with every convenience provided to realize your dream as a professional trader, like what FOREX.com does for each of its customers.
Offer communicative customer service
By providing communicative customer support services and fast response, the broker will really help traders quickly and responsively with any problems and complaints they may experience.
So, it is recommended that you choose a broker that is easy in terms of strategy and allows you as a trader to get the best facilities from the broker, one of which is using forex robots when trading.
Therefore, FOREXimf, as one of the official and trusted forex brokers in Indonesia, has also been very supportive and has provided trading robot facilities for a long time.
In fact, FOREXimf will only provide high-performance trading robots that have really been tested through a series of tests (backtests) to determine whether the robot has good performance or not before being used by customers.
4. Forgetting the risks of forex robots
Of course!
This is one of the most important things that novice traders often forget. Although free forex robots have their own settings for order execution, the risk of loss will always exist.
Many traders think that by using a forex robot they will automatically make a profit.
In fact, at any moment, losses can come at any time—either from unexpected price movement patterns or the mistakes of the forex robots used.
Therefore, it is important for you to consider and understand the use of forex robots in trading, including the possible risks that will come unexpectedly.
5. Failure to follow the robot's operating instructions
Some important points, such as:
Recommendation for a minimum deposit
currency pair,
lot size, etc.
You can take all that into consideration when maximizing the performance of the trading robot that will be used later.
6. Failure to investigate the products on offer
promises unreasonable and consistent profits.
Brokers offering untrusted and regulated robots, up to
Provide other tempting offers (too good to be true).
Whatever happens, keep in mind that in forex trading—especially in the case of robots, there is no such thing as a profit or a guarantee of always making a profit of 100%.
It should be underlined that you must carefully analyze the forex robot before using it. Because there is no such thing as a risk-free business or investment, and forex trading is no exception.
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