From self-driving cars joining the big city taxi force to online assistants booking restaurant reservations. A.I. technology is proving itself time and time again in our everyday lives. So, it’s probably no surprise to you that these incredibly powerful forex ea robots are now being widely used as auto trading robots in the forex market.
Introducing the expert advisor trading robot
The forex robots are rather aptly known as expert advisors (ea) by the forex trading community. Trading robots are now taking all of the work out of working from home. But are they any good? First of all, some of the best forex ea designers say their bots trade better than humans. Would you seriously be comfortable with a robot trading forex using your funds? Let’s find out.
The forex ea robot: how it works
To an expert advisor, forex trading on the global markets is no more difficult than playing chess. The markets move, and the forex ea reacts. This is because of its programming. Forex traders have been using tried and tested strategies for decades to forecast market shifts and increase their profitability. If you could know the market prices tomorrow, imagine how much money you could make today.
A forex bot cannot travel in time, but it can analyse multiple market movements and compare them to thousands of indicators and professional strategy-based conclusions. Best of all, it can do it in milliseconds... all day long.
Forex bots use trading indicators
Perhaps the most famous of all signals is the moving average. A moving average is an algorithmic calculation that creates a smooth rounded line running along the pointed spikes of a price line. So, whenever the price line crosses the moving average, it indicates a price reversal and a trading opportunity.
The forex bot has this parameter and thousands more, running simultaneously. Therefore, if dozens of indicators and strategies are all suggesting the same price move, then the forex bot makes the trade under the restrictions and controls you set in place.
How to protect yourself when using a forex ea robot
Trading safe is the same whether trading on instinct or using a forex ea. Savvy traders set their lot limits based on the amount of free margin (available funds) on their account, not based on a hunch. Therefore, a general recommendation is to use a Stop Loss that automatically closes the trade if the markets go the wrong way. Be sure You set Take Profit to an acceptable limit so you don’t miss out when the price reverses again. Most noteworthy, a forex bot will always follow your initial parameters without doubt, emotion, or exception.
Which is the best forex ea robot?
Exness does not recommend a specific forex bot. The best forex robot is one that is constantly being updated and upgraded, but those enhancements vary. As a result, what is considered the best forex ea at the time of this article might not be number one by the time you start reading.
First get to know what forex trading really means before you turn to trading robots. You can get access to today’s most popular forex auto trader software from the Exness MT4 platform. Setting the forex bot to make very small trades can teach you a lot in a relatively short time. Try following the trading bot with larger demo trades to understand how the Bot is reading the markets. Exness recommends you learn the markets through practical experience before considering one of the free forex robots as your main trading strategy.
If you’d like to test your skills with a risk-free demo account, follow the steps below. You’ll get free access to some of the best forex ea robots in the industry. With high leverage and low deposit, you’ll also be able to open a real account and make real trades in no time.
Start expanding your financial options today.
Your 4-step guide to opening a trading account
Step 1: Getting registered
It's very easy to open an account with Exness. Click here to open the sign-up page in a new tab. If you want to get everything done in the next 10 minutes, be sure to have a credit card, ID, and, proof of address by your side. You can choose to open a demo account without these things. Either way, everything you need to know is here in this two-minute video. Pause the movie as you go through the first three steps.
Tip: Account type depends on the amount you wish to deposit. Leverage is effectively an interest-free loan that the broker offers. It allows you to make a large investment from a small deposit. If you are looking for high profit with high risk, a higher leverage might be right for you. If you prefer slow-burning safety with lower results, then keep your leverage low. You can never lose more than you have, but higher leverage means faster results... both good and bad.
Step 2: Prove who you are
Exness takes security very seriously, and they check every client signing up. Just like opening a bank account, you'll need to prove who you are before getting access to the global markets. Watch this one-minute video to see how.
Tip: While you're waiting for your real account to be approved, open up a demo account and start getting to know the trading platform.
Step 3: how to get access to the market
Trades are made using the award-winning MT4 trading platform. Inside the box of the demo or real account you'll see a gear cog. Click the gear cog to make a deposit. Use the passwords provided in the email. Click the gear cog again and select SIGN IN TO MT4 WEBTERMINAL then follow this one-minute video. You're about to make your first virtual trade on the real markets.
Step 4: making a trade
As a default, the top currency pair on the list will have an open chart. Right click on the chart and select the “close” option.
As a professional trader, selecting the right pair requires some research. For a first-time test, any pair will be sufficient. Drag a pair from the list of currencies on the left side of the trading terminal. The old saying goes, “what goes up, must come down.” Obviously, this principle goes the other way too. Your mission is to find a moment when the price direction is going to swing or reverse. If you feel the price is about to go up (bullish), then BUY, if it looks like it’s been trading high and the price has started a downward (bearish) trend, then SELL.
Open a trade
There are many ways to open your trade. You can select from the buy and sell options on the top left of the chart. Preferably, double-click the currency pair on the list. Right click on the chart when you’re ready to make your first trade. Time to set the volume depending on how confident you are in the direction you are forecasting. This is the perfect time to set your stop loss and take profit. Click the arrow to the right of the stop loss and take profit prices.
Note how the blue and dark red lines in the popup graph sit above and below the buy(ask) and sell(bid) price. In the example, we traded long (buy) and got a message confirming the order was successful. If you get an error, your volume was too high for your balance, or your stop loss/take profit was too close to the spread. Remember, every order starts as a negative because of the spread. Be patient. Your take profit will activate when the time is right, and your stop loss is protecting you. To close an order, you have three options. Click the X on the right or right-click the order. If you double click the order, you can close or modify the order.
You now know how to make a trade. Forex trading can be an exciting way to spend your free time, and you'll actually learn some real-world skills that will serve you well throughout your lifetime. Be patient, learn, and who knows, you might one day be one of the lucky few full-time traders. How will you spend your day?
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This article is a marketing communication and does not constitute investment advice or research. Its content represents the general views of our experts and does not consider individual readers’ personal circumstances, investment experience, or current financial situation.
This article is not prepared in accordance with legal requirements promoting independent investment research, and Exness is not subject to any prohibition on dealing before the release of the article. Readers should consider the possibility that they may incur losses. Therefore, Exness is not liable for any losses incurred due to the use of its articles. Please note that past performance of an asset is not a reliable indicator of future results.