When forex trading turns out to be more complicated than people have expected, a lot of traders turn to several trading tools to help them understand the market and make the right decisions to stay ahead of the market.
One of the most easily available and helpful tools for forex trading is found in the form of automated forex robots. These programs are developed by experts to counter all challenges faced by forex traders. But only the best forex robots can ensure profits, the safety of funds, and customer satisfaction.
It is important to remember that each one of these fx robots in the market is different from the other. For example, some are expensive, while others are free. If one specializes in a particular trading strategy then it is not necessarily the other one’s forte.
So, like every wise and careful trader, one must check all the features of a certain automated trading system before spending a dime on it. Free trials are also available in some cases to our advantage. This is why we have come up with a list of the 10 best forex robots available in the market to ease your search for a skilful forex trading robot.
1. EA Builder
EA builder is developed by a company of the same name that has been active within this space for quite some time. The first thing anyone notices about EA Builder is its simplistic user interface. Using this particular forex robot is very easy and you can build any trading strategy from your mind into its automated system within just a couple of minutes. This means that users do not need to possess developer skills to utilize this robot properly.
Pros:
- Creating indicators and strategies is easy
- It supports MT4, MT5, and TradeStation.
- It is completely web-based and requires no installations
2. FXStabilizer
Like an ideal forex robot, FXStabilizer trades on behalf of the user to generate a steady income through a series of successful trades. This particular robot is famous for being very consistent in terms of performance without subjecting users to long drawdowns. More than 8 currency pairs are compatible with the FXStabilizer since it came out in the year 2015. As expected from a professional-grade forex robot, this one is not available for free.
Pros:
- Totally customizable so that user can have their own preferred settings
- Comes with an additional license for a pro version that has no limits on currency pairs
3. Waverunner Forex Robot
Waverunner forex robot follows the ZigZag indicator that experts recognize from the Elliot Wave trading theory. It is a high-performance forex robot that works better than most of its competitors in the forex industry. According to the Elliot Wave trading theory, market behavior is identifiable and measured by a repetition of an 8-wave sequence. The Waverunner forex robot comes with a lot of features that traders rely on.
Pros:
- It has custom indicators for expert as well as novice traders to use
- Expert advisors and various templates are also included
- The robot remains uninterrupted even if you manually close any trade
4. FX Synergy
If you prefer MetaTrader 4 trading platform and have been looking for a forex robot that compliments its features then FX Synergy is perfect for you. This robot is also dubbed as the best MT4 trade management software which makes experts a fan of FX Synergy. It has all the functionalities anyone could possibly need while trading on the MetaTrader platform. You can execute trades automatically without facing the challenges and managing different settings.
Pros
- Makes trading and management of trades easier
- Professional’s first choice for MT4 platform
5. Happy Market Hours
Most of the time, you can expect a paid version of a forex robot to work better than a free one. The same holds true for Happy Market Hours. This forex robot is made specifically for trend/scalping strategies so that traders who usually rely on these strategies can profit from it.
Pros:
- Happy market hours come with a spread filter which significantly reduces the chances of losing money on high spread brokers.
- The market sentiment of this robot determines the stop loss and take profit levels quickly.