Forex robots and automated trading robots have become the talk of the town in the forex trading community. These forex robots have given the power to smaller retail traders to compete with the larger participants which used to dominate the FX market traditionally. However, the current EA or forex robot market has been saturated due to the influx of so many options. A lot of them have turned out to be fraudulent, which has resulted in many traders losing their fortunes. Others have been non-efficient, failing to deliver the profit levels they promised. This makes it crucial for a trader to choose a reliable and proven forex robot. That being said, here are some of the top forex expert advisors which are easy to use.
Forex sugar is a forex robot which is owned and developed by Brian Jones. It employs a baseline news trading strategy used along with technical indicators. It then receives signals from the indicators which allow it to open positions exclusively in stable market conditions. Forex Sugar is built to use news which avoids volatility. It can also pause its trading due to low impact news, medium impact news and high impact news releases. The Forex sugar system is unique as it is one of the few forex robots that trade silver (XAG/USD).
Ganon Forex Robot
The Ganon Forex Robot is an expert advisor that uses an exclusive stand theory which helps in finding out the healthiest trend trades and eliminates fake outs. It is ideal for detecting international price manipulations and fakeouts. There are two modes of operation that a trader can choose from. The hyper mode provides more trading while the normal modes focus on bigger trades in size. The robot trades all day and has a trailing stop feature which can secure profits as the trades progress.
The Grandmaster EA
The Grandmaster Expert Advisor is an automated trading system that is programmed to adapt and follow the market. Created by TraderNick, the forex robot mimics the way big banks transact in the FX market. The robot uses a grid-based strategy which is a high-risk trading strategy. In other words, the robot monitors overbought and oversold levels in the market to find an effective reversal trade setup. It then uses designated grid levels and a position size multiplier to open multiple positions and hedge the markets.
Alfa Scalper is a scalping forex robot that trades EUR/USD, GBP/USD and GBP/JPY currency pairs on M1 and M5 timeframes. It uses a unique adaptive scalping technology which detects market conditions to provide three profit-taking price points. According to the developing team, the EA can easily offer 100 pips per day if the market is trending. If applied properly, this EA has the potential to generate consistent profits with a high profit-loss ratio.
Z Trader FX
Z Trader is a forex EA that is compatible with any MT4 brokerage account for trading EUR/USD, GBP/USD and USD/CHF currency pairs in the H1 timeframe. It features a fixed lot size, non-martingale strategies and small minimum deposit requirements. It yields 67.21% per annum which is great considering its priced at $117 per license.
RSI Range Trader
RSI Range Trader EA is a free forex robot, built exclusively for MetaTrader 4 and FXCM. It applies the RSI indicator on the EUR/USD and GBP/USD currency pairs on the M5 for higher timeframes. Based on the relationship of the tool bid price to the level of the indicator, the EA places buying and selling trades. It is careful to place only one trade at a time. It is not equipped with a stop-loss function. The EA can be used as an oscillator where it always keeps trades open.
Asia Range Grid
Asia Range Grid Expert uses a trading strategy that combines the popular RIS cross strategy with a grid entry/exit system. It trades the EUR/USD currency pair on the M5 or higher timeframes. The EA works by searching for entry signals by monitoring the RSI. It places a buy trade if the RSI falls to the oversold level and places a sell trade if the RSI rises to the level of overbought.
Forex robots and expert advisors are compatible with almost all brokers. However, one should always be careful and evaluate the reliability of any forex robot before they attach their brokerage accounts with them.