What are trading bots
There are numerous trading bots available these days and for someone new to the industry it might feel daunting to pick the right one. It took me quite some extensive research and testing to find a reliable and profitable bot which worked for me. You probably wonder if they will work and what kind of trading bots are worth the investment as to which ones are just a waste of money. Well, let’s start by a brief introduction into trading bots and how to use them.
When using Metatrader (MT 4 or 5) software or app you could have your trading automized. While it’s possible to write a script yourself most people chose to buy ready to use bots. All you do is unpack a file package in a designated Metatrader folder. Once you installed the bot it’s ready to use. The bot will be activated once it’s dragged onto your chart, just as you would with an indicator. You are now ready to customize it to your preferences.
Bots are programmed to analyze FOREX markets and trade on your behalf. Once you have bought and customized the settings to your preferences it will use software to analyze the market and based on a set of trading signals it will then purchase or sell a certain currency pair at any particular time. Bots use preprogrammed strategies and since they trade without emotion they will stick to these strategies. This also has a downside as it only uses statistical signals not taking into consideration any factors like the news, elections etc. You should never blindly trust on the bot and I recommend checking upon your bot regularly to see what it’s doing.
With the amount of money that can be earned within the industry there are many people looking to make quick money offering poor operating bots that can seriously harm your account and cost you a lot of money. Finding a good and reliable bot can be a challenging task.
PROFITABLE TRADING BOTS
After extensive research I bought the Forex Flex EA bot. It is a very decent bot without major flaws (non that I have encountered so far) and actually works compared to the countless ones you better stay away from. Money wise this one is awesome too since it’s affordable and doesn’t fall short in comparison to some of the really expensive ones on the market. It features many different strategies, which I personally find very important. Some a bit riskier than others but all backed up with verified accounts on myfxbook.com. The bots are updated frequently to stay updated and compatible to the subject to change FOREX markets.
A few updates ago they added an amazing new feature to the trading bot. Whenever a major news event takes place the bot will be paused automatically. Since major news events can have great impact on the exchange rates this can prevent some unexpected losses. The feature can be turned off as well.
You can make adjustments to your bot, however, please be careful when doing so. Especially when you are not to familiar with the markets yet. It is easy become overconfident or get impatient. I recommend when choosing to work with a trading bot, to set up a separate account for it and to just let it do what it was designed to do. Just check upon it regularly. As tempting as it might be to fiddle around with the settings to see if you can get it to work faster and make more money for you, don’t. Intervening when not necessary can easily result in turning profitable strategies into losing ones. Since you paid for it you might as well just let it work for you.
If you choose to buy the Forex Flex EA trading bot you will get lifetime access to the forum which comes with the trading bot. In this forum there are hundreds of active members who talk about the best settings, tweaking the bot and help you with all the question you have.
Also the maker of the bot shares all the set files for the MyFXbook accounts that you can find. So all the results that are made with the bot and can be tracked with MyFXbook are shared in the forum. Also Beta relseases are posted in the forum as well.
I am an active user of the bot myself and I look in the forum sometimes to see if there are any new interesting settings or discussions I need to know about. Last time I found a post which showed some real trading account results for the Metatrader 5 release. With this the maker not only shows that he is always working on the bot and keep it up to date but also shows great results so far.
The Metatrader 5 settings looks really promising. I can’t wait to try them out myself and set up another account just for these settings. Below you can find a screenshot of the MT5 set file tested on a real acocunt.
As mentioned before, there is money to be made with trading bots and learning to automate strategies. While a few bots will work, and can make solid returns, most will not. Selling bots online has become a huge business. Anyone can put a poor digital product on the market these days. Don’t fall for sales pitches promising you easy money. When trying free or “cheap” bots, take in consideration that creating a trading program requires extensive trading knowledge, as well as programming skills. A reliable well programmed bot will cost money (although more expensive doesn’t necessarily equals better). Cheap products might do more damage than good. I always check for verified accounts on MYFSBOOK. To me that is more valuable than some easily written up reviews.
As you can see the bot mentioned above has a verified account for every strategy offered. This bot has provided me steady, profitable results so far. When willing to invest a bit of money and time in automated trading, I highly recommend you use this one!
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Not every broker suits trading with an EA or trading bot. To start with you need a broker who supports Metatrader. With that you probably are going to use an VPS server to trade from. It is good to know where the server of your VPS is located and find a broker who has its servers close to the VPS. Read on the page BROKERS which broker you can sign up to for the best result with your trading bot.