When it comes to choosing forex robots to trade, getting feedback from current users can be a crucial step in the right direction…
Measuring Forex Robot Performance
When considering forex robots, don’t just buy what looks good, do a little digging and research to ensure what you choose is a good fit for your trading.
The following list of automated forex trading robots may help if you are looking to assemble a stable of such programs.
You should try to select a variety of robots based on the fact that each one adds something unique to the mix.
For example, it’s no good having three Asian scalping forex robots that all trade the AUDUSD, unless each robot adopts a unique approach to trading that pair in the Asian time session.
So what would constitute a good mix of robots? I suppose something like the following:
a trend following program that trades breakouts
a trend following program that trades retracements of breakouts
a scalper that trades the Asian session
a scalper that trades the European session
or any variation on the above.
The important thing is not to be buying and implementing automated forex trading software programs simply because you’ve read a bit about them and they appear to be successful. You need to be aware of the fact that each is different, but also that many are copied from other forex robots for example, so that you would just be running the risk of doubling up if you do not do your research first.
Which brings us to the subject of forex robot review sites generally. Apart from the individual robot reviews you will find on this site, there are many review sites for forex robots out there. The one that I personally like is:
Birts EA Review Site
The site owner – Birt – is the genuine article. I have corresponded with him several times and he has been honest and helpful in every regard. Birt runs his own independent Myfxbook accounts on many forex robots, and the results often differ to that shown in the robot developers official Myfxbook accounts, or their other means of verifying results. This of course may indicate that the manufacturers’ claims are bogus, but could also be due to a number of things such as choice of broker and individual settings used etc. Just something to note when looking at the actual reviews.
I have also extensively used Birt’s Tick Data Suite for backtesting. It is the best approach for Metatrader backtesting that I have come across.
So without further ado here is a list of the automated forex trading software programs, a.k.a. forex robots that you could consider for inclusion in your auto trading arsenal:
n.b.: Kangaroo EA is no longer available to the public. It is included here as an example of a truly excellent forex robot, to show what can be done when good coders produce something unique:
The following two robots have had a rather patchy record of late, but they fall into the camp of “shouldn’t blow your account with a bit of luck” EA’s. They have been quite consistent performers over the long term and are worth considering:
Hyper EAHyper EAForex Real Profit EA
These two forex robots are from the same creator, with Forex Growth Bot being the first release and Forex Invest Bot its apparent successor. I am currently running Forex Growth Bot and considering adding Forex Invest Bot to my own stable of robots. Note that both can be quite volatile and have large drawdowns if you are not careful with your risk settings.:
Forex Growth Bot
Forex Invest Bot
Apparently modelled on Forex Growth Bot but with supposedly safer risk parameters, Forex Robin VOL is comparatively highly regarded amongst traders, although as always results vary considerably depending on your choice of broker.
Forex Robin Vol
I will be adding more to the list as I discover robots that are suitable. If you have any personal favourites that you would like to see reviewed or added feel free to provide feedback in the form at the bottom of this page.
Another approach to automation of your trading that you may wish to consider is Forex Managed Accounts