What to consider when choosing a Forex robot

There are several things to keep in mind when choosing a good forex robot in addition to avoiding misleading products:

• Look for a low reduction rate. This is a measure of decline and reduction of principal, and while large drawdowns (known as drawdowns) can mean higher profits, they can also cause an account to go bankrupt.
• The best robots are thoroughly tested against real tick data, variable spreads, and real slippage. This backtesting must be available to you before you make any purchases. Real-time data from third-party sites like myfxbook can help you figure out how the robot is doing right now.
• Stay away from reviews from unverified sources. Developers will only want to show positive reviews, and people who have lost a lot of money using a certain bot are the ones most likely to give it a bad review. Compare real user reviews before investing.
• Use a demo account. Before deciding on a robot, try it out in an experimental setting. This will allow you to see how it works under test conditions, although keep in mind that these conditions cannot 100% simulate a real trading situation. If the robot you are considering does not offer a demo or trial version, it may be too risky to invest capital in it. During the test, you can see what settings and parameters the robot uses, plus you can get used to how it works.
• Be sure to remember that all robots need some supervision. System crashes, internet signal issues, or catastrophic loss can occur, so while these bots are designed to work autonomously, you’ll need to intervene at some point.

BEST FOREX ROBOT

These are some of the robots we consider to be the best in the industry for 2022.

Suitable for beginners and experienced traders. They are available as instant downloads and all work with most brokers

1. Forex Diamond

Forex Diamond combines three independent trading systems to offer a self-updating algorithm that boasts a profitable recovery factor of over 40.

With the ability to run Trend Retrace, Countertrend, or Countertrend Scalping independently or together, this EA offers real-time estimation to help you be more successful when trading.

Minimum deposit – $1,000
Win rate – Depending on the results, between 75% and 80%, depending on the currency pair

2. FX-Agency Advisor

This is a manual tool that is easy for beginners to use. It comes with a comprehensive and detailed instruction manual to help newbies navigate their trades.

FX-Agency Advisor uses unique technical analysis indicators suitable for both scalping and long-term trading. It is suitable for use on all currency pairs.

Minimum Deposit – Platform Depends on Win
Rate – Unknown

3. Wallstreet Forex Robot 2.0 Evolution

Wallstreet Forex Robot is a top performing, fully verified by Myfxbook, and works on any forex market.

The 2.0 Evolution is based on the original low risk scalping setup following short and medium term trends, with the addition of the Broker Spy Module that allows you to protect your capital from unethical brokers.

Minimum Deposit – $1,000 Earning
Rate – 2.98% Proven Monthly Earning

BINARY OPTIONS ROBOTS: WHAT ARE THEY?

The robot name could be reminiscent of some science fiction films like iRobot played by actor Will Smit. To tell the truth, the concept of a binary trading bot does not differ much from the theme that the film in question proposes. In fact, robots are programs for trading in a completely automatic way.

HOW MANY TYPES OF BINARY OPTIONS ROBOTS ARE THERE?

A clear distinction must also be made between the types of trading robots that exist out there.

• One type of robot can be considered “complete”, therefore it fully automates the trading process;
• The other type of robot, on the other hand, can be considered “semi-automatic”.

To use a similarity taken from the automotive world: what is the difference between an automatic transmission and a semi-automatic transmission?

In the first case, it is the car’s electronics that think of everything: in addition to controlling the engine, it also decides when to change and downshift gears.

In the second case, however, even if there is no classic manual gear knob, it will be up to you to change the gears (usually using the levers positioned on the steering wheel). Same thing for binary options trading robots.

There are some robots that in addition to searching for trading signals on charts, automatically place trades based on these signals.

Then there are other robots instead, which just “scan” the financial charts for the selected assets, and report to the trader all the trading signals he can find.

Before delving further into the topic of binary options robots, it is good to explain what binary options are (for those who do not know them yet). So let’s take a step back.