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Thousands of trading robots are available, free and paid. It’s a minefield.

With most advertisements claiming to be the best, it’s important to realise scams exist for beginners and old hands alike. If they claim unrealistic trading results and guaranteed profits, it’s probably a scam (buyer beware).

Clearly, you must understand how Forex works to trade the Forex market with auto-trading software (trading algorithms). Fortunately, most brokerages offer live trading accounts where Forex robots (Autotraders) can operate. You can also use an Expert Advisor (EA) to trade not only Forex, but indices, cryptocurrencies, and commodities.

EAs are programmed to carry out trades automatically usually through trading strategies focused on technical analysis. Like all trading strategies, though, algorithmic trading cannot provide any guarantees of success.

3 Benefits of Using Automated Trading for Beginners:

• Minimise Emotions:

An automated trading system can help traders keep their emotions in check. Automated trading minimises mistakes when emotions take control. Furthermore, trade orders are executed automatically, ensuring that traders can’t hesitate to question a trade setup once confirmed (a common error in discretionary-based trading systems).

• Backtesting:

Backtesting with automated trading systems helps ensure that historical market data was profitable over the test period. However, this is no guarantee that future trading will be as profitable.

• Speed of Entry:

A computer is faster in operation than a human. Automated computer systems can easily generate orders effectively to meet the exact trade-related criteria when orders are provided.

Every new trader needs to remember that getting in and out at the optimum point of the trade can make a big difference. All the related orders are generated automatically, including the take-profit targets and the protective stop-loss orders.

Auto Trading Software and Trading Robots (Trading Bots)

• Buy Off the Shelf to Start.

There is no need to go through rigorous coding to construct a trading robot, especially for beginners.

Trading platforms like MT4, the most popular Forex trading platform globally, have an automated Forex trading facility. To activate EAs, click ‘Options’ from the ‘Tools’ main menu. Ensure that ‘Allow automatic trading’ is checked on the ‘Expert Advisors’ tab of the ‘Options’ box, allowing Expert Advisors and other scripts to be utilised.

• Building Your Bot.

When building a robot, you should be aware of the requirements.

Trading robots can be complex and operate on many lines of code. You will need knowledge of coding and programming if you wish to construct your robot.

• Choosing The Best Robot.

Trading bots can make computations millions of times faster than the human mind can. They can execute thousands of trades across multiple markets almost instantly.

A good starting block for many interested traders or investors, of course, is to check the trading robot’s reviews on its website or Forex trading forums, where you’ll discover traders deploying robots. It isn’t easy to get quality robots that are inexpensive or even free (do your research).

• 1000-Pip Climber System (Good for Beginners).

The 1000-pip Climber Forex trading system is a particularly interesting trading robot, which combines an innovative algorithm with a user-friendly interface.

According to the 1000-pip Climber System website, there is no minimum deposit required to trade this system. Myfxbook has also officially verified the exceptional performance of this robot (1000ppclimersystem, 2022).

• GPS Forex Robot.

Like a car’s GPS, this Forex trading robot predicts short-term movement with high probability. Claiming it works like a GPS navigator in your automobile, the robot attempts to forecast the short-term movement with a high degree of certainty.

• Forex Gump.

This Forex robot tracks trends, prices, and news for nine currency pairings: AUD/USD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, USD/CAD, USD/CHF and USD/JPY. You may set your trading choice from medium or low risk to high risk, which will influence the results of your transactions. It also includes comprehensive instructions and assistance.

Minimum Deposit: $4,000 for a standard account and $40 for a micro account.

Win/Gain Ratio: some report gains in excess of 1,000%

• EA Builder.

The EA Builder enables traders to construct indicators and strategies without programming expertise. It includes a straightforward interface that defines rules and algorithms, allowing you to trade anything with several characteristics in a few clicks. This web-based application is compatible with MT4 and MT5 and requires no installation.

Choosing a Broker and a Platform

Choosing a Forex broker should not be taken lightly; it depends on several factors, including your trading style. FP Markets is a good choice as a Forex and CFD broker which welcomes users of EAs. FP Markets boast excellent customer support, a transparent fee structure, and numerous trading tools: everything needed for online trading. You can also visit their Market Academy for video tutorials, covering must-know topics.

FP Markets offer a variety of retail investor accounts and dedicated demo accounts. It is recommended to test your strategy with a demo account with real-time charts before you start trading. The widely acclaimed MetaTrader 4 (MT4) is ideal for Forex trading with good functionality for beginners and experienced traders. MT4 with FP Markets offers an automated trading platform through Myfxbook, using automated trading (copy trading) and social trading.

Before deciding on a broker, however, ensure you have the following to help guide you through your trading process in a more efficient manner:

• A sound trading plan.
• A trading journal that records details such as trading opportunities, past performance, dates, times, and market volatility at the time of trading.
• A risk-management strategy.