The best forex robot ever made …. is there one holy grail? Well the answer is …. YES !, but you will never lay your hands on it as the robots that are holy grails go straight to banks and hedge funds. So lets rephrase the question: Is there a forex robot for retail traders that can actually make a difference to your life. The honest answer is that we are getting there. I remember purchasing the my first forex ea which was Forex Auto Pilot. The idea of a robot trading for you while you sleep was amazing, I bought into it and of course lost all my money. The site is still up ( to my surprise ) , here it is : http://www.forex-autopilot.com/
What is the best forex robot currently ?
Well this of course is a debatable topic, however I am going to attempt to share my opinion in a way that will show you the correct way of going about it. Before we can test what the best forex robot is we have to find the best conditions to test them on i.e. a forex broker. The broker you choose is so important that even if you have found the holy grail in an expert advisor it means absolutely nothing unless you trade with the correct broker. We have written an article on this previously : Best Forex Broker for Scalping 2016
So now we know which brokers we should use, this brings us to our next question : What is the best trading method for robots? The answer here is quite simple: Scalping is the best way to trade forex, period. Now that is quite a statement and many of you may disagree off the bat, but hang on just one second. What we want is the following : Low risk and high potential reward, you cannot disagree with this can you? Scalping is the only strategy where you can use a tiny stoploss, huge volume and virtually unlimited up side.
So by this logic, we are saying that the best forex robot currently has to be a scalper. You may agree or disagree but I’m right :). So we are looking at scalpers. This luckily dramatically reduces our options. Lets reduce the list even further by adding another very important filter, verified results on a Live Account. Now this might be more difficult than you think, yes there are tools like Myfxbook and FXBlue but the reality is that brokers themselves can create fake accounts. Why would they do this? Well, if they can prove the best forex robot works with their trading conditions most traders will simply open an account with them.
This makes it virtually impossible to verify live results, so how do we make sure they are real? It is actually not that difficult, here are the steps you take :
- Request a 7 day demo from the vendor. If the bot is as good as they say the vendor will never say no.
- Test it on a small live account (use the vendors recommended broker) for 7 days.
- Compare your results to that the vendor is claiming.
Conclusion: If the results are the same as the vendors account pip for pip that means you can believe that the rest of the verified results are indeed correct. This does not mean you have to make a profit in 7 days, your account just needs to match that of the vendor.
So what is the best forex robot?
By filtering we came up with the best 3 , you might think we are biased so we will let you test them yourselves.
These are the 3 best forex robots on the retail market at the moment, do not take my word for it, test and compare them to make sure.