Newcomers to the forex market often experiment with new techniques and methods to generate profits at the lowest possible cost.
To do this, they use expert advisors – tools that can automate a trader’s work. Better automation tools get into the ratings, which allows you to choose the right software for each specific case.
Why use forex robots?
MetaTrader 4, which was first introduced 15 years ago, is in demand among traders today. During its ten years on the market, the platform has gone through many improvements, making it a leader among competitors. As a result most of today’s Expert Advisors are developed specifically for MetaTrader 4 and Metatrader 5 as well.
Let us outline the main reasons why it makes sense to use the forex trading robots:
– simplification of trading, which is suitable for beginners;
– Increase of profitability without additional investments;
– Optimization of work processes;
– Use of new trading strategies and tools.
Often, new traders start their trading experience with a demo account. This is a convenient way to try out different strategies and tools and gain experience and knowledge. When working with a real account, it is recommended to find a reliable Forex Expert Advisor so you do not lose your funds due to inexperience. When choosing one, you should consider the following factors
– minimum amount to be traded;
– requirements for a Virtual Private Server (VPS);
– the available currencies.
It should not be forgotten that each EA works according to a given algorithm based on a particular strategy. The advantage of this approach is the ability to apply different strategies, and the disadvantage is the limitations that are imposed by a particular algorithm.
It is not unreasonable to test any new Expert Advisor on a demo account. If it shows good results, you can move on to using it on real trades. Below we will briefly consider effective and popular Expert Advisors in the Forex market.
1. ELM EA
Website: elm-ea.com
Support: Forum
Currency pairs: 6 Majors + 20 Cross
TimeFrame: Any
Platform: Metatrader 4 and Metatrader 5
Review ELM EA
How long does it take to learn how to trade the market? How much news is it worth watching and correctly assessing the current trend of currency pairs? How much time does a beginning trader spend not understanding theory and simple things? The answer is obvious – years. Not everyone will reach the end and most probably will quit without getting any result.
Trading robots for the Forex market today are very numerous, and not all of them can boast of the results achieved by the developers of ELM EA.
ELM EA has a complex and innovative approach to forex analysis with very high mathematical expectation. The algorithm analyses ticks and is capable of handling more than 50 ticks per second. But even with its huge database, it is still a man-made program that has flaws that the developers need to work on.
Sceptics will think there is nothing new in this algorithm. And they would be wrong. Now we will tell you about this amazing trading robot. At elm-ea.com there is a video review with accurate data and statistics on its use, as well as an opportunity to request a free copy of ea.
Key features
ELM EA is a fully automated cross-platform trading robot. Only one trade at a time. No “rebuild algorithms (martingale)” or other dangerous strategies. The lot size of the next order is always the same according to the Risk settings, regardless of the result of the previous one. The algorithm uses virtual TP and SL as well as real TP and SL visible to the broker. A smart money management system which allows it to work even on a $10 account. A trading strategy that does not require a lot of margin, thanks to which it can work successfully on trading accounts with low leverage.
Algorithm can only be tested in real time. The history test function is disabled. Real-time tests take more time but show reliable results that can be trusted, unlike tests from the strategy tester.
Much attention was paid to the results of direct testing so users do not need to worry about the need to optimize the algorithm.
It supports 26 currency pairs. Depending on the version. Optimum version supports 6 currency pairs, Pro version supports 26 currency pairs.
Expected Profit
Expected profit when using standard settings is about 20-25% per month, when trading on account with leverage 1:500. The author also offers aggressive settings, which allows to increase profit of the trading robot, but also the risks increase.
Security of funds in your trading account
ELM EA has a feature that allows you to disable trading if slippage or a specified execution speed is exceeded (very slow execution). This works automatically. Also in case the algorithm has incurred a loss queue it is deactivated. Thanks to this, there has never been a case where a client lost the entire deposit. The client can always independently limit the level of possible losses they are willing to incur. The algorithm is securely protected from unforeseen market situations, as well as possible manipulation by the broker.
Recommended pairs
EUR/USD, GBP/USD, USD/JPY, EUR/JPY, USD/CAD, AUD/USD, NZD/USD, AUD/JPY, AUD/NZD, AUD/CHF, AUD/CAD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, NZD/JPY, NZD/CAD, NZD/CHF
You can use all 26 currency pairs at one time. But the author recommends excluding currency pairs with a spread above 2.5. This will increase the overall profitability of the strategy.
In order to use 26 currencies at any one time, you need a minimum of 1GB of free RAM on your VPS server.
Recommended brokers
The author provides a list of recommended brokers on his forum. The author also does not restrict clients in their choice of brokerage companies, only makes recommendations. No affiliate links were found on the author’s website which lead to brokers’ websites. This underlines that the developers are not interested in having the client work for a certain broker. It also proves that the author is interested in the fact that the clients earn using his algorithm.
Based on the review, the best brokers for ELM EA
- Tickmill (Pro or VIp account)
- Lmax
- NDDFX (Dma account)
- FBS (ecn account)
- ThinkTrade
- Hanko trade
Worst brokers for ELM EA
- Alpari
- IcMarkets(Only if with MT5)
- FTMO
- OANDA
Licence
All licences are sold on the forum, where all existing customers also communicate. The forum allows you to discuss typical issues that arise during trading and help each other to achieve the best possible results. Software is not tied to account number/account holder/broker. There is only a limit to the number of trading accounts running at any one time. This is very convenient for the user of the licence, as it allows maximum freedom of choice for the client without any restrictions. Depending on the package, the licence can run on 3 or 10 trading accounts at the same time. To add a new account, if you have reached the limit on the number of simultaneous connections, simply switch off one of the accounts.
Conclusion
ELM EA is one of the most powerful trading robots currently available for MT4 and MT5 trading platforms. The algorithm has a balanced strategy, strict rules for opening trades, friendly support and an established community of traders who trade using the algorithm. One of the disadvantages is the cost of the product, which is too high for regular traders. But on the other hand the buyers get a comprehensive, product which is ready to use in real trading accounts. The trading strategy is already thought out and implemented in code and optimised for real trading. The developers share their accounts with invest passwords, which also emphasize the transparency and honesty of the project.
Download ELM EA2. Forex Setka Trader Review
Platform: Metatrader 4
EA version: 1.6
Currency pairs: GBPUSD
Time frame: M1
Working time: 24 hours a day
Traders are often faced with different challenges, not only due to lack of experience, but also due to lack of money. In such situations, you can turn your attention to the ForexSetka Trader martingale advisor. It is best suited for trading the currency pair GBP/USD and with the right approach can quickly increase your deposit.
It operates 24 hours a day, 7 days a week and selects certain actions according to the strategy you have set up. It is important to remember that the lot size will increase if there was a “drawdown” on a previous trade.
This robot should be used with caution and with experience.
Recommended money management
Forex Setka Investor opens orders with a bigger lot when the initial setup enters into a redemption, and also the more setup enters into a redemption, the more orders with a bigger lot will be opened. Naturally, we must have some funds in our account to use as margin so that the robot will not trigger a margin call, and also have the ability to close a pyramid of orders. It is recommended to use a minimum yuadance of $2500 for cent accounts and $25000 for standard accounts in order to trade with 0.1 lot and 0.1 lot.
Conclusion
To sum it up – Forex Setka Trader Expert Advisor is profitable, but very risky. The most important thing when working with it is constantly withdrawing profit and observing the recommended deposit size (see above).
3. Lucky Grid Expert Advisor Review
Platform: Metatrader 4
EA version: 1.0
Currency pairs: AUDUSD
Time frame: H1
Working time: 24 hours a day
This grid-type robot is popular with beginners and experienced traders alike. If you set it up and use it correctly, it can help you achieve great success and increase your profitability by several times.
This Expert Advisor has been developed by professionals who know the area well. They have analyzed the results of the most advanced trading robots. The Expert Advisor is suitable for beginners and professionals.
In some cases its profitability exceeds 1000% during 6 months of work. Quite a risky strategy is used, but with constant monitoring and continuous activity it manages to compensate all costs.
Expert Advisor strategy
Lucky Grid uses a position averaging strategy. Using a combination of standard indicators (standard indicators are those built into the Metatrader 4 platform, in this robot they are MACD, RSI and Moving Average) a suitable (in the EA’s opinion) entry point is selected and the first order is opened.
Then, if the quotes do not go to take profit, a grid of orders is created with the same lot size and a step of 200 five-digit points.
Each order in the grid has its own individual values of Take Profit and Stop Loss. However, the order grid “collapses” when the quotes roll back to the profit side by the whole group of the same-directional orders in one point, in this case the expert advisor fixes the profit.
The Expert Advisor has settings of money management, stops, profits of grid orders and other input values.
Conclusion
Lucky Grid Expert Advisor is a simple but profitable grid-type robot, which has a reliable protection against “sinking” by obligatory use of stops. It is a simple but profitable grid-type robot, which has reliable protection against losing money by using stops.
4.Wall Street Forex Revolution Review
Website: wallstreet-forex.com
Platform: Metatrader 4
EA version: 1.0
Currency pairs: EURUSD, GBPUSD, USDJPY, AUDUSD, USDCHF, USDCAD, NZDUSD, EURJPY
Time frame: M15
Working time: 24 hours a day
Experienced traders admit that scalping is the most problematic part of the trading process. Constant concentration and attention to detail is required. In such situations, it doesn’t hurt to get some quality advice from Wall Street Forex.
This robot stands out for its ability to adjust to the market situation. Constant operation can bring good profits. The new versions made changes in the strategy, aiming to reduce the risks. This led to lower profits, but increased reliability.
Users note the following features:
– Fast results and good profits are achieved when scalping is applied;
– smart algorithm allows to cover the losses;
– effective risk control;
– forecasting of possible outcomes and choosing the right time to make a deal.
It is important to note that 500 USD is required to start working. This Expert Advisor can be used 24 hours a day. The algorithm is designed to compensate for losses that occur.
Advisor strategy
The Expert Advisor is historically the first competently implemented trend scalper that opens on “pullbacks” from the main trend (there were even rumours that WallStreet Forex Robot was based on a “leak” strategy from a major investment bank). As the trend indicators are used Moving Averages, CCI, ATR, WPR and own calculations. Expert Advisor has spread control, “invisible” mode, filter by hours, “recovery” mode about drawdown, detuning from news, and also Broker Spy module, which monitors and records broker’s trading conditions online. This Expert Advisor does not use grids of orders, averaging and martingale, it trades perfectly without this dangerous “doping”.
In this article we will test the basic and alternative settings suggested by the developers of the Expert Advisor on tick data of Ducascopy using the Tick Data Suite, estimate the obtained results and examine the settings of Wall Street Forex Robot v.2.0 Evolution.
Long-term successful work of the expert advisor Wall Street Forex Robot on real accounts confirms the reliability and profitability of the advisor in the long term.
Conclusions
The Wall Street Forex Robot v.2.0 Evolution is one of the best paid trend trading robots. Of all the junk that is sold on the net, it really is in the 0.1% of worthwhile robots. And that’s been proven over the years.
Using WallStreet Forex Robot v.2.0 Evolution is profitable for a long period, as proved by tests and monitoring, but in the short term profitability may be in the neutral zone for a while. Also note that this advisor, as well as other trend robots, does not trade often. The most profitable pairs are EURUSD, GBPUSD and USDJPY.
5. Milky Way Forex Robot Review
Platform: Metatrader 4
EA version: 3.24
Currency pairs: AUDUSD, EURGBP, EURJPY, EURUSD, GBPUSD, USDCAD, USDCHF, USDJPY
Time frame: H4
Working time: 24 hours a day
This Expert Advisor is based on Bollinger Bands technology. The robot automatically determines the time to start a trade after a pullback. It offers operations on a wide range of currency pairs, which makes it possible to operate on a wide range of assets.
Before it enters the market, the robot makes serious calculations and monitors the appropriate indicators. The seeding is completed when it receives TP, SL or ATR signals.
Recommended money management
The recommended risk per trade is 3 per cent of the deposit for each pair. The lot can be calculated using a special table, or simply set the risk level in the EA parameters and everything will be calculated automatically.
Conclusions
The Milky Way is a multi-currency, conservative and safe trend-following trading robot, which is profitable over the long term. However, in the short term, returns can be in neutral zone for some time. Also note that the Expert Advisor does not trade often.
6. Equilibrium Expert Advisor Review
Platform: Metatrader 4
EA version: 1.7
Currency pairs: EURUSD, GBPUSD
Time frame: M15, H1
Working time: 24 hours a day
The main feature of this advisor is the ability to pick up small fluctuations in the market. It is most effective when used with a currency pair that has the American dollar in it. The robot does not use risky strategies. Exit time is determined on the basis of analyzing the indicators, which show the trading direction.
Experienced traders claim that on rare occasions the robot can take the account into deficit, but then it still comes out with a positive balance. It is recommended to set the risk level at 2%.
The mistake beginners make is to interrupt trading. Using this EA properly involves monitoring the market 24 hours a day. This requires reliable internet access and a VPS.
Description of settings
ADVANCED MONEY MANAGMENT – money management settings section
MM_Type – type of money management: 0 – fixed lot; 1 – with limitation on specified loss, in this case lots are calculated automatically; 2 – fixed percentage of risk relatively to balance at the moment of this setting activation; 3 – a specific mode of “capital protection”, in which special parameters are used (see below), in this mode money management is calculated automatically on the basis of the built-in algorithm
FixedLots – fixed lot size
FixedMoney – size of the specified loss
Risk – risk amount relative to balance
CapitalMaxDrawDown – size of maximal drawdown at “capital protection”.
CapitalizationDays – number of days when the parameter CapitalMaxDrawDown takes effect
CapitalizationTreshold – threshold for “capital protection” working
CapitalizationPercentage – percentage of capitalization
In fact, the system of protection of capital decreases the value of the calculated balance for lot calculations, for example, at CapitalizationTreshold=10 and CapitalizationPercentage=50 the value of the calculated balance when the account size increases by 10% during the last CapitalizationDays increases by 50% of the obtained profit, it reduces the risks for a long time, but they decrease stepwise.
TradingSystemOwnProtection – the function of protection of the trading system in the Expert Advisor, it is enabled by default
Auto Timezone – automatic determination of timezone
Timezone – manual timezone setting
is ECN – enabling the work with ECN accounts, enabled by default
Conclusions
The Equilibrium Expert Advisor is a reliable and profitable robot, the use of which is safe and profitable over a long period.
7.Vortex PRO Forex EA Review
Website: vortextraderpro.com
Platform: Metatrader 4
EA version: 1.0
Currency pairs: EURUSD, GBPUSD, USDJPY, AUDUSD, USDCHF, USDCAD, NZDUSD, EURJPY
Time frame: M15
Working time: 24 hours a day
Success in the market is only possible with a return that outweighs the losses incurred during trading. Many Forex traders are trying to find the most profitable Expert Advisor. There is a lot of choice today, but Vortex PRO should not be overlooked. It helps to achieve significant gains with small losses.
The robot is compatible with MetaTrader 4. It is important to understand that the Expert Advisor should work continuously from the opening of tores to the end of the trading week. Connecting the rebate service will help to generate income by returning part of the funds. Risks are minimal, because the robot does not use scalping, grids and martingale.
With proper tuning and compliance with the recommendations of creators robot can automate the process of trading at the exchange and bring substantial income to its owner. Advisor does not require constant attention from the trader, even though it works 24 hours a day.
During the time of robot’s work you can observe how the funds in the account increase due to careful strategy. The system has algorithms to detect false signals, income protection system and automated trading operations.
8. Cobra EA Review
Presented in several variants. Cobra works on any markets, regardless of whether they have pronounced trends and only sideways movements. It is recommended to make certain settings before making a deposit. According to the creators, the robot works in such a way that in the future it will be able to independently determine the volume of the lot based on the amount of funds deposited by the trader.
9. Ilan EA Review
Platform: Metatrader 4
EA version: 1.6
Currency pairs: GBPUSD
Time frame: M5
Working time: 24 hours a day
The robot’s strategy is not based on determining where to open a position in the market, but on making the right decision when the trading direction is incorrect. Trading is automatic and no additional action is required from the user, except for the initial settings. It excludes influence of human factor on the trading process. This Expert Advisor is constantly improving. It can be rightly considered the best one in 2018, although its first version was released long ago.
Trading strategy
Ilan 1.6 uses a martingale strategy. It uses a series of orders with proportionally increasing lot size. When the strategy is used indefinitely, theoretical winning is impossible, however, with periodic investment withdrawals, the theory of probability works in our favour. After withdrawing the initial investment, the dangerous martingale strategy immediately becomes breakeven and highly profitable.
Conclusion
Martingale-based EAs are profitable robots based on averaging that work successfully on real accounts of traders. However, it is of the utmost importance to follow the rules for working with dangerous EAs.
10. Turbo Profit
This Expert Advisor does not operate with the concept of “pending orders”, works regardless of the connection between the platform and the broker, gaps in quotations, risks not related to trading. It offers a wide range of options, so you can customise your robot to suit different market situations. The algorithm is considered to be one of the best on Forex. It can be used by beginners and professional traders.
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