The Best Forex Robots and How to Use Them to Maximize Trading - Bitrates

Posted: 31 Jan 2020 02:50 AM PST

We look at some of the top Forex robots, the benefits they bring, and how to make use of them to maximize your trading potential.

The Forex market has always been a land of opportunities for many traders, who have earned fortunes over the years, utilizing a combination of technical know-how, experience, and patience. However, not all traders have the required experience and technical knowledge to be successful at first. Looking at the latest forex robot comparison and the top forex Robot reviews would help such traders.

Forex Robots are automated trading platforms that are usually based on a set of forex trading signals. The system automatically determines whether to buy or sell a certain currency pair at any given point of time. They are designed to eliminate the limitations in trading posed by the influence of human emotions.

By following a set rule, forex robots never divert from already set training rules.

There is a myriad of such forex robots available on the market, each claiming to provide the best chances of portability. This article aims at presenting some of the best profitable forex robots available at the moment.

ROFX: ROFX is a well-known AI-driven forex robot that offers its users a seamless, easy to use, trading experience. ROFX packs several useful features into its product such as package flexibility and payment flexibility. It offers 6 different packages from which traders can choose according to their requirements. Payment options include Bitcoin, alongside EUR and USD and domestic ACH for US-based customers.
Everex: The Everex Elite Forex Robot has a good track record of extremely high-profit gains since 2013. They pride themselves in providing one of the most reliable automated trading system offering high profitability and low risk. It requires MetaTrader 4 to run and comes with a lifetime of free updates, dedicated support, and licenses for all trading accounts. It works with the EUR/USD and GBP/USD trading pair, and also provides a 60-day money-back guarantee scheme.
Universe Forex Robot: Universe Forex Robot utilizes semi-scalping and generates an average win of around 5 pips. It has a very favorable 1:2 risk to reward ratio and a good win rate of more than 50%. It can work in multiple market conditions with a trailing stop that manages all the trades. No martingale, grid or hedging strategies are used. Backtests have a good 99% modeling quality which makes them trustworthy.
Delton Pro: Delton Pro is another fully automated trading system that produces an almost 89% win rate. It does not have any minimum trading account balance, and a simple $50 deposit can get one started. Delton Pro uses a strategy that is based on market psychology, price action Fibonacci levels and candlestick patterns, rather than on lagging indicators. It does not incorporate any risky martingale or hedging money management strategy. According to several authoritative sites, backtests show that it can turn a $100 deposit to almost $1,000,000 within a year, with only 0.01 fixed lots being used.
Forex Spectre: Forex Spectre is another Forex trading robot that focuses more on the EUR/USD pair. It has a close to 50% win rate according to several backtests provided. It works on the M5 time frame. According to the developers, they have already earned more than 3000% and works with only fixed lots.
PipBolt: PipBolt is a collection of forex robots which comes with a basic strategy based on a simple indicator. The list of strategies includes Stochastic Oscillator, RIS, Parabolic SAR, Moving Average Cross, etc. to name a few. It is also compatible with Meta Trader 5.

Advantages of Using Forex Robots

Forex Trading Robots help traders who lack thorough knowledge and understanding of the forex market, with an opportunity to earn big. There are several factors why it is advised to use forex robots for greater profitability. They include:

Nonstop Trading: Automated trading robots can work on a 24/7 basis on behalf of the trader. The forex market is a 24/7 open market with numerous trading opportunities present. By using a robot, traders can be assured that the robot is conducting the analysis and executing trades on his/her behalf, based on some pre-determined trading rules.
Time-Saving: The processing and execution power of robots is much greater than trading manually. It is capable of executing multiple trades in mere seconds, allowing traders the maximum trading opportunities to generate profits.
Not deviating from Trading Rules: Automated trading robots for forex can trade according to established trading rules, not deviating from it for any external cause.
Eliminates Human Emotions: The influence of human emotions such as greed and fear has affected traders' decisions in the past. Fear or greed can get in the way of entering and exiting a market at the right time, often suffering losses as a result. With automatic robots, this is largely eliminated as trades are executed depending on rules rather than human emotions.

Conclusion

The right automated trading robot can provide traders with unparalleled profitability. However, choosing the wrong ones can result in significant bad investments without any returns. The above list is just some of the most profitable robots in the market. Traders can make their own decisions by conducting some additional research. There are several authoritative sites that offer detailed forex robot reviews to help traders make a better-informed decision.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.

What is Forex... - Coinspeaker

Posted: 03 Jan 2020 12:00 AM PST

The Forex market is often referred to as the most unpredictable, yet profitable one in the financial industry. The market requires adequate training, before delving into it. Without sufficient knowledge about how the market works, a trader might have a tough time achieving success. The problem usually encountered by many new traders is that they approach it with unrealistic expectations which usually end with setbacks and regrets.

What Is Forex Trading?

Before one can embark on a journey to another country, it is advisable to exchange your local currency with that of your intended destination. The process of carrying this task out is called Foreign Exchange (Forex).

Forex can also mean a marketplace where people speculate on currency changes and correlations with the goal of making significant profits. Paired currencies are the focus of every trade and each currency's value is dependent on its pair.

For example, as a currency pair, the EUR/USD has been set against each other. This means that their market behavior will determine their profitability. When the price of the first currency (Euro in this case) surges, the price of the other (USD) will decrease and vice versa. So, the ability of traders to predict their price movements accurately will determine who profits or losses in the Forex market.

Essential Forex Terms

Leverage: leverage is simply help provided to a Forex trader in the form of capital by a broker in order for the trader to access high volume trades. For instance, the effect of leverage of 1:10 on a trader's capital of $1,000 will translate to $10,000. With the bigger capital, the trader can trade a currency pair worth $10,000. The success of such trade will mean a profit multiplied by 10 and if it is unsuccessful, the loss is also multiplied by the leverage chosen. Therefore, proper care must be employed in the usage of leverage.

Pip: every currency pair has a base unit which is known as a pip. A pip is 0.0001 of the price quoted. So, using the EUR/USD pair as a case study, when its bid price goes from 1.16667 to 1.16677, it means a pip change of one.

Spread: this is what differentiates the bid price of a currency pair from its ask price. Most of the time, popular currency pairs have low spread and in some cases, it is even lower than a pip. On the other hand, pairs that don't receive as much attention from traders tend to have a much higher spread. The profitability of a Forex trade is dependent on the ability of a currency pair's value to cross the spread.

Margin: margin is used to refer to the money in the account of a trader. Often, the average Forex trader cannot trade a high volume due to insufficient margin, which is a requirement for such trades. Thereby, they lose the opportunity to make a good profit. But today, a lot of Forex brokers provide their clients with leverage to meet up with the right margin for high volume trades.

Which Pairs Can You Trade?

Forex currency pairs are classified under different names such as majors, minors, and exotics.

Those in the major category are mostly currencies that are frequently traded like: the US Dollar, British Pound, New Zealand Dollar, Swiss Franc, Canadian Dollar, Japanese Yen, Australian Dollar, Euro.

To be classified as a major currency pair, the criteria is for the currency to be paired against the US dollar. Minor pairs also have the above listed major currencies, the only difference from the major pairs is that the US dollar is not included. For example, EUR/CHF or EUR/GBP.

Exotic currencies include the following: the Thai Baht (THB), the Norwegian Krone (NOK), the Hong Kong Dollar (HKD) and the South African Rand (ZAR). Those classified as exotic pairs are made up of one exotic currency and one major currency.

The major currency pairs have become the only choice for most traders, especially beginners, because of their tight spreads and daily volatility. However, one should also give attention to exotic pairs because they promise numerous opportunities as well.

How to Select Trading Pairs?

The process of selecting trading pairs should not be started without adequate market analysis and information at the fingertips of the trader. The purpose of this precaution is to have an educated guess on the possible behavior of the currency pair within a specific period. A trader must know the conditions responsible for price changes, volatility and also the way a currency can be detrimental to another.

As a result of all this, some traders are avoiding major currency pairs and no longer consider them as the best option. In their replacement, they go for pairs that are familiar to them because they understand the factors that can influence them as well as have deeper knowledge about their value.

One important principle traders must adhere to is to never get involved with currency pairs with high spreads. Instead, they should go for those with 0 – 3 pips. This is because the more a trader goes high, the more risky and expensive it gets. The average trader may not afford the consequences of anything above six pips.

How Liquid Are Different Forex Pairs?

Some Forex pairs are more liquid than others. Those with a greater level of liquidity are more popular because everyone wants to trade with them. Their level of demand and supply is second to none on the Forex market.

This is because most stakeholders attach much more importance to such pairs when compared to others, thereby driving up their value. Pairs that make up this category are referred to as major currency pairs, like the EUR/USD currency pair.

Forex traders tend to gravitate more towards the major currency pairs than any other pair simply because they can be easily liquidated. Also, they abound in opportunities, especially in the aspect of short-term trading, a trait that is too irresistible for traders. Nonetheless, this doesn't mean other currency pair categories are without use because they do. A lot of opportunities are inherent in exotic and minor currency pairs, which traders will find useful.

The only requirement with these other categories is a sound knowledge about various world currencies and economies if one must profit from them.

Pros of Forex Trading

In the aspect of liquidity, the Forex market is second to none as its daily trading volume is ranked largest in the globe. Consequentially, Forex traders can easily enter a position in any of the available major currencies and exit it all within seconds for a small spread without being fazed by most market constraints and conditions.

The Forex market is always busy and is operational 24 hours every day, five days a week. Every day, trading begins in Australia and closes in New York. Across the world, the major centers for Forex trading are in New York, Frankfurt, Sydney, London, Singapore, Hong Kong, Paris, and Tokyo.

Cons of Forex Trading

A lot of traders have become impoverished by ill-advised usage of leverage. Traders are provided with leverage by brokers, dealers, and banks to enter large positions with their little capital. The use of leverage comes with a lot of risks and it is important that a trader is aware of them before utilizing leverage.

Currency trading cannot be done without some basic tools like indicators and an understanding of basic economic principles. For a trader to be able to tell currency movements and what drives the values of currencies, he needs to have a good knowledge of the economies of different countries and how they affect each other.

Conclusion

Forex is a profitable business for those who are willing to let go of the wrong perception of the market and are ready to put in the required work. Both the traders with little funds and those with lots of it have good opportunities to make money in the Forex market but they must understand what works best for the resources they have.

Traders with little capital are advised to adopt day trading in little amounts, while those with more capital can go for long-term fundamentals-based trading. New Forex traders should invest in the knowledge of macroeconomic fundamentals which influences currency values as well as in technical analysis in order to make the most of the Forex market.

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