The lines above and below are drawn a distance from that centre line, a distance which is the simple moving average of the past 10 days' trading ranges i. The trading strategy is to regard a close above the upper line as a strong bullish signal, or a close below the lower line as strong bearish sentiment, and buy or sell with the trend accordingly, but perhaps with other indicators to confirm. Please note that foreign exchange and other leveraged trading involves significant risk of loss.
It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary. Read full disclosure. Support: support iticsoftware. Trading Examples Keltner Channel Explanation Keltner channel is a technical analysis indicator showing a central moving average line plus channel lines at a distance above and below.
As a result, the products offered on the website may not be suitable for all investors because of the risk of losing all of your invested capital. You should never invest money that you cannot afford to lose, and never trade with borrowed money. Before trading in the complex products offered, please be sure to understand the risks involved. Categories Binary Indicators 72 Binary. Risk Disclaimer The products offered on the Binary.
So, are you asking yourself, "Do Forex bots work? FX traders want to use the best Forex bots because they hope to make easy money from the Forex market, without having to devote a lot of personal time to it, or do anything manually. They hope to find something that works on autopilot without requiring attention from the trader. Those who use them have to find a good currency pair and the perfect time-frame to trade in it to maximise their profits.
Some Forex bots are capable of scanning numerous charts in a way that humans physically can't. In addition, they are developed with particular parameters needed in making trade decisions. With implanted trading signals, they determine when it is appropriate to trade, or conversely not to trade. This is why many traders become attracted to them - they seem like something you can turn on, walk away from and earn profits without having to manage any aspect of it.
The best Forex bots suggest solutions to find profitable trades even in unstable markets, when the actual trending direction is unclear. They will follow the best trend to enlarge profits, and perhaps eliminate the chances of potential losses. Trading against the trend will eventually lead to loss after loss, whilst trading with it increases profit, no matter what method or bot is used to trade.
This is why it can be dangerous to treat these pieces of software as forex autopilot trading robots. However, what must be remembered is that the majority of bots trade within a certain range. They make a particular amount of pips inside the tight range, during the slowest time on the Forex market, and they regularly set a few pip targets, and may not even use a stop-loss.
They can be classed as successful, as they do tend to make profits in each trade, even if it is only a few. When an unanticipated and strong range breakout occurs, it wipes out the small profits that they have made. Some bots that are promoted as the best Forex trading bots can earn profits in a positive trend, although they may lose money in a choppy FX market, so finding a great trend to follow is essential. If you would like to learn more about automation In Forex, there's no better way than to attend our free educational course,.
Forex It teaches you to trade step-by-step, featuring key insights from professional industry experts. Do Forex trading robots really work? Though forex auto trading robot software promises to make beneficial trades, not all automated forex trading robots are what traders expect them to be. Moreover, some federal governments consider bots to be scams. In a similar way, you are not likely to find any article in Forbes, the Wall Street Journal, or any other respectable news source promoting them.
What's more, even online trading bot merchants try to move their bots in rank by claiming that their opponents' ones are scams. A lot are advertised with false claims by people who have made serious money applying these systems. The truth, however, is that a great number of investors and traders have lost a lot of money using so-called 'free' Forex bots that work.
There have even been circumstances in which whole accounts have been wiped out. If you really want to know how effective bots are, you should check out reviews and authoritative testimonials online. This is understandable - because FX bots are a form of artificial intelligence.
Even though they are capable of performing highly sophisticated tasks, and many at once, every Forex bot is still incapable of creative thinking. They cannot imagine what may take place in the near future, as their functionality is restricted to how they were initially programmed, as well as past performance.
For traders who use forex auto trading robot software, they should not fully depend on it to conduct all of their trading activity. Ultimately, trading demands a considerable amount of human research and observation. Additionally, humans can actually follow up on diverse economic conditions and keep up with the news in the financial world, unlike automated forex trading robots.
Forex bots can solely find positive trends as well as trading signals, but occasionally their functionality is unfavourably affected by either unstable trends or false information. In addition, hackers and viruses may also hinder bots. All in all, automated FX trading software, or Forex bots, are nice opportunities for their designers to make money, but offer little benefit to you as a Forex trader. It is a debatable question - will a bot make you rich, or will it just wipe out your trading account?
Perhaps you've thought to yourself, "Are they legal? The short answer is, yes. But it's not so cut and dry. There aren't currently any concrete laws that forbid or permit the use of these automated trading tools. As such, they aren't declared illegal by law. But keep in mind the existing laws surrounding daily trading. Some countries have restricted or forbid trading forex through online brokerages.
So, trading via one of these bots in such a country could bring you face to face with legal troubles. Are Forex trading robots profitable? One thing is likely - developers of forex auto trading robot software can potentially become millionaires. Smart designers are aware that people yearn to make a lot of money, and try to ensure that robot Forex trading appears to be one of the finest ways that they can achieve this. Nonetheless, they exploit this as a possibility to design a bot, or any other software or even a DVD, webinar, seminar, e-book etc to sell and prosper.
If the bots they sell could actually make a huge amount of money through trading the currencies, then what is the point in selling them to others and not utilising them on their own Forex accounts? The answer is logical - bots can barely make money for a Forex trader. If it could, you have to ask yourself - would it really be sold for such a relatively low price? If it was this easy to earn money utilising these automated systems, nobody would ever go to work.
It is possible that bots can make money for a restricted time period, but they could start losing after a while - and the money earned by the 'best Forex bot' with one position may disappear before you can claim it. In addition, the vast majority of bots are scalpers. They make just a few pips with every position they take - and they can set a considerably tight target. The chances of surviving with such a strategy are quite limited for a trader. Successful FX trading is based on knowledge, proficiency and skill.
It involves analytical thinking, and something visual. When looking at what are Forex bots, it is clear that they cannot properly work in this manner. Market conditions tend to change all the time, and only an experienced Forex trader can distinguish between when to enter the market, or when to stay away. To get a deep understanding of Forex robots and how to use them in your trading, have a look at our webinar below with professional trader Jens Klatt:.
The Hedge Forex Robot is a fully automated robot software for forex trading that trades based on a hedging strategy this means buying and selling at the same time paired with trend analysis. This bot is appropriate for both beginners and advanced traders, due to its simplicity in use and set up.
It can be set up in a matter of minutes. It is fully automated and comes with easy-to-understand, step-by-step instructions. It is always a good idea to be careful when you are trading with hedging strategies and remember to check with your broker to ensure that they allow hedging.
A scalping bot will be placing frequent trades on your behalf throughout the day. So, you'll want to find a high frequency trading forex robot. Much like the pip Climber System, Forex Fury does not offer a free trial or moneyback guarantee. Instead, you will need to purchase the trading robot via a one-time fee. The 'Diamond' robot gets you an additional account license - should you wish to deploy two robots simultaneously - perhaps at different brokerage sites. If you are looking for the best trading robot for Bitcoin - it might be worth considering BitQT.
In terms of how the robot works, everything is fully automated. There is no requirement to download any software and install it into a platform like MT4. BitQT claims that you can withdraw your profits at any time and that it only uses reputable and regulated forex brokers. BitQT also offers a fully-fledged mobile app. This allows you to keep tabs on how your Bitcoin trading robot is performing in real-time.
When it comes to pricing, the team at BitQT claims that the platform is still in its beta testing phase, so you won't be charged anything to use the robot. You should consider whether you can afford to take the high risk of losing your money. If you are looking for a great, but free forex robot, EA Pros is one of the best possible options. This robot is constantly being upgraded, and other currency pairs are being tested too. This robot has earned a total of 28, between and It is also worth noting that it works on 5 currency pairs, and so the result is considerably good.
Live results from real accounts can be verified on FX Merge. There is no need to make changes to the robot's parameters, except in cases when the lots are considerably large. This will surely help in making this automatic system easier to use. Customer service runs from Monday to Friday practically all day long. No returns are offered as the robot is available for free for four brokers. The provider offers a fully-automated robot that comes in the shape of a downloadable software file. You are then required to install the file into MT4.
Once you do, the robot will begin to trade on your behalf 24 hours per day. In simple terms, this means that the platform claims to make gains in 98 out of every positions entered. GPS Forex Robot also claims to utilize a 'reverse strategy' to mitigate risk. This entails opening a position in the opposite direction when it appears a trade will not result in a profit - subsequently yielding a small loss.
This gives you sufficient time to test the robot out via a brokerage demo account in a risk-free manner. FX Master Bot - which also goes under the name Binary Options Robot, is relatively well known in the automated trading system scene. This robot provider specializes in binary options - covering both the forex and cryptocurrency markets.
There is no requirement to download or install any software with this robot. Instead, everything can be completed via your FX Master Bot account. Once you have registered, you will be required to choose a forex or cryptocurrency pair that you wish to target.
Then, you need to choose a trading strategy and subsequently activate the robot. This allows you to test your chosen strategy without risking any capital. Algo Signals is a popular robot provider that offers both automated and semi-automated trading facilities. Primarily, the platform specializes in forex and crypto signals. Much like Learn2Trade, these signals will tell you what pair to trade, whether you should go long or short, and what stop-loss and take-profit prices to enter.
This allows you to take more control over your trading capital, rather than relying on a robot. With that said, Algo Signals also allows you to automate your trading endeavors. To do this, you will need to open an account with a partnered forex trading site. Then, after setting your risk-management parameters, the robot will start trading on your behalf. Algo Signals also offers a demo trading facility that you can access from within your account. This allows you to backtest your chosen robot strategy without risking any money.
Crypto Rocket is not a trading robot itself. Rather, it is an online trading platform that offers high leverage limits. The platform is fully compatible with MT4 - meaning that you can use your chosen trading robot via Crypto Rocket with ease. After all, if you elect to obtain an MT4 robot, you will need to link the platform with a top-rated brokerage site. If choosing Crypto Rocket, your robot can trade cryptocurrencies, forex, stocks, and indices.
The platform offers leverage of up to - which is huge. As such, Crypto Rocket is ideal for trading robots that follow a scalping small-margin scalping strategy. In reviewing the terms of conditions of Crypto Rocket, the platform notes that it offers full support for third-party trading robots.
This is something that you should always check, as some brokers are often against the use of automated systems. Finally, all Crypto Rocket deposits are facilitated in Bitcoin, and withdrawals are processed on a same-day basis.
If you are looking for the best forex robot for beginners, it might be worth checking out BinBot Pro. This trading robot is very simple to use and you don't need to concern yourself with downloadable software or third-party platforms like MT4. Instead, all you need to do is register on the BinBot Pro website, deposit some funds, and that's it - BinBot Pro will place buy and sell orders on your behalf.
This trading robot provider specializes in forex binary options - which is a super short-term strategy. We like the fact that BinBot Pro is transparent about which binary options brokers it is partnered with. There are no fees to use BinBot Pro, so it's only your trading capital that you need to provide.
Once you have registered, you can set up your trading parameters so that the robot alligns with your financial goals and appetite for risk. There is, however, no way to know whether or not these claims are valid. While most of the robots discussed so far come with pre-built strategies - some of you might be looking to build your own. The good news is that when using EA Builder - there is no requirement to have any knowledge of coding or programming.
Instead, the platform operates a 'drop and drag' system, making it ideal for newbies. You can build a strategy to suit your trading style and tolerance for risk. You can base your robot conditions on price, candlesticks, time-frames, and more. You can also merch these metrics with technical indicators - giving your robot the best chance possible of outperforming the market.
Crucially, EA Builder allows you to backtest your custom strategy in demo mode. This allows you to see how the robot is performing in live market conditions without risking any money. You can make necessary amendments to the strategy as and when you see fit.
The robot is suitable for trading forex, commodities, and indices. Once you have built the robot and are ready to deploy it, you can download it to your desktop device and install it into MT4 or MT5. When it comes to fees, EA Builder offers a free plan that allows you to create custom indicators.
Here's a breakdown of what fees you will be required to pay when selecting one of the best trading robot providers discussed on this page. The main concept is that the trading robot will make decisions based on pre-programmed code. The underlying algorithm will therefore perform technical analysis in an autonomous manner - making it perfect for inexperienced traders or those that lack the time to actively research the markets.
When the robot spots a trading opportunity, it will then proceed to place a series of orders. In doing so, this ensures that the robot trades in a risk-averse way and thus - don't burn through your balance in one fell swoop.
In most cases, the robot will come via a downloadable software file that you need to install into a third-party platform. MT4 is usually preferred by robot developers, albeit, MT5 and cTrader are often compatible too. More on this shortly. In terms of supported markets, the best trading robot providers will cover everything from forex and stocks to commodities and Bitcoin. As we briefly noted in the section above, the best forex robots usually come in the form of a software file.
You would then be required to install this into a platform like MT4. Then, you would need to link your MT4 account with an online broker. Once you activate the robot, it will then be able to trade on your behalf. In terms of how the robot makes trading decisions, everything is based on pre-programmed code. The developer behind the robot will have a specific strategy in place.
The process above is pretty much the same as other platforms - such as cTrader and MT5. With that said, some robot providers do not require you to download any software. Instead, they allow you to activate the robot through the provider's website which in turn - will trade at a broker that has partnered with the developer. The process of installing and deploying a trading robot is actually very simple. The difficult part comes in choosing a trading robot that has the potential to make you consistent gains.
With thousands of such robot providers marketing their services online - knowing which one to opt for can be challenging. To ensure you choose the best trading robot for your needs - be sure to consider the following recommendations:. There are many other factors that should be considered when searching for the best forex trading robot. But, these are the most important.
If you're ready to start trading in a passive nature - the steps below will show you how to get started. Our walkthrough will show you how to trade forex and cryptocurrencies via Learn2Trade signals. To get the ball rolling, you will first need to join Learn2Trade. The platform gives you two options in this respect. As noted earlier, you can elect to open a free account - which will get your 3 signals per week.
Once you have registered with Learn2Trade, you will then be provided with information regarding its Telegram group. This is where the trading signals are sent in real-time, so if you haven't already got the Telegram app on your phone - download it. Learn2Trade does the hard work for you by researching the financial markets and then telling you what orders to place.
You will, however, need access to a top-rated brokerage site so that you can act on the signals. If you already have a trading account that you are happy with - you can proceed to the next step. If you don't, eToro is a great option to consider. This is because the platform is commission-free, hosts thousands of markets, and is heavily regulated.
Now that you have a brokerage account and have joined the Learn2Trade Telegram channel - now it's just a case of waiting for your phone to bleep with an incoming signal. Once you have received a trading signal from Learn2Trade - you then need to head over to your brokerage site and place the suggested orders. This is very straightforward, as Learn2Trade provides all requested order prices that need to be placed. The main attraction when using a robot is, of course, the ability to trade in a passive manner.
However, with much of the industry dominated by scam artists that make unproven claims - it might be worth considering an alternative to forex robots. At the forefront of this is the Copy Trading tool offered by eToro. The Copy Trading tool still permits passive investments - much like robots do. However, the key difference is that you will be copying an experienced and verified forex trader as opposed to a piece of unproven software. Most importantly, each and every trader that the investor has made at eToro is publically viewable.
For example, you can see how much money the trader has made each month since joining eToro, as well as other key statistics centering on maximum drawdown, risk rating, average trade duration, and preferred market. We should also note that eToro doesn't charge any fees to use its Copy Trading feature and all supported financial assets are traded without commission.
With thousands of trading robots available in the online space - choosing a single provider is not easy. We have discussed 10 of the best trading robots on this page - so feel free to research these providers yourself to see if they are a good fit for your requirements. In most cases, you will first need to purchase and download the forex robot to your desktop device.
Then, you need to install the file into a supported third-party platform - such as MT4.