Profitable trading using Forex Robots (2)

Due to huge interest was shown in the previous post about commercial Forex robots. I have decided to extend the list of recommended ones by two new ones.

• WallStreet Forex Robot
• Trading pairs:  EURUSD, USDJPY, GBPUSD, USDCHF on 1-hour time-frame
• Average weekly gain: 2.24%
• Min. deposit: $1000
• Independent test results #1: Link
• Independent test results #2: Link
• Order website

• Forex MegaDroid
• Trading pairs:  EURUSD on 1-hour time-frame
• Average weekly gain: 0.38%
• Min. deposit: $1000
• Independent test results #1: Link
• Independent test results #2: Link
• Order website

Once again, I remind you that before you start trading on a live account follow the procedure explained in the previous posts about the robots and keep in mind the rules about the testing.

  

When is your Expert advisor ready for live account trading?

Whether you have developed or purchased an Expert advisor there is a certain procedure that has to be followed before the Expert advisor is ready to trade on a live account. 

The first step is called Back-testing. Back-testing can be performed with the Metatrader platform using a Strategy Tester tool. Back-testing is not reliable, however, it is the first step, it is fast and it can give you some picture of your robot. Back-testing results should not be considered at all if your modeling quality is under 90%. Modeling quality can be improved if you import the history data. That data can be found at forextester.com. 

Strategy tester has two very useful back-testing features: optimization and visual mode back-testing. Optimization compares the trading efficiency with different values of robot entry parameters. It can help you to choose the most profitable combination. Back-testing in visual mode is very interesting when you are developing your own Expert advisor, so you can check does the robot follows your strategy completely.

 

When your Expert advisor accomplishes satisfactory results on back-testing, it is ready for the testing on a demo account. So, put the EA using the best performing back-testing entry parameters on a demo account and leave it for 3 weeks to three months. The duration depends on the time-frame EA has been using. For EAs trading on 1-minute charts, 3-week testing is fine; those trading on 4-hour charts should be left for 3 months on the test. If your EA has achieved satisfactory results on a demo account, it is ready for live trading.

 

Optionally, to be more certain you can start live account trading on a smaller account or using a smaller amount of lots (if is it available) as an entry parameter. Then after one month, you can switch to live to trade on the normal account. 

Well, if you have followed the testing process completely and if your EA has successfully passed all steps. You will certainly enjoy live account trading.

Profitable trading using Forex Robots

Forex robots or Expert Advisors (EA) are the applications that automatically open and close the trades on the Forex market. The trading using forex robots is called automated trading and it can be very profitable.

Automated trading is very suitable for those who want to participate in the Forex market, but do not have the time to dedicate themselves fully to the trading. It useful for those traders who have the problem with emotions, concentration and with the ability to follow a previously set strategy. Also, the traders who can't achieve better result manually would consider the Expert Advisors.

For automated trading, you need a computer with a good Internet connection and MetaTrader 4 platform installed. You will need a Forex broker that is providing Metatrader 4 as a trading platform and that is allowing trading with EAs. Finally, you need an Expert Advisor installed.

So, which EA to chose? The offer on the Internet is huge. Unfortunately, lots of them are scams. Either they are not profitable or they ask for an unlimited amount of money. Well, I have selected two that are profitable and guarantee a quick return of investment.

• Forex Growth Bot
• Trading pairs:  EURUSD on 15-minute time-frame
• Average weekly gain: 2.63%
• Min. deposit: $250
• Independent test results #1: Link
• Independent test results #2: Link
• Order website


• Million Dollar Pips
• Trading pairs:  EURUSD on 1-minute time-frame
• Average weekly gain: 4.62%
• Min. deposit: $1000
• Independent test results #1: Link
• Independent test results #2: Link
• Order website

Finally, when you get the Expert Advisor, firstly I strongly advise reading the manual first and get familiar with the entry parameters. Secondly, test your EA on a demo account for 1 to 3 months before you start using it on a live account.

Happy trading!

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