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breaking news Best Forex Auto Trading Software Right Now • Benzinga


Forex traders dreamed of being able to automate trading plans. The relatively recent availability of trading platforms like the MetaTrader suite has made this dream a reality. There is, however, a wide range of options that you should consider before deciding on your preferred platform, website, or app.

You can either program yourself or hire a programmer to code your trading plan. Other services provide ready-to-use automated trading plans based on a range of technology, software or successful AI-based trading plans. Read on to learn more about automatic forex trading and how to get started.

Best Automated Forex Trading Software

Most people think of automated trading as being software driven or done by a third party expert advisor. But other types of automated trading include a forex trading robot service and automated copy trading that mirrors the trades of an experienced trader.

Benzinga reviewed the available options. Take a look at our top picks for automated forex trading.

1. Best Overall Automated Trading Software: MetaTrader 4 or 5

MetaQuotes’ MetaTrader 4 and 5 (MT4/5) trading platforms have dominated the automated online forex trading market for years. Most top forex brokers support trading through 1 or both platforms.

Using the MQL4 or MQL5 programming languages ​​built into these platforms, you can code your own Expert Advisor (EA) to automate your trading plan. You can also ask one of the expert EA developers available to code it for you. The software also has a large user community and a large number of EAs written by third-party developers that you can run on your MT4/5 installation.

MT4/5 also hosts a wide range of expert traders whose trading signals you can review and copy. To do this, use the trading platform’s built-in social trading feature available under its Signals tab. You can follow some signals for free. Others involve a subscription cost of some type.

This free online trading software remains the gold standard in automated forex trading for retail traders.

2. Best Forex Robot: 1000pipclimbersystem.com

The Forex Climber 1000pip Robot is a very advanced expert advisor that has been specially designed to work with MetaTrader4 and 5 (MT4/5). The robot uses a unique Forex trading algorithm that constantly monitors price movement in search of good trading opportunities. The robot is fully automatic and will work on MT4/5 around the clock.

The long-term performance of the robot has been extremely impressive and, more importantly, the results have been independently verified by MyFXbook.

Even though the analytics behind the robot are complex, the 1000pip Climber robot is designed to be very easy to set up and use even for a beginner. Users were particularly impressed with the 1-on-1 support and mentorship provided by the Forex robot developer. As a result, this robot has received almost universal 5-star ratings on Trustpilot. If you are looking to automate your trading with a high performance system and would benefit from the support of a professional trader, the Climber 1000pip robot could be your best option.

3. Best Automated Copy Trading Service: eToro

Although eToro does not allow you to automate your own trading plan, the online broker can automatically track and copy the trades of one or more of the expert traders featured in its social trading service. These traders have established track records that you can refer to for proven and consistent profitability.

eToro lets you trade over 2,000 different assets and offers a free demo account to experience its services. Almost any trader can use eToro’s intuitive forex platforms and apps. When it comes to educational resources, eToro has some great deals. The online broker even accepts US-based traders as clients from most states.

What is automatic forex trading?

Automatic forex trading involves software that runs scripts that you can program yourself or buy. It may also involve using services to automatically trade on your account based on the service’s proprietary trading plan. Sometimes online brokers have multiple bots or trading plans that use different methodologies.

You can use any bot you like, but you have to do some research first. These programs control your money and you want to know how that money will be spent.

Another form of automated forex trading is provided by online brokers who facilitate copy trading which duplicates an expert trader’s trades in your personal trading account.

Does Automated Forex Trading Work?

The best thing about automated forex trading is that it can remove emotion and human error from the trading process. Any trading plan is only as good as its established track record in a live trading account. You will need to make sure that your trading plan is generating consistent profit before you take the time to code it or hire someone to do it for you.

Most third-party auto trading services have already gone through this process and continue to tweak their plan based on changing market conditions to ensure maximum returns for clients.

Make Money with Auto Forex Trading

You can make money with automatic forex trading if your own trading plan (or a plan you pay to subscribe to) proves profitable. But market conditions change over time. Remember that a system that works over certain historical periods may not remain profitable in the future.

Most automatic forex trading systems and services use technical analysis to determine when to enter and exit the market. Although this method of market analysis has strong popularity, it is also known to break down during times when the forex market quickly adapts to new information.

Such breakdowns can lead to unexpected losses when your auto trading system blindly follows technical trading signals without human discretion or understanding of underlying conditions. It may be wise to stop a technical automatic system from trading during major economic and geopolitical events. That’s why it’s important to look for platforms that allow you to use a mobile device. You could, in theory, close your account at the airport if that’s when the market crashes. Otherwise, you have to wait to reach a desktop or laptop.

Best Online Forex Brokers

Choosing the right forex broker involves finding services and tools for your trading plan and level of experience. Be sure to check forex platforms using a demo account before depositing real money.

Benzinga has set up a table to compare the best brokers. You can also check out our FOREX.com review for a full review of forex brokers.

Claim exclusive offers

  • CedarFX is not regulated by any major financial agency. The brokerage is owned by Cedar LLC and is based in St. Vincent and the Grenadines.

  • Minimum account

    AUD$200 or equivalent

Is Automated Forex Trading Right For You?

Many traders find automated forex trading to be an attractive idea. But the need for a consistently profitable trading plan, a trustworthy trading robot or an expert trader to copy holds them back.

Automated forex trading can help you get into forex trading. You can achieve your dream of financial independence by increasing your trading capital over time without much effort.

Frequently Asked Questions

questions and answers

Q

What are some great auto forex trading programs?

A

There are many choices to include MetaTrader4, Zen Trading Strategies, and eOption.

Q

What are the benefits of using automatic forex trading software?

A

It allows you to test strategies, diversify positions and reduce emotional trading decisions.


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