Automated trading robots for Forex beginners: A comprehensive review

Forex trading can be a highly lucrative profession if you have the right knowledge, skills, and tools. However, for beginners, it can be a daunting task to navigate the complex and volatile market of foreign exchange. This is where automated trading robots come into play. In this article, we will review the top automated trading robots for Forex beginners, their features, pros, cons, and user experiences. Our goal is to help you find the right Forex robot that matches your trading goals, style, and budget.

What are Forex automated trading robots?

Automated trading robots are software programs that use algorithms and artificial intelligence to execute trades automatically based on pre-programmed rules and indicators. These robots can analyze market data, identify trading signals, and place orders without any human intervention, thus saving time, effort, and emotions. Forex robots can trade 24/7, handle multiple instruments, and adapt to changing market conditions faster than humans can. They can also backtest historical data, optimize settings, and monitor performance in real-time, providing insights and improvements to the trading strategy. Automated trading robots can be used by both novice and experienced traders to supplement or replace manual trading.

Why do Forex beginners use automated trading robots?

Forex beginners often face many challenges and risks when starting to trade manually. Some of the reasons why they opt for automated trading robots are:

Automated trading robots can help address these challenges and risks by providing the following benefits:

Sign Up

How to choose an automated trading robot for Forex beginners?

Choosing the right automated trading robot that meets your needs and expectations can be challenging, given the abundance of options available in the market. Before buying or subscribing to a Forex robot, beginners should consider the following factors:

Based on these criteria, we have selected and reviewed the top automated trading robots for Forex beginners in the market.

Top automated trading robots for Forex beginners

1. Forex Fury

Forex Fury is a popular Forex robot that has been around since 2015. It is designed to trade on multiple currency pairs, including EUR/USD, USD/JPY, AUD/JPY, and GBP/USD, and to work on the MetaTrader 4 and 5 platforms. Forex Fury uses a scalping strategy that aims to capture small profits on quick trades, based on technical indicators such as moving averages, support/resistance levels, and price action. Forex Fury claims to have a win rate of up to 93%, a maximum drawdown of 21.24%, and an average monthly return of 4.41%. It has been tested on live and demo accounts, and verified by Myfxbook and Forex Peace Army.

Forex Fury offers two pricing plans: a one-time payment of $439.99 for one account or $489.99 for three accounts, or a monthly subscription of $39.99 for one account or $89.99 for three accounts. It also offers a 60-day money-back guarantee, a live chat support, and a detailed user guide. Forex Fury has received positive reviews from users who appreciate its ease of use, reliability, and profitability, as well as its professional and responsive support team.

2. Forex Diamond

Forex Diamond is a Forex robot that specializes in trading on the USD/CAD, USD/CHF, EUR/GBP, and GBP/USD pairs, using a scalping, trend-following, and counter-trend strategy. Forex Diamond claims to have a win rate of up to 68.2%, a maximum drawdown of 26.36%, and an average monthly return of 1.23%. Forex Diamond uses advanced algorithms and indicators such as volatility breakout, trend reversal, and price momentum, and can adapt to different market conditions. Forex Diamond is compatible with MetaTrader 4 and 5, and can work on both Windows and Mac devices.

Forex Diamond offers a one-time payment of $279 for one license, or $439 for two licenses, or $589 for three licenses, with free updates and support for life. It also offers a 60-day money-back guarantee, a user manual, and a ticket support system. Forex Diamond has received mixed reviews from users who appreciate its technological sophistication, diversification, and risk management features, but criticize its low profitability, high drawdown, and limited trading opportunities.

3. GPS Forex Robot

GPS Forex Robot is a Forex robot that was created by the legendary trader Mark Larsen. It has been around since 2009 and has undergone several updates and optimizations. GPS Forex Robot trades on the EUR/USD and USD/CHF pairs, and uses a scalping strategy that can capture small price movements in both directions. GPS Forex Robot claims to have a win rate of up to 98%, a maximum drawdown of 23.35%, and an average monthly return of 11.59%. GPS Forex Robot has been tested on live and demo accounts, and verified by Myfxbook and Forex Peace Army.

GPS Forex Robot offers a one-time payment of $149 for one license or $298 for three licenses, with free updates, support, and bonuses such as a private members area, a custom indicator, and a trading guide. GPS Forex Robot has also a 60-day money-back guarantee, a live chat support, and a video tutorial. GPS Forex Robot has received positive reviews from users who appreciate its high profitability, low risk, and ease of use, as well as Larsen's reputation and credibility in the Forex industry.

4. FX Master Bot

FX Master Bot is a Forex robot that offers a unique combination of automated trading and human intelligence. FX Master Bot allows you to connect with experienced Forex traders who can give you advice, tips, and signals on how to optimize your trading strategy. FX Master Bot uses advanced machine learning algorithms and technical indicators such as RSI (Relative Strength Index), MACD (Moving Average Convergence Divergence), and Bollinger Bands, and can trade on multiple timeframes and instruments, including cryptocurrencies.

FX Master Bot offers three pricing plans: a free account with limited features and support, a standard account for $250 with advanced features, support, and one-on-one sessions with analysts, and a VIP account for $5000 with additional benefits such as custom strategy and risk management, and access to exclusive events and materials. FX Master Bot also offers a 60-day money-back guarantee, a 24/7 support, and a detailed FAQ section. FX Master Bot has received mixed reviews from users who appreciate its innovative approach, social trading feature, and educational resources, but criticize its high fees, signal accuracy, and customer service.

Sign Up

Conclusion

Automated trading robots can be a powerful tool for Forex beginners to overcome the challenges and risks of manual trading. By using a Forex robot that suits your trading style, goals, and budget, you can achieve higher profitability, consistency, and convenience, while reducing emotional biases, time constraints, and complexity. In this article, we have reviewed the top automated trading robots for Forex beginners, such as Forex Fury, Forex Diamond, GPS Forex Robot, and FX Master Bot, and provided insights, pros, cons, and user experiences for each. We hope that this review will help you make an informed decision on which Forex robot to choose, and wish you success in your Forex trading journey.