Best Forex Auto Trading Software: A Comprehensive Review
Are you spending endless hours monitoring the forex market and trading manually? Or are you new to forex trading and struggling to find the right strategy for success? You need the best forex auto trading software to automate your trading and take the guesswork out of your trades. In this review, we'll take a comprehensive look at the top-rated forex auto trading software of 2021, helping you make an informed decision and take your trading to the next level.
What is Forex Auto Trading Software?
Forex auto trading software (also known as expert advisors or EAs) automates the forex trading process, allowing traders to automatically enter and exit trades, set stop loss and take profit orders, and even implement complex trading strategies. Forex auto trading software uses algorithms and trading signals to generate trades based on pre-defined rules and conditions.
Why Use Forex Auto Trading Software?
Forex auto trading software offers several benefits:
- Efficiency: Forex auto trading software can monitor the forex market 24/7 without human intervention, ensuring you never miss a trading opportunity.
- Consistency: Automated trading eliminates the emotions and biases that can cloud judgement and lead to bad trades, ensuring your trades are consistently executed based on your chosen strategy and rules.
- Backtesting: Forex auto trading software allows you to test your trading strategies and rules using historical data, helping you refine your strategy and increase your chances of success.
- Diversification: Forex auto trading software can handle multiple currency pairs simultaneously, diversifying your portfolio and potentially reducing risk.
What to Look for in Forex Auto Trading Software
With so many forex auto trading software options available, it can be challenging to know what to look for. Here are some essential features to consider when choosing the best forex auto trading software:
- Reliable Performance: Look for forex auto trading software that has a proven track record of reliable performance and has been tested over long periods.
- Easy to Use and Install: Choose forex auto trading software that is intuitive and straightforward to install, making it accessible to both novice and experienced traders.
- Compatibility: Ensure the forex auto trading software is compatible with your preferred trading platform and broker.
- Automated Trading: Ideally, the software should be fully automated, allowing you to set rules and conditions for entry and exit.
- Pre-built Strategies: Look for software that comes with pre-programmed strategies that have been tested and proven to work.
- Backtesting Capabilities: Backtesting allows you to test your trading strategies using historical data, helping you refine your strategy and increase your chances of success.
- Real-time Market Analysis: Ideally, the software should provide real-time market analysis, including charting and technical indicators that help identify trading opportunities.
- Risk Management: Choose forex auto trading software that provides risk management features, such as stop-loss and take-profit orders.
- Technical and Customer Support: Ensure the software provides help and support when needed, including technical support and customer service.
- Pricing and Affordability: Choose forex auto trading software that fits your budget, balancing affordability with quality.
Top-Rated Forex Auto Trading Software
In this section, we'll take a close look at the best forex auto trading software on the market. Each software will be described in terms of their features, performance, compatibility, and pricing.
1. MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is a popular forex trading platform that also offers expert advisor functionality. MT4 allows users to create, test, and implement their automated trading strategies using MQL4 programming language. MT4 is available for Windows, Mac, iOS, and Android.
Features:
- Real-time market analysis with 30 built-in technical indicators and 23 analytical objects
- Backtesting capabilities with historical data
- Automated execution of trades and flexible order management
- MQL4 programming language for creating custom indicators and automated trading strategies
- Mobile trading with iOS and Android apps
Performance: MT4 has a proven track record of reliable performance, and its wide adoption among forex brokers makes it a popular choice for novice and experienced traders alike.
Compatibility: MT4 is compatible with most forex brokers, making it accessible to a wide range of users.
Pricing: MT4 is free to download and install.
2. MetaTrader 5 (MT5)
MetaTrader 5 (MT5) is an upgraded version of MT4, providing additional features and functions. MT5 allows users to create custom trading robots and technical indicators using MQL5 programming language, making it a powerful tool for creating automated trading strategies. MT5 is available for Windows, Mac, iOS, and Android.
Features:
- Real-time market analysis with 38 built-in technical indicators and 44 analytical objects
- Multi-asset trading, including forex, stocks, commodities, and futures
- Backtesting capabilities with historical data
- Custom indicators and automated trading strategies using MQL5 programming language
- Built-in economic calendar and news feed
- Mobile trading with iOS and Android apps
Performance: MT5 has a proven track record of reliable performance, and its advanced features make it an attractive choice for experienced traders.
Compatibility: MT5 is compatible with most forex brokers, making it accessible to a wide range of users.
Pricing: MT5 is free to download and install.
3. Forex Strategy Builder Professional (FSB Pro)
Forex Strategy Builder Professional (FSB Pro) is a comprehensive platform for building automated forex trading strategies. FSB Pro offers a user-friendly interface that allows users to create, test, and implement their trading strategies. FSB Pro provides a range of backtesting and optimization tools to help users refine their strategies.
Features:
- User-friendly interface with drag-and-drop strategy builder and code editor
- Multi-currency and multi-timeframe support
- Multiple testing modes, including backtesting, walk-forward testing, and optimization
- Built-in strategy optimization tools, including Monte Carlo, multi-market, and parameter shifting
- Custom indicators and automated strategies created with FSB Pro scripting language
Performance: FSB Pro provides reliable performance and offers advanced customization options for experienced traders.
Compatibility: FSB Pro is compatible with most forex brokers, making it accessible to a wide range of users.
Pricing: FSB Pro offers a 15-day free trial, after which users can purchase a lifetime license for $699.
4. Forex Robotron
Forex Robotron is an automated forex trading system that uses advanced algorithms to trade the forex market. Forex Robotron trades multiple currency pairs and offers an easy-to-use interface and consistent results over an extended period.
Features:
- Fully automated trading, including entry and exit orders, stop-loss, and take-profit
- Trades multiple currency pairs
- Real-time market analysis
- Reliable performance over extended periods
- User-friendly interface
Performance: Forex Robotron provides reliable performance over extended periods, making it an attractive choice for novice and experienced traders.
Compatibility: Forex Robotron is compatible with most forex brokers, making it accessible to a wide range of users.
Pricing: Forex Robotron offers a single lifetime license for $499.
Conclusion
Choosing the best forex auto trading software can be overwhelming, but with the right information and evaluation, the process can be made easy. This review has highlighted some of the top forex auto trading software on the market, each with its unique features and strengths. Regardless of the software chosen, automating your trading with forex auto trading software can significantly improve trading efficiency, consistency and help you achieve your trading goals quickly.