To get started you need to follow the following steps:
1. Open a trading account with a preferred broker.
2. After account approval you can fund the account.
3. Choose a VPS provider in case you prefer to use one.
4. Enable “Autotrading” in your MT4 platform and you can start trading.
Trend strategy:
Pros: Usually uses stop loss, trailing stops and take profits. Lot size and pairs are variable. Cons: Not many trades – consecutive losers – stop hunting
Grid strategy:
Pros: EA does not care about market direction. Uses a stop loss, but it’s set far from entry. If used correctly it will sustain most market conditions. Stop hunting is very hard. Also, grid strategies are not too spread sensitive. Cons: Weak during big news events. Not enough margin. Most grids need 1:400 leverage.
Martingale strategy:
Pros: dazzling results in a short time. Trades a lot. Cons: You need a lot of margin. Leverage must be high. Very weak during news events.
Price action strategy:
Pros: Very easy to use in combination with manual trading. Furthermore these type of EA usually have sophisticated money management settings. Typically you can trade these EAs in smaller accounts. Cons: they do not trade often. Also you can expect consecutive losers, so sometimes hard to keep faith in the strategy.
Scalping strategy:
Pros: These strategies can pick up many profitable trades where you can adjust the lot size. These type of strategies tend to be very active over night as well. Cons: You need an ECN account with good executions, which means these EAs are spread sensitive. Another disadvantage is consecutive losers.
Basically there is no such thing as the best forex robot. Maybe you prefer high profits with high drawdown, where an other trader prefers low risk with smaller profits.
You can see more information, quick statistics and a link to either myfxbook. This account is real and provide a lot of information.
The forex robots that are getting the most positive feedback we placed in the features robot category.
Yes. A VPS saves you a lot of hassle with problems such as power cuts, WIFI problems, Windows updates etc.To read more about a Forex VPS.
To check if your forex broker is EA friendly read this carefully.
– is it an STP or dealing desk broker?
– is scalping allowed
– how are the executions
– did you check the data feed (tick data)
– how much is the up time percentage of the mt4 terminal
The questions above you should always check. EA friendly brokers should be in the category where there is no dealing desk and where they allow scalping. Executions are fast and they have no issue with providing tick data. And of course, they should offer a stable platform.
We do believe that automated trading is performing better for most traders and it saves a lot of time. However, we have heard too many “Holy Grail” stories and there is no such thing. Trading with EAs is risky too and requires monitoring your account from time to time.