Robots analyze the market, compare obtained results to data indicated in the settings, and make corresponding decisions. There are hundreds of software based on various algorithms, which makes it possible to choose the best option for any trader with any experience.
Where to get a robot for auto trading?
Today there are paid and free programs. Paid robots are considered more reliable, however, that’s not always the case. Some unfair developers offer bots at unreasonably high prices while the quality and working capacity of their applications leave much to be desired. One may start with free software. Brokers often provide them. You should realize that the functionality of most free robots is somewhat lower.
So, when choosing a robot, consider the next parameters:
- Price. It shouldn’t be too high if the robot doesn't have proven efficiency.
- Seller’s rating. Get the app from proven developers only.
- Trial period. It is required so the trader has a chance to try on the app.
- Maintenance. The best thing is when you have full-time communication with a developer, as well as regular updates.
So, you can buy an advisor from a proven developer for big money or find one on the internet for free. You get to choose!
Trade robots benefits
The use of robots to get a passive income comes with many benefits. First of all, the advantages of programs are as follows:
- Ability to work around the clock. Robots can work at any time of the day, without days off and holidays. They don't need breaks or vacations. The program will function until you turn it off.
- No emotional factor. Advisors have no fear, doubt, or fatigue. They make decisions according to preset settings. No surrounding problems can distract them from the intended purpose.
- High-rate decision making. A robot takes a few moments to analyze the situation and make a decision. Even the most successful and experienced trader has no such reaction rate.
- Multi-functionality. The program can carry on trading with several currency pairs. You just need to set it in the settings.
Moreover, the trader hasn’t to share the income with the robot. This allows significantly increasing income and account size.
Trade advisors drawbacks
Trading advisors do not have many minuses but they need to be considered when choosing a proper option. The major drawbacks are:
- The lack of human factor. The robots have no emotions, they act in strict accordance with the algorithms. Programs do not know how to analyze situations occurring in the world.
- Difficulty in choosing a program. There are hundreds of robots on the market, differing in functionality and capabilities. In addition, there is a high risk of falling across an unscrupulous developer.
- Some traders get used to relying solely on the capabilities of robots neglecting their education and development. Meanwhile, regular improvement of a trader's skills is a major key to success and large profits.
Many beginner traders wonder how much money they can get within the first month or year of using an advisor. However, it should be realized that trading is a difficult work that requires full dedication from a person. To start getting a stable income in foreign currency and not rely on chance, it is important to act in “tandem” with the robot. In addition, you should not expect big profits at the initial stage, let alone worry about taxes.
Best Forex robots
For today, all automated advisors may be divided into four big groups:
To get a passive income using robots automated programs are often used. They make decisions on their own based on the preset settings. Semi-automated robots provide a signal only but it is a trader who makes the final decision. This option fits more experienced market players.
The robots are also distinguished by their income level:
- low-frequency. These programs are used rarely if there’s a goal to get a large profit. They make no more than 10 transactions per month, on the other hand, they allow minimizing the fee and levels of trading risks.
- mid-frequency. The robots from this group can provide decent profitability. These are they, which most experienced traders choose. The price of these programs is not high, which makes them maximally affordable. They can make a few tens of transactions per day.
- high-frequency. They are used rarer because their price and cost of maintenance may be beyond the average trader's means. These bots make thousands of transactions per day, which significantly increases the probability of a large profit.
When it comes to specific options, it is worth taking a closer look at the Happy Hamster trading robot. This app was developed specially for Forex trading automation. The software differs with simple and clear control. The app provides information on transactions made and allows monitoring the income in real-time. The robot fits both beginners and experienced traders who want to take it to a decent passive income. It is fully autonomous and doesn’t require human interference.
Important! Even if you use the best app with excellent feedback and rating you shouldn't exclude the human factor completely. The trader has to control position all the time, monitor the settings, and timely updates.
A trading robot may be a great assistant for a trader. However, it’s necessary to choose the right software for this end, as well as to come up with your strategy. It should be realized that the selection of software may take some time and it will be hard to make the right choice if you don’t understand the basics of the market and features of the Forex platform.