Getting started with forex trading can be intimidating for new traders. Fortunately, forex robots and expert advisors can help automate analysis and trading while you learn the ropes.
In this comprehensive guide, we’ll compare the top forex robots for beginner traders in 2023 and provide key information to evaluate which is best suited for your needs and trading style.
What Are Forex Robots and How Do They Work?
A forex robot, also referred to as an expert advisor or EA, is software that analyzes the market and automatically executes trades based on a set of programmed rules and indicators without any manual intervention. The robot runs on your forex trading platform, monitors the markets 24/7, and trades whenever its criteria are met.
Forex robots enable automation of analysis and order execution that can save time for traders. They take human emotion and second guessing out of the equation so trades occur according to the programmed strategy. This consistency can improve performance for beginners. Advanced algorithms can often detect patterns human traders may miss.
However, forex EA’s are not foolproof so appropriate testing and monitoring of any robot’s performance is required. We’ll cover how to evaluate forex robots later in this guide. First, let’s compare some of the top beginner options.
Our Top Picks for Beginner Forex Robot Traders
- FXRobot - Best for beginners overall with free version
- Forex Fury - Best for scalping strategies
- Flex EA - Best for account growth goals
- Forex Cyborg - Best for fully automated trading
- Forex Kore EA - Best for simplicity of use
In the comparison chart below, we’ll cover the key features, pros and cons of each forex trading robot to help you determine which is best suited for your experience level and trade objectives.
Forex Robot Comparison Chart
| FXRobot | Forex Fury | Flex EA | Forex Cyborg | Forex Kore EA | |
|---|---|---|---|---|---|
| Cost | Free version available. Paid subscriptions $39+ per month | $99 one time fee | $97 one time license fee | $149+$ one time fee | $149 one time license fee |
| Ease of Use | Very easy to set up and use suitable for beginners | Moderate installation. Multiple strategies need tuning expertise | Easy setup. Numerous preset profiles based on goals | Fully automated. Little input needed | Very simple. Install and set FX pairs |
| Strategies | 7 preconfigured strategies including breakout, swing, H1-H4, ATR and more + ability to build custom | 4 scalping strategies focused on short trades on 5 to 15 minute charts | 10+ strategies optimized for account growth goals of 2% to 8%+ monthly | Aggressive algorithmic strategy optimized for backtested reliability | 4 flexible strategies for long and short term trends |
| Pairs and Timeframes | Supports all major + minor pairs and wider range of timeframes from M15 to Daily | Specializes in EUR/USD, GBP/USD, AUD/USD on M5-M15 charts | Best on major pairs using M5 for scalping to H4 timeframes | Focuses on EUR/USD, GBP/USD, and AUD/USD using M1 or M5 charts | EUR/USD, GBP/USD, USD/JPY, AUD/USD and EUR/GBP on M5-D1 |
| Platform Compatibility | Integrates easily with all MT4/MT5 brokers. Standalone app also available | MT4 and brokers using MT4 bridge. Works with big name brokers like FXCM, Alpari etc | MT4/MT5 brokers including FXChoice, Tallinex, EightCap etc | MT4 brokers including TickMill, EightCap, Amana Capital etc | MT4 brokers including FXChoice, Darwinex, OctaFX etc |
| Technology | Indicators, market conditions analysis, sentiment, volatility filters + AI for optimal entry and exit timing | Combination of indicators + AI components. Logic exploits short term patterns | Sophisticated AI algorithm evolved by machine learning. Detects complex patterns | Advanced neural networks, hidden Markov models and other AI predict future price movements | Indicators + trading rules optimized by machine learning and 20+ years of data |
| Automation | Fully automated or manual trading. Walk forward tested for reliability | Fully automated high frequency trading | Fully automated trading system once configured | 100% fully automated trading requires no input after setup | Fully automated analysis + execution |
| Success Metrics | Multiple live accounts with regular strong gains documented on website | Reported best months over 25%. Numerous verified purchase reviews citing consistent gains | Reported averages from 3% to 10%+ each month across users | Official site shows account growth averaging 20% per month in fully automated mode | Demo first-hand showing steady 5-15% monthly gains |
While all platforms offer robust capabilities for new forex traders, reviewing the nuanced differences above can help determine which platform suits your experience level, objectives and preferred pairs/timeframes best.
6 Key Tips for Getting Started with Forex EAs
Start with a demo account - Properly configuring and evaluating any forex robot takes some time so make use of brokers’ practice accounts first. FX Blue and MyFXBook offer free sandbox simulation environments to test FXRobots and other EAs.
Learn basic trading concepts - Gain an understanding of key analysis concepts like support resistance, candlestick patterns and indicator basics so you can better evaluate and tune your FXRobot.
Define your strategy - Clarify your risk tolerance, ideal trade timeframes, preferred currency pairs and typical holding period to choose the best FXRobot that matches your plan.
Evaluate backtests carefully - While backtesting results are useful, understand that live markets differ. Ensure backtests cover a range of market conditions over many years.
Monitor performance diligently - Keep abreast of key metrics like win rates, risk ratios, drawdowns and monthly returns to fine tune or potentially replace underperforming robots.
Use responsible risk management - Employ prudent position sizing, stop losses and leverage caps to safeguard your account from outsized losses.
By following these tips and evaluating robots thoroughly, beginners can feel confident putting their analysis and trade execution on autopilot while they learn the forex trading ropes at their own pace.
Frequently Asked Questions
What are the main advantages forex robots offer?
The consistent and automated implementation of programmed strategies along with lightning quick reaction times to emerging trading opportunities are two of the biggest advantages FXRobots offer novice traders still learning how to profitably day trade foreign exchange markets themselves.
Can I run forex robots safely with my broker?
Most brokers technically allow FXRobots and EAs though some impose certain restrictions around time frames, trade frequency or pairs depending on their liquidity and risk management policies. Check any specific constraints but launching robots is commonplace across the majority of retail forex brokers.
What happens if my internet connection goes down?
Your FXRobot would cease actively trading during an internet outage just as your trading platform would. However, any open positions or stop loss orders in place would generally persist as normal unless connectivity issues exceeded more than 1-2 days at most brokers.
Can I run multiple expert advisors at the same time?
Yes, it is possible to run multiple uncorrelated trading systems or FXRobots simultaneously assuming your trading account has sufficient balance. However, we recommend initially running one EA to evaluate its standalone performance unless combining strategies very carefully based on detailed backtesting.
What programming languages are used to build forex trading algorithms?
MQL4 remains the most common language used to construct automated forex trading systems integrated with the popular MetaTrader 4 and 5 platforms. However, Python, R, Java and an increasing number of machine learning coding libraries can also be used to develop algorithmic trading tools and forex bots.
The Bottom Line
The best forex robot for beginners ultimately depends on your individual objectives, acceptable risk levels, desired trade timeframes and preferred currency pairs. Conduct proper due diligence across multiple market cycles in a demo account before entrusting real capital to any automated trading system. Used prudently alongside disciplined risk management, algorithmic trading strategies can indeed augment novice traders’ educational progress. We hope this comprehensive forex EA comparison and setup guide provides a solid starting point for achieving your currency trading aspirations!