The forex market is a dynamic sector where the popularity of FX robots keeps increasing among novice and professional traders alike. Traders are preferring to rely on top fx trading robots in order to execute an order at a much faster pace, look for profitable opportunities without minimal manual effort, and make trading decisions based on solely trading signals, free from any human bias.
While the number of forex bots is on the rise along with the popularity of algorithmic trading, let’s take a look at why traders prefer a more automated way of trading today.
Enables you to trade 24/7
With manual trading, comes certain limitation regarding time and availability. These limitations may even lead to missing out on profitable opportunities. Forex bots, on the other hand, are capable of trading for 24 hours straight without taking any break, which is not possible in manual trading. Automated trading allows traders to take the benefit of identifying potential entry and exit points – available in multiple timeframes, on behalf of them.
Eliminates the human bias in trading
When it comes to trading, there are a lot of emotions that may prevent you from taking informed decisions. Emotional impulses driven by fear, greed and ego are what make manual trading lack in this aspect compared to algorithmic trading. These impulses act as preventive forces that may affect the trading outcomes.
Using trading bots, on the other hand, eliminates the possibility of affecting the trading decisions with psychological biases. Forex bots operate solely based on trading signals and certain pre-determined parameters. Traders also get access to quantifiable data since the bots use past strategies in FX trading.
Allows you to do multitask
Since FX bots are capable of monitoring various currency pairs at the same time it removes the requirement of tracking the currencies all the time. Using FX robots gives you the opportunity to effortlessly track and monitor multiple currencies at one go. This enables traders to focus on other tasks without missing any potential trading opportunities.
Conduct faster trades
In manual trading, there is a high possibility of missing out on profitable opportunities due to the slow execution of a manually entered order. The faster the execution speed, the greater the chance of generating profit. When it comes to speed, FX bots are nearly incomparable to manual trading techniques. You can identify and execute lucrative opportunities at a much faster pace with trading robots.
Now that we have looked into the reasons behind the popularity of FX bots in the current trading scenario, here are the top FX bots available in the market at present.
Top 3 forex bots to consider
With a success rate of around 90%, the London-based trading company remains among the top FX robots currently. Learn2Trade is known for being the leading FX trading signal provider that offers courses related to day trading and responsive customer care along with trading signals to enter and exit a position.
It also prioritizes the necessity of proper risk management in FX trading that enables clients to safeguard their capital in a better way. Traders can trade the major currencies with the money-back guarantee if the bot proves to be incompetent.
FX Master Bot
When online FX trading is concerned, another effective web-based automated trading bot would be FX Master Bot. Here traders do not need to download or install any software to use the services and can directly operate from the platform.
Owing to the underlying algorithm, the bot will monitor numerous forex and crypto markets to identify a potential trading opportunity. The platform currently supports 5 cryptocurrencies along with 17 major foreign currency pairs.
The 1000pip Climber is considered one of the most sophisticated robots in the FX market currently that offers easy to navigate interface. Ideal for beginners, this bot has a strong track record that can easily be verified on myfxbook. 1000pip Climber is also an affordable alternative compared to other FX bots currently. This bot can be the ideal choice for those who seek to get high performance without the hassle of adjusting any setting.
Due to the many benefits they offer, forex robots can be useful for both novice and professional traders alike.