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Forex Robots: Are they Money Making Machines?

If you have always wanted a robot to clean your house or take your dog for a walk, you would understand how attractive a Forex robot is. These services do not clean windows or take care of your pets, what they offer is definitely something much better: a relatively non-interventional way of trading in forex and other financial markets.

Many people dream of finding the perfect trading system, which guarantees profits and requires minimal effort for users. When many Forex robot programmers are available, there are some important questions to be answered.

What Is A Trading Bot?

As the name implies, a trading robot – also known as Robot Forex goes beyond simply testing trading strategies to currently apply them in real-time to make real transactions with live market data. When the robot generates a buying or selling signal, the platform automatically places the transaction. These systems have often been used by institutional traders for a long time in all markets. During the last few times, trading robots have become quite popular with private traders, particularly because they do not require any programming experience to create, execute and optimize them in an automated forex system.

Assuming the robot is well designed, tested, and its performance monitored, robot-assisted trading has some obvious advantages:

-You never miss an opportunity: the robot can work 24/7.

-There are no emotions, pure discipline: a trading robot eliminates the emotions of forex trading as long as you are disciplined enough to let the system work even when you believe that the rules do not apply under certain circumstances.

So if you do:

-You create a set of clear and unambiguous rules that can be expressed in a programming code.

-You have the time and experience to translate these rules into a program and test it, or use a programmer to do it. So automated trading is the best way to execute a precise forex strategy.

How Does A Forex Robot Work?

Trading robots use algorithms and advanced software to automate trading decisions. Services range from giving you a trading signal to placing and handling the transaction for you automatically requiring minimal or no human intervention. If you have a forex strategy that is strictly mechanical and does not require a human decision process, you can program your robot forex to make transactions 24 hours a day.

The most popular robots for retail customers are programmed on the Metatrader 5 platform. These robots are run on MetaTrader as “expert advisors” (trading robots) and are the implementation of some trading rules in a code that Metatrader or other trading platforms can understand and execute. MQL5 (Metaquotes Language) is the integrated programming language designed to develop forex robots with the Metatrader 5 platform and requires advanced programming skills. But, there are several tools available that allow you to generate unscheduled forex robots, known as “EA Generator” or “Strategy Builder” (EA generators or strategy developers).

What Is the Cost?

Many companies create and sell trading robots, but be careful who you do business with if you are in the market to buy one. It is not unusual for brokers, traders, and different unregulated websites to appear overnight and start selling a “get rich right away” robot, including a money-back guarantee so that your money will disappear within 30 days or less. Most of the robots that are made to be bought are not successful, so please do your research beforehand if you are thinking about buying one. The best thing is to be cautious because there are a lot of risks on the learning curve or mining data in the offers that are for purchase. As mentioned above, the alternative is to use an ea forex generator, designed to help you create, test, and export unlimited robots for Metatrader 5, without writing codes.

A Forex robot is much cheaper than a human manager or an account to copy the movements. Most companies sell robot forex for a one-time fee or a monthly fee as well as an annual fee. Even so, any forex robot needs constant parameter optimization and may fail after a successful start. In other cases, customers have access to an EA generator and even an expert within the company dedicated to consultation and support.

Those conditions do not apply to most of us, so the way most of us should use this option is using retail forex trading. Many forex brokers offer a variety of trading systems as part of their offerings. There’s nothing wrong with these, especially if you’re allowed to check them for a while to see how they work.

Expert Advisors (trading robots) are generally designed to work in specific environments, typically for a trend or markets that tend to regress, but not both. Before choosing a forex robot, you must understand what kind of markets and conditions the robot is designed for. A legitimate vendor will give you clear and concise information on what kind of conditions the robot works in, its performance, the amount of time it has been in operation, the benefit you can expect as well as the maximum you can lose.

As with any business proposition, if the benefits of a robot forex sound too good to be true, the odds are that it will. If the benefits look very out of place and their price is very low, well, I hope they allow you to test it first with a small amount of risk, otherwise, continue your search.

Ideally, as far as possible, review as much time as the robot has been operating and understand market conditions during that period of time. For example, at a time of growth and rising interest rates, the trading robots they buy will work well as the riskier currencies are favored. However, during the crises, these robots will suffer.

Typically, the more benefits you get, the greater the chance of losing. If a salesman offers you big profits and losses, he’s being honest. If the seller offers you high profits without a high risk of loss, you should be suspicious. There are many online trader forums dedicated to automatic trading; there are legitimate robot programmers and there are frauds, so consider yourself warned.

But, the main option is to build your own robot forex.

What is the Best Software for Robot Creation?

ROBO ADVISOR 007 is the only software to create robots online. With Robo Advisor 007 you can automate your forex strategy for Metatrader 5 in a comfortable and safe way. No need for you to know anything about advanced programming since the robot generator is smart enough to write the code for you. The source of the program is a very advanced algorithm that tests the strategy, similar to that of Metatrader, but much faster. The program is so fast that you can automatically create and test the strategies.

Robo Advisor 007 has several components:

The generator – The generator is in charge of creating and testing the systems automatically. The generator saves the most successful strategies in the collection. The moment a strategy is generated, it can be exported as a trading robot or send it to the editor for review and improvement.

The collection – when we are using the generator, the program stores successful strategies in a collection. You can search the strategies collected by a certain parameter and send it to the editor for export or review. You can also export the entire collection for further revalidation and use.

The editor- With the editor, you can create and edit strategies by modifying the indicators and parameters. When you edit a strategy, the program tests the historical data, displays the most important statistics, shows the balance sheet, and charts the curve of profits or losses. Since Robo Advisor tests are so fast you can improve your strategies while looking at the graphs. When you find a strategy you like you can export it as a forex robot.

Report- When a strategy is in the editor you can go to Report to see extensive information about test results in the historical data. The report page contains all statistical information, graphs, and the transaction log.

Exporting robots – You can export your robot forex to use in Metatrader. The exported robots use only standard MT5 indicators, which makes it very easy to use the robots in MT or upload your files to a VPS (virtual computer). You can confirm the operation of your robots with the software to test the strategies of Metatrader Strategy Tester with a demo account or data that are not known. If your tests are good, you can use your robot for real trading.

The idea or intention of Robo Advisor 007 is that software to create Forex robots with a good algorithm to test the strategies as well as an execution of the strategies in real time give you as a result a good benefit. Please be extremely careful when dealing with real money and always consider the risks.

How to Create a Robot with a Generator

With the powerful tools used by hedge funds or global investment managers and institutional traders, you can create forex robots with generators without any programming skills and without programming. You will see real results immediately and with just one click you can download the best robot for free and use it in Metatrader 5.

If you are a novice in the markets, you can generate strategies for forex, stocks, indices, raw materials, and cryptocurrencies with just a few clicks. You will see hundreds of strategies that are already tested and ready to be used. A robotic counselor (Robo-Advisor) gives you the possibility to use many strategies in a single account. This way, you can diversify risk and achieve more stable results.

Forex Signals

A Prop Traders’ Take on Expert Advisors

As trading in the currency market may be a completely dissimilar experience for different traders, a single piece of advice may also apply differently across different people’s careers. If you feel that a specific set of instructions is not working out for you, while others seem to be doing quite well following the exact same steps, understand that there are more things at play aside from technical suggestions and tools.

Money management, trading mindset, and overall psychology sometimes seem to be the main determinants of one’s success, which are only topped up by their pristine routine and theoretical knowledge. In fact, some experts assume that whichever way you decide to go about with a specific currency, be that long or short, is by far less important in comparison to an individual’s money management skills. Naturally, traders may want to take all preventative measures to increase their chances of succeeding while decreasing their losses. Some other specifics of forex trading, such as entry points, can thus be perceived as an additional vehicle that could help traders ensure smooth trading in the spot forex market.

Even more importantly, the understanding that the means to becoming a successful trader are naturally diverse, which further implies that traders can always discover a new, easier method that could land them more pips than ever before. Due to supporting the maintenance of an inquisitive approach, this article covers the topic of expert advisers in an attempt to assess and present some important conclusions regarding this matter and provide forex traders with more opportunities to expand their vision concerning this market.

Forex expert advisors, or in other words robots, stand for a program created for the purpose of managing a trade more efficiently and earning more money as a result. Once plugged in any trading or charting software connected to a trader’s account (Metatrader 4 as the most widely used today), an expert advisor is meant to give signals and guide individuals throughout the trade on the basis of the program. The programmers behind these algorithms which are aimed at directing traders in their trades create codes that serve as a business plan. As code writing is a lucrative business, many seem to be interested in creating these programs and selling them for a particular fee despite not really knowing much about the market itself, which is unfortunately quite often the case.

As the aim of every trader is to establish a continual flow of income, this solution may seem like a perfect fit for anyone who is less impressed by the challenges of sitting long hours at the computer trying to grasp the essence of this market. Owing to high demand for any driver that could bring money with less effort, expert advisors have grown to become a large industry as they are now sought by many currency market participants. 

While market enthusiasts who can navigate the programs to their benefit may certainly exist, anyone attempting to secure their financial stability via code is advised to exercise caution. The best approach to discovering and using an expert advisor (or EA) includes properly conducted research and testing as any rash, blind purchase on a random website may turn out to be quite costly in the end, both literally and figuratively. Any product advertised online will typically have a carefully structured description that was designed in a way to appeal to a potential customer, so the manner in which a product is advertised does not necessarily confirm its effectiveness and efficiency. Many traders sharing their experiences with these robots online have seen the dark side of this business, as they claim to have tried a wide range of different EAs before disappointment sparked their interest in understanding the market and the tools better.

Some prop traders even seem entirely certain that finding a valid robot to manage people’s trades effortlessly on their behalf is rather arduous work, further stressing the importance of carrying out detailed research that would prevent any misfortunate outcomes from happening. The likelihood of getting hold of a good EA is, therefore, not impossible, yet the task itself is just incredibly challenging. Should you, however, be able to get your hands on one such good EA, a number of prop traders would assume that your battle for securing a stable money flow would then be over, as your program would in that case be providing you with stable wins in a row. 

The chapter of expert advisers then truly requires traders to challenge and analyze any EA that they come across, especially because, as discussed above, many codes have been written by programmers who possess little knowledge of the nature of forex trading. Whereas some experts in this market did think about atomizing their algorithms, they decided not to go along because they realized that the technical side is precisely that – a side or one side of the story, and how any trade they have ever entered required a fair share of intellectual work as well. Programs simply cannot account for this aspect of human existence or ability, which significantly reduces any program’s chance of being a sole tool for traders to rely on.

In addition to the human factor described above, there is another aspect of the spot forex market that a program of this sort is highly unlikely to track or take into consideration. As many traders already know, the currency market often undergoes many changes, so we go from periods of consolidation to quite volatile market moves, sentiment-caused reactions, and the impact of news events, among others. Unfortunately, these programs are often only designed to work properly under one such market condition, which could make any trader believe it is a work of art, but only for a while, that is until the market changes its modus operandi.

Many traders primarily seek this product so as to avoid the strenuous process of learning that naturally slows down the time span required to start making money from trading currencies. The desire to escape the reality of doing a job we dislike, living in underdeveloped countries, becoming rich quickly or any other reason that involves the need to rush things for that matter inevitably reduces traders’ odds of making their forex trading career take off. These are some of the main causes of failure in this market and most probably the sole reason behind the longevity of this robot industry. Prop traders, who are incredibly well versed in all aspects of the forex market, often describe the EA industry as a game for luring impatient individuals into falling for a scamp, may it be for at least a few months before they turn around and accept the sobering reality.

The pool of traders who display insatiable hunger for success never seems to be able to dry up, so in order for you to take necessary precautions and protect your finances, you should note down several key steps to follow before signing any contracts or paying some of your money. One of the first and most important points to consider includes results, as this is essential data that many companies omit in their product descriptions.

Actual numbers and tangible results are vital and they ought to back up any convincing story used for advertising a program of this kind. It is interesting how these same products are still sold despite the lack of quantitative information that traders should seek prior to the purchase. If you just quickly investigate these companies with your browser now, you would be able to discover that traders are mainly asked to trust the program and the selling company rather than form their opinion based on some real evidence. 

Aside from evidently refraining from supporting their claims with numbers, these EA selling companies also often use quite manipulative tactics to blur traders’ vision and trap them quickly before they figure out the true nature of the product. These sly maneuvers frequently entail adding a spreadsheet with numbers that have no realistic grounds. The companies often insert the data that they create freely and present them as real evidence of a product’s quality. So, should you see any factual information concerning the number of pips produced in a month, you should really think twice and seek to find more information about the company and the product.

In spite of their fraudulent nature, these companies seem to be in the clear when it comes to penalties and punishment. The fact that such companies can simply get away with these activities can be connected to their country of establishment, which are typically either quite far away or do not need to obey international law.

Playing with numbers is unfortunately only one of many different manners the robot industry can trick traders – for example, any such program can be created in such a way that traders are presented with some unbelievably good, blow-out-of-the-proportions data, when in fact the money management was just tweaked to exaggerate any wins. What is more, these programs can also be developed so as to only show you the wins, while any losses are simply not included in the calculation. While the information on the wins may even prove to be legitimate, the number of hidden losses may substantially exceed the wins. 

Some sellers may decide to show you a top-winning robot based on having a large number of accounts and different robots running on each of them. Some others may try to lure you with a promise of earning a staggeringly high number of pips which is simply impossible in reality. These linguistic games also include presenting information on an impressive return that is, unfortunately, a product of overleveraging, which only tells you that the risk of your account being wiped out has increased instantaneously. These tricks are numerous, yet the companies will see your account go down and it is not them who will have to worry about the consequences, which is why every trader needs to make sure that he/she obtains all the information in advance.

Strategies such as Martingale, for example, make traders double up every time they lose until they finally win, which is followed by a break-even, offering them to keep all their wins. Alas, if this approach led to anything good in the long term, people would not be losing their houses in casinos. In addition, some other sources that once used to be credible, such as MyFXBook – a website used for tracking results, are no longer classified as trustworthy due to alterations done intentionally to get to traders. Therefore, anything offered so freely, disguised under the “genuinely altruistic” or “highly efficient” tag, has probably been compromised for the purpose of amassing a fortune on the basis of your misfortune. 

 As invested and deep researchers of all matters pertaining to the spot forex market, prop traders are likely to leave room for finding an EA that actually works well and does not conceal any valuable information. Nevertheless, even if you believe that you have found “the one you have been looking for,” give yourself the benefit of properly (forward) testing it before you actually invest real money.

The best and the safest way to acquire in-depth knowledge about your program of choice is to use your demo account and really invest your time and effort into assessing this product over a longer period of time. Traders may need a minimum of one month before they are able to see how these expert advisors operate, which is why extending this testing process to a few more months, without feeling scared of investing since fake money is used, may be the wisest decision before committing to tying your real account to one of these programs.

The percentage of dissatisfied customers is said to be extremely high among the group of traders who have purchased and used these programs in the past. The one way you can protect yourself against the robot industry’s creative tricks is to carry out extensive research and maintain a degree of suspicion regardless of the testimonials or results that the related companies may present on their websites. Should you decide to indulge and purchase one of the EAs whose advertisement you found to be credible, you should definitely demo test it and track the results for a period of one month at least. Only once you have accumulated the results you are satisfied with can you actually move on to plugging the EA into your real account, and rather invest small before confirming the previous success with your real money.

Lastly, in spite of the ease that the possession of such a program could bring about, these quick solutions, and most importantly the need for the psychological hunger to progress fast, may not be the road worth taking long-term. Rather choose to be a good trader in control of your account than hope for wins and rewards will follow naturally. In case you find an EA that works long term, if it adapts to new market conditions, if it has sound risk management implementation, use it as much as you can but still be ready for sudden losses your account should endure. When all is said and done, the search for a great EA could be as time-consuming as making your own manual trading algorithm minus the trading experience, which is irreplaceable. 

Forex Signals

What are the Best Forex Trading Robots?

Forex robots or Expert Advisors (EAs) for MT4 appear to be a dream come true for many people, as we can see from various chatrooms and comment sections. Automated trading has emerged as a perfect solution for anyone who finds manual trading to be too hard or resents the process of learning about the Forex market. Forex enthusiasts seem to love trading robots because they can work 24/7, they are unaffected by emotions, and they are available on the MetaTrader platforming many shapes and prices. The number of forex trading robots seems to be doubling each day, forex is more and more driven by automated solutions and increasingly intelligent AI.

If you just care about the gains and rate robots based on their net gain performance during a month or a year, you could be shocked that the best performing robot suddenly lost a big part of your account one day. Consequently, this leads us to how do we interpret the specs and presented the performance of an automated solution. MetaTrader 4 and 5 platforms have a testing module that could give us some clue if the robot is functioning well on a specific asset, time, or market conditions. The industry and the demand grew so much you now have so many websites selling EAs and investment companies that take deposits for their AI to trade with. Not to mention scalping strategies are mostly automated since they can execute much faster than a human would. The guide of how to find the best robot is likely to be obsolete in one year given the pace EAs are produced. What’s more, the robot could simply stop being “the best” once the market conditions change. So we are going to give you a few evergreen universal pointers for your quest.  

The internet is full of marketing bloated false websites that attach to anything popular. Automated trading is very popular, everybody would like to earn money without knowledge about trading and almost no effort. When it seems too good to be true, it probably is. Now you have really to dig the internet search results to find something about robots without a bias of sponsorships, industry pitching, and overblown robot performance (fake). When you look at the top-ranking lists you will not find the same robots, and even top-ranked robots will not be the best according to reviews sites. Then it gets even fuzzier when you want to find a specific robot type. There are a few starting web portals you may look at first to have an overview of the EA market. 

First, go to Forex Peace Army and read some reviews. The reviews on this site are not made by sponsors, but by real users, most of the time. You will also see some red flags and warning about a particular robot seller, scams also if you want to see how people got scammed, it is educational. Focus on robots with a good number of reviews, having a 5-star rating does have any weight if it is based on 2 reviews. When you read the reviews, try to figure out if they have enough useful information about the product. Something like “great robot!” does not mean a lot to anyone. Check the FPA forum if something grabbed your attention on the internet. For example, Forex Fury is a very praised robot by rank websites, but it is not as great according to users. Of course, robot users are not always good representatives of its quality, so take everything they say with a healthy dose of suspicion. 

Explore how the robot selling portal looks like, who is the author, what is the strategy behind. Check for any flashy content, extremely good performance charts, percentages, and ambiguous claims or explanations about the robot. Any of the mentioned is a bad sign, especially when no trial is offered. Interestingly, demos are not commonly offered. You will notice when the portal is just full of pitching lines, it is wise to stay clear of those. 

Before all, understand where the robot is applicable, its settings, how to set up, and if all this is in line with your lifestyle. It is not comfortable to fund a robot that is overtrading or has a Stop Loss level too far. Most of the time robots will require a sustainable connection with the market 24/7 so you will need a VPS service. Assess how all the costs combine to your preference and how much can it hopefully earn to make everything worthwhile. Some robots are based on subscriptions or work only in very calm market conditions when you are unavailable to put it to run. Therefore, you need to do a lot of o research about a robot of preference, including the performance elements. 

Gains are not important, it is how they are achieved. If you see the robot is allowing for too big of an account drawdown (%) at any given moment, know its risk profile is not optimal. Some robots are just made for high-risk gains and are not meant to be used all the time since they will fail at one moment and bust the account. Robots with risky strategies are sometimes used with small deposits but on multiple leveraged accounts, one that endures a month might have enough gains to cover all the costs. People who want steady income will search for other strategies designed no to risk too much, single-digit gains per month without overtrading, martingale, and cost averaging when things go sour. Such robots/strategies are developed by experienced traders, able to be manually exercised with the right tools. 

If you use the MetaTrader platform, then you probably know about the EA market. Here you can find so many robots, some of them are free. The best trading robot can be free and still make your profits. Some of the very promising robots are not even listed on any website except on the MQL market. Robot authors usually describe the robot strategy and performance charts to the best ability, yet some free robots do not serve really to provide good results and may just be demo versions of the paid variants. When you read the technical specifics presented, know they are not accurate. The high winning rate of some robots could reveal the strategy is based on many short trades with high-risk tolerance hence the winning rate is high. Lossing trades are typically extreme with these, even one is enough to leave you empty-handed. 

Consider robots that are constantly updated. It is hard to devise a strategy adaptive to market conditions. Robots are rigid, simply there are not enough code statements to cope with the ever-surprising forex market. Because of this authors need to update their robots meaning you will inevitably see losses once the conditions are not “right” for your robot. Adaptive strategies are not that uncommon, the market conditions could be recognized by some tools for volatility, such as $EVZ, ATR, Choppiness Index, and similar. Also by comparing past data with the specific events that could drive the market bullish or bearish, for example. Automating strategies is very hard work and requires a lot of testing. The price for complex adaptive strategies robots is high, mostly over $1000, still, it is a small price to pay for something that generates consistent profits. 

Finding the best robot requires a lot of work and luck. The search part is already time-consuming and unfortunately, the time invested in the research might not bear fruits. The promising robot might perform well and then simply stop. There is a lot of factors that could turn the odds quickly the robot just can’t compensate for. The answer to this bread question is unsatisfying – the best robot is the one who gives you at least some profit.

Forex Service Review

FXCharger Forex Trading Robot Review

FXCharger is an automated trading robot that was designed to work on the MT4 trading platform. As we well know, not all trading robots are created equal. Check out this FXCharger review prior to making a purchase and using this tool to trade on your behalf.


FXCharger is an automated system that sets a unique take profit and stop loss for each order with adjusted settings based on the current market condition. The system typically allows orders to stay open for 1-4 days while setting a take profit level that is reasonable. The stop loss settings are designed to ensure that the robot does not lose any more money than what is specified in the setting, even in the event of an internet loss, system crash, or drawdown. There are two product versions: FXCharger Basic only works with the currency pair EURUSD, while FXCharger MAX works with the pairs EURUSD, AUDUSD, and EURGBP. The MAX version also offers complete control for settings and can be optimized to work with more currency pairs. Note that the system is compatible with any forex broker

Service Cost

FXCharger offers two separate versions with varying prices:

  • FXCharger Basic for $385
  • FXCharger MAX for $495

On the website, the Basic package is displayed beside a graphic with 2/5 battery bars charged. The MAX package has a graphic of a fully charged battery. It seems as though the primary differences revolve around supported currency pairs and that the MAX option offers more customizable settings. Both products come with a 30-day money-back guarantee, free lifetime updates, and 24/7 customer support. 


FXCharger offers a unique automated system with special settings in place to reduce losses. Traders are given the option between a Basic or MAX version of the product, with more currency pairs and advanced settings being benefits on the better version (which costs $110 more). This product is a bit pricey and the number of supported currency pairs is restrictive for the price, although the MAX version can be optimized to work with more pairs. Online, reviews for this product tend to go in both directions.

Some give it a one-star rating and cite losses, while others give 4-5 stars with positive reviews. Once you consider that there is no free trial, purchasing becomes somewhat of a gamble. The best way to reduce your potential losses is to monitor the product initially and to be sure to check the default settings and to ensure that stoploss settings are at accurate levels. 

Forex Indicators

All You Need to Know About Manual Trading Vs. Copy Trading

These days, there are a lot of different ways that you can trade, two of the main ways that people trade include manual trading the art of performing all the market analysis yourself and then placing the trades, ad copy trading, the simple act of finding a trader that you believe has a good strategy, and simply copying their trades onto your own account. The latter is fastly becoming one of the more popular ways to trade with multiple platforms appearing allowing people to copy other traders’ trades. We are going to be looking at the advantages and disadvantages of both so you can compare which method of trading may be best suited for you.

Manual Trading

If we start by looking at manual trading, this is the traditional style of trading that you see in the movies or have most likely read about online. This form of trading involves you looking at the markets, working out the direction of your trade, and then placing your trade in line with your strategy and any risk management plans that you have in place. There are a number of different advantages when it comes to manual trading, the first point to make is that when you are trading in a manual manner, you are less susceptible to certain events such as economic news, simply because you are in control of your trades and can decide not to put any trades on during these times.

You are also able to perform better than a computer in regards to placing trades, simply due to the fact that you have experience, your own intuition, and are able to make decisions based on real-world events that a robot may not be able to. The other main advantage is simply the fact that as a human trader you have the ability to analyse more variables that influence the markets whereas a computer will not be able to.

Having said that, there are also some disadvantages to trading in a manual manner, this includes the fact that as a human, you are prone to emotions, these emotions can have an effect on your trading and can potentially cause you to make mistakes. Trading can also take a long time, time that you do not always have and so you may need to make sacrifices to other parts of your life to trade properly. Due to this, he may also have to sit at the computer for long periods of time, making it a little boring if nothing is happening. Your trading will also be limited to your availability, you can only trade when you are there at the terminal, so this will be limited by things like sleep and work.

So that is manual trading, but what exactly is copy trading? There are actually a few different versions of copy trading including, signals, mirror trading, and social trading. Each one has a similar concept, you are finding a trader and then simply taking their trades and putting it onto your own account, hence the term copy trading. It takes a lot of responsibility, but you are putting your accounts and trades in the hands of someone else. So let’s take a quick look at the different versions and advantages of these trading methods.

Copy Trading

Specifically for copy trading, there is a master account that is controlled by a person. Then there are then a number of copy or save accounts that are linked to that original account. When a trade is placed on the master account, it is automatically copied to the copy accounts. The advantages of this sort of trading include that you can trade with very little knowledge of forex, there is no need for you to monitor your trades all day long, you won’t miss any trades as you are taking the same ones as the trader is, you have the opportunity to learn from the taker by watching what they are doing, you are also able to diversify your portfolio while at the same time keeping your risk low.

There are of course some downsides to copy trading, these include the fact that your account is out of your control, you are automatically copying trades, so if bad trades are made, you will make them too. You also can’t make any decisions based on your own findings or initiatives. Finally, you won’t gain as much knowledge and experience simply copying someone rather than doing the work yourself.

Mirror Trading

There is also mirror trading. It probably sounds pretty similar due to the names of copy and mirroring. The main difference is that with copy trading you are copying from a single trader, with mirror trading, you are taking trades from a basket of traders, you don’t necessarily have a choice of which traders and which trades to mirror, just that you will get some from that basket of traders.

Some of the advantages of this style are the fact that it does not take a lot of time at all, the trades and analysis are done by other people. There is a reduced risk when compared to copy trading due to there being a choice of multiple traders rather than just one. The potential for consistent profits are higher and can be expected due to the trading models generated from mirror trading, there are also no emotions when trading like this as they cannot affect the trades that are being put on.

There are of course some disadvantages too, including the fact that you are not in control of the trades that your account is making, the algorithms used to choose the trades are also often not known which can make it hard to know why certain trades are being made. It is also important to note that this form of automated trading is not recommended for beginners, as you need some form of understanding when choosing which traders to have in your basket.

Social Trading

The other style of trading is social trading, this is a mix between the other two, this is where there is a kind of marketplace where you can view other traders or trades and choose which ones to copy, it gives little more control over what you trade and copy.

The advantage of this style of copy trading is that you have more control over what you are trading. You are also able to engage with other traders, getting and giving ideas on trades, and working out different reading strategies. There is often more information available on the traders so you can better analyze their trading strategy to work out exactly what you want to trade.

There are once again some downsides, including the fact that it can take a long time to work out who to follow due to the amount of analysis that you will need to perform, you may also miss opportunities for trades if you are not at your computer, some traders and news events can have more hype than expected, giving a false sense of confidence in certain traders and some of the social trading platforms can have transparency issues, keeping their workings and costs hidden from the copiers.

So that is manual trading and copy trading, there are advantages and disadvantages both, you need to work out which one will work for you, or maybe even try a little bit of both. There Is no harm in trying multiple methods, as a beginner, copy trading is perfect, but it is always good to learn on the side so that you can later be an independent trader with the ability to trade fully yourself and not have to rely on others.

Forex Service Review

MathTradeSoft Worldwide Trading Robot Review

Mathtradesoft Worldwide Robot is an EA that was created in March 2020 by Iranian developer Mehdad Mohammad Nejad Namvar. This is not the first EA developed by Mehdad Mohammad Nejad Namvar, who has more tools available on the MQL market. Worldwide is a Trade Robot (EA) designed for MT4. Works with the part of a trend determination strategy that is the general direction of a market along with appropriate stop loss and take profit levels. The workflow is largely automated after assigning it to a chart. MathTradeSoft WorldWide Robot decides when to buy or sell, but the trader can disable or allow long or short trades. Maximum margin, market execution, stop loss, make profits and the overall robot options can be adjusted by an operator.

Characteristics of the Strategy

As a general method, it is the best way to be in the direction of trend and trade with it safely using stop loss and take profit, which means that if the overall direction of the market is up, traders must be aware of taking any position that depends on the trend in the opposite direction. This strategy is activated to show itself when there is a potential desire in the market and both among buyers and sellers with signs that are considered as a short trend direction or long weakening and investment during the volatile and non-volatile hours of negotiating. Many indicators such as CCI, ATR, WPR are used in order to improve robot skills in trend detection and trade.

The relative reduction is close to 25% on average (with broker leverage of 1:500).

Note that the results may be incorrect when testing with Metatrader tester because Metatrader strategy tester is not working on real ticks; so the test results are not good criteria for evaluating the robot. It is highly recommended to confirm the robot in a demo account.

Tips for getting better results with Mathtradesoft Worldwide Robot:

-When you load the EA into the chart, you will see a set of options as input parameters.

-All settings are by default and the robot is completely ready for use.

-The minimum balance required is 1000 USD for trade.

-If you are a risk trader you can increase a Fixed lot according to the minimum balance and withdrawal that are required accordingly.

-Recommended time frame: M15

-Using the next pair in trade can reduce the risk based on the robot’s fixed lot and margin level.

-Symbol to be used: EURUSD

IMPORTANT NOTE: You can increase the size of the Fixed lot at certain levels of the deposit.

All of the above developments with the automated trading robot itself make it an easy-to-use trend trading system for all types of traders.

Requirements and Recommendations

ECN account with 1:500 leverage and normal spread ranging from 0-15 pips (5-digit brokers), command execution, and low latency to ensure transactions run as fast as possible.

-The currency of deposit: USD or EUR.

-The recommended currency pair and the optimal time frame are EURUSD and M15. This combination has had the best result in the backtests performed by the developer.

Parameters defined by the user:

  • Fixed lot – lot quantity for orders.
  • Take profit – user-defined at the level that designates the price for closing.
  • Stop-loss – User-defined stop loss level for trading.
  • Max loss points – defined maximum points for loss that can be set by an operator.
  • Is market execution – the type of order execution for the trade, true or false.
  • Max spread – maximum propagation filter.
  • iMA Period – number of bars for Mobile Media indicator calculations.
  • iCCI Period – number of bars for Commodity Channel Index indicator calculations.
  • iATR Period – number of bars for True Middle Range gauge calculations.
  • iWPR Period – amount of bars for William’s percentage range indicator calculations.
  • Long trade – option to enable or disable long trades.
  • Short trade – enables or disables short trades.
  • Magic number – unique identifier for robot commands.

In short, we are talking about a tendency robot like many that exist in the market. It is advisable for you to use a VPS or virtual server to ensure that all transactions ordered by the EA are executed, otherwise, we will have to leave the computer on 24/7. It’s an EA of considerable cost, and we’re missing an audited real account with the robot running to see its actual performance. Our best option can only be to download the free trial demo version and see how the EA works and its potential benefits for our trading.

As a newly created tool, there are currently no user opinions that can give a more realistic view of the functionality of this EA. Mathtradesoft Worldwide Robot is for sale on the MQL market at a price of 1,280 USD, and its rental is also available at a price of 550 USD for 6 months of use, and 1,000 USD for 1 year of use.

Forex Service Review

RoFX Forex Trading Robot Review

RoFX was created by a team of software developers and traders in 2009 before being made available to the public one year later. The system is fully automated and seems to be targeted towards beginners without much experience, along with more advanced traders that don’t have the time to trade consistently.


RoFX was created to place trades automatically on one’s account, which makes it a good choice for any investor that is just starting out. The website points out that experience is not needed to use this system and that human emotions won’t negatively affect trades, which makes the robot more efficient than a human trader. Of course, these points could be made for any other fully automatic trading software. Here are a few of the system’s features:

  • Ability to see your account transactions from the “history menu”, including your profit and any performance fees that have been applied
  • Account statistics and analysis is offered
  • Works with the MetaTrader 4 platform
  • Losing trades are protected by AutoTrader and each trade uses a stop loss
  • Does not use leverage; only trades with your actual funds and those of the company
  • 24/7 customer support

Developers don’t spend a lot of time explaining how the robot trades or what contributes to its decisions, however, traders are given control with the “history menu” where they can review all of their trading results. Still, it would be nice to know more about the algorithms that are being used.

Service Cost

Traders can choose from several different packages, each of which requires a different deposit minimum, trade for a different amount of time, offer a different share in the profit, and charge a different performance fee. Here are a handful of options from the website:

The TRIAL package requires a $1K – $5K deposit, trades for 30 days, provides a 40% share in your trading profits, and charges a 60% performance fee.

The MONEYMAKER package requires a $10K – $50K deposit, trades for 270 days, provides a 65% share in your trading profits and charges a 35% performance fee.

The VIP package requires a $100K+ deposit, trades for 270 days, provides an 85% share in your trading profits, and charges a 15% performance fee.

A few other packages are available, including advanced compound and no lock versions. According to the website, the developers of RoFX actually guarantee coverage of any losses that are incurred on behalf of the robot thanks to their “reserve fund”. Also, note that withdrawals are free, and traders are compensated for any charges that do apply.


RoFX was created to provide an automated trading solution to common trading problems, such as lack of experience and the downfalls of human emotions when it comes to trading decisions. The system uses a stop loss feature on every trade, along with promising to cover any losses through a special fund that has been set aside. There are several different packages to choose from, which can honestly become a little confusing if you aren’t used to dealing with this sort of thing.

On the bright side, the robot takes its profit from a predetermined percentage of your trading profits, rather than requiring a large fee upfront. You can even purchase the TRIAL package to test it out for 30 days if you’re on the fence about making a larger purchase. We were a little disappointed that developers didn’t spend more time talking about this robot’s strategy, however, user reviews seem to point to this being a legitimate system that is profitable, so it is seemingly worth investing in, even if you decide to start with a smaller package.

RoFX can be found at the following web address:

Forex Service Review

CentoBot FX Trading Robots Review

CentoBot is a platform that offers trading robots exclusively for their platform and brokers. The website is basic without much information about the robots provided and total obscurity about the company behind this service if there is one. CentoBot website looks like more as a landing page for the three brokers the robots service is connected to than any real automated software provider. The presentation will show how to register, how to set up a robot, and an account on their platform.

Whatsmore, there are 3 awards about offering “the best binary options robot” in 2016, the “Top quality” award, and “100% Confident”. These awards look like leftovers from website development page templates that serve just to fill in space, they are completely made up in a very uncreative way. All of the links on the page lead to registration, a marketing tactic used to lead visitors to registration without spending too much time reading.


CentoBot presents several of its top robots on its single-page website, including:

Cryptobot v2.0 is based on MACD and RSI indicators and works with popular cryptocurrencies. MACD and RSI are one of the most popular indicators although many newer iterations based on these are regarded as better. CentoBot dares to say that this robot generates 300% gains a month, a figure too high to be considered seriously.

Bitcoin Algo v2.1 uses past data on main cryptocurrencies to enter trades. The algorithm probably uses Price Action levels but there is no more information about this one.

Ethereum Rise v1.1 is specialized for Ethereum and uses the “CCU” (probably CCI) and Stochastic indicators. Note that both of these indicators are not designed to be used for crypto, both are developed decades ago before cryptocurrencies.

Crypto Majors v1.1 is literally described in the same way as the Cryptobot v2.0. Using the same MACD and RSI combination for major cryptocurrencies.
Altcoins Combo is specialized for altcoins. It is described as to use diversification as the primary feature.

The final option is to create your custom robot with indicators and strategies.

We went on and registered to try the demo that is offered. The registration will ask you to select 3 brokers, Binarycent, VideForex, and RaceOption. These brokers are all offshore, unregulated, and do not have positive user feedback on benchmark sites. Whatsmore, all of them are blacklisted in some jurisdictions. Once you register you can see some more robots on the list and the gains they produce. The gains are all positive and, according to the CentoBot representative, all are during a 2 to 4 weeks period. The worst top 10 robot gained 103% and the best is called xCryptoProfit with 253% gains.

You will have the option to “Unlock the robot” and “Robot Demo”. The Robot demo is false. What is presented is some slider movements on various crypto assets like the robot is in action and a chart with the balance and time axis. Of course, the demo will be over in a few seconds and an always positive report will show, usually the same gain numbers.

On top, there is a country and name initials where allegedly latest client results are shown. Interestingly, the US flag is there even though it is stated that CentoBOt does not accept US citizens. After the demo, you will be asked to deposit with the selected broker during the registration. The minimum deposit is $250 with the RaceOption, but the other 2 brokers have the same minimum deposit requirement.

Service Cost

We’re going to assume that each robot carries a different cost, but are unable to confirm this because costs are not shown until after an account is registered. Requiring an upfront registration is a common marketing tactic, but nonetheless, is problematic and could be viewed as rather sketchy.


It is evident that CentoBot, unfortunately, is just a funnel page for these brokers that probably belong to the same group. They have similar bonuses, offers, and marketing. The robot’s performance could not be measured and the gains presented are also most likely fake. CentoBot website does not try too hard to present a good cover and even beginners will see through the obvious manipulation.

This Forex service can be found at the following web address:

Forex Service Review

News Trader Pro Trade Robot Review

News Trading is a risky strategy whatever the methods used, however, it is popular, most traders like to predict price movements even sometimes they are not logical to the news report. News Trader Pro is a semi-automatic EA specialized for news trading using several methods or combinations with pending orders and other algorithms. This EA is designed for the MetaTrader 4 platform although the MT5 version exists. It belongs to the paid category, has numerous features, and it is regularly supported with updates.

The initial version appeared on 30th September 2014 on the MQL5 marketplace and the most recent version is 2.13 from March 2020. There are many new added features in the updates along with the bug fixing and URL updating. These kinds of indicators rely heavily on external news feedback sources, making them sensitive to changes and must be supported regularly. Once the support for them has ceased, they will not work. The author of News Trader Pro is Vu Trung Kien from Vietnam, having at least 48 products and he seems to understand trading well, also having good coding knowledge gauging by this EA quality.


News Trader Pro allows you to have a specific trading method set for each news event, with all the Stop Loss and Take Profit options. The News Events are loaded from various sources form the internet and plotted into the MT4 chart. Once the event is imminent, the EA will apply the set strategy or other settings and trade accordingly. To a degree, the risk is reduced in trading the news with this EA, as the market becomes volatile at the moment. EAs are reacting and executing faster than humans, in the moment of high volatility, having such ability reduces the risk, especially if the strategy with several Money Management rules is applied. Pending trades are one of the key components for the strategies incorporated with News Trader Pro.

There are a few preset strategy settings although a trader can make its own based on the parameters of his choosing. News Event drawing on chart module is segmented into another product if you are interested in just the events monitoring, it is called News Loader from this developer. Running an EA usually requires it to be applied to each asset chart opened in the MT4, this EA does not require that, it will trade all the Events on every symbol once applied for the first time. A special feature is added for spread widening and automatic adjustment of the Stop Loss and Take Profit distance. A description and illustration are provided in the EA for those not familiar with the strategies concepts.

News Trader Pro has 5 ready-made strategies for news trading. Clicking on the event will open a strategy set up for that particular event. The classic strategy is just to predict the event or the price move and set the buy or sell once the timing is right. Using this EA will avoid the slippage as a trade is opened while the market is not yet volatile. Prediction trades go wrong more than the confirmation ones, especially without the Risk Management measures. Traders would need to apply some measures using this method or accept the risk. Pending Trap strategy places long and short pending orders with some distance between them. Once one of them gets triggered, the trade will follow the breakout. Of course, a whipsaw may happen before your Take Profit level and end with a loss. Therefore, some traders use the Limit orders expecting this whipsaw or reversal.

Whatever the method is used, Risk Management tools must be used. If traders are fond of Grid trading, the EA supports the Grid pending trap method notable for scale in trades at important price levels. Exiting with a Take Profit or a trailing Stop Loss is great for strategically capturing profits. Martingale strategy implemented into this EA could be used for countering the losses made from the whipsaw or any strategy that has initially failed. By making a bigger trade-in another direction, traders hope to negate the losses and even build up profits from the turn of the events. The logic behind this one is the market changing the direction again is less likely. Mid and Long term traders may want to rely on the event report results change to set a trade. News Trader Pro can recognize the change and trade accordingly.

Traders will have a lot of freedom to tamper with several types of Stop Loss, Pending, Take Profit, OCO, and timed pending orders. Depending on the strategy selected different options will appear useful for that particular strategy. For example, the Martingale pending trap strategy has the Lot multiplier factor and how many times to repeat the function. The author has noted that News trading is risky and that the EA will not fully automated. There are also factors coming from the broker that is greatly affecting the trade, such as the liquidity for that particular asset, slippage, etc. The overview page is well made showing that the developer is organized and experienced.

Service Price

The price for the News Trader Pro is $299 to buy with 5 activations. To rent for one month the cost is $149, one user also commented that renting this EA made him enough profit to buy. A demo is available, a special link is provided for it as the EA is not fully automatic.


Users are generally happy with this product, giving it 4.3 stars based on 16 reviews. The ones with low ratings do not have any argument, therefore not helpful. We could say this EA received high rating taking into account News trading is very risky, most angry traders may emotionally give the EA a low rating. One notable recent review gives good feedback:

“This is a must-have in your daily arsenal. I currently use this on my VPS and it is very very accurate and provides automated risk management to keep you from losing a lot of money in the event the trade is unsuccessful. Specifying lot sizes are important with this tool but I love the fact that if the market whipsaws you, it automatically will hedge and close the positions with profit. AWESOME JOB!”

Trading the news is not easy, following the logic will not always reward you and to most one bad prediction cuts the profits made before. If you have a profitable strategy that blends in with News Trader Pro, the price should not be the issue for this quality product.

This Forex service can be found at the following web address:

Forex Service Review

Pterodactyl Forex Trading Robot Review

Pterodactyl is a forex trading robot designed and created by Forex Robot Trader. It is one of a selection of robots created by the same company and is based around fractal trading.


As we mentioned, this forex robot is based around fractal trading, this is where indicators on candlesticks try to identify reversal points in the market. The robot is being marketed as perfect for anyone with some of its main features being its automated fractal trading, the fact that it is incredibly intelligent, it’s built around a powerful strategy, you can trade any pair that you want and it makes better trades in minutes. This is a lot to live up to.

The robot has been designed to work with the popular MetaTrader 4 platform, there does not seem to be a version for any other trading platform.

The way the robot is being promoted makes it seem like there will be a lot of trading being made and it states that it is a high-frequency robot, there should be no manual trading or intervention needed by the user and can be used on any currency pair, that is a big claim to make, as many robots often need to be used on certain pairs rather than working on all of them.

Forex Robot Trader has posted up some results from the robot, if we look at the past three months we can see the following results:

  • January 2020: $46,524
  • February 2020: $41,587
  • March 2020 up to 13th: $19.661

These are very impressive results, however, we have a few concerns with them. Firstly, the account being used has a balance of 4.5 million, this is not a realistic account size for the types of clients that they will be getting. The absolute drawdown on the account is at just $192.80, considering the account is using trade sizes of 1 lot, we find it hard to believe that the drawdown as never gone below that figure, especially during MArch 2020 in the heart of the Coronavirus outbreak where the markets are extremely volatile. Our final concern is that it looks like it is being used on a demo account, so the trading conditions can be optimized to the robots’ needs and it does not take into consideration all the fluctuations in the real markets.

Forex Robot Trader has not linked up the results to an independent site such as My FX Book to verify the accounts, so please take anything you see with a pinch of salt.

Service Cost

The Pterodactyl robot currently costs $79.00 which is down 60% from its original price of $199.99. There is one of those countdown timers indicating that there isn’t long to get the robot at that price, however, this is just a marketing ploy, as when you refresh the page, the timer starts again, so the robot is most likely always going to be at the reduces price of $79.00. There isn’t a demo of this exact robot, but the creators of the Forex Robot Trader are giving away a free robot, so you will be able to see how their robots work and to test whether they can be effective.


There are a few reviews available on the site, however, they are all 5 stars except for a single 4-star review, we are always a bit weary when there is nothing but perfect scores for a product or service.

One of the reviews states: “300 DOLLARS! I just made that on 1 single trade!!! I can’t take my eyes off of my trading platform! It feels a little like betting, which I know, is a bad thing. But this robot gets into some kind of groove and starts knocking trades out of the park left and right.”

Other sites around the internet have ratings ranging from 6/10 to 1/10 so it looks like the opinions are varied. The information provided looks great in theory, However, the fact that the results look a little suspicious is a big red flag.

This Forex service can be found at the following web address:

Forex Service Review

WaveRunner Forex Trading Robot Review

The WaveRunner forex robot is a robot designed and created by Forex Robot Trader, a website that hosts a number of different trading robots.


There are a number of different features to this trading robot which is designed to work using Eliot Waves to trade the market tops and bottoms. It is stated that the robot is compatible with all forex currencies and will work on all timeframes. The robot has been designed to be used on the MetaTrader 4 trading platform and will work with brokers who use both 4 digits and 5 digits as their pricings.

The robot won’t be interrupted by manual trades or actions, the robot has automated money management built-in as well as the ability to enable trailing stop losses. The majority of the robot setting sare also adjustable which is good to see.

We can look at the past three months results, they are as follows:

  • January 2020: $19,663
  • February 2020: $35,300
  • March 2020 Up to the 14th: $14,005

The month that stands out for us is the March figures, during the mayhem that is being caused by the Coronavirus, the robot has still managed only $104 in drawdown, using 1 lot trade sizes. This means that the robot is doing an amazing job, or the numbers may not actually reflect what is being traded. In fact, when we look at February 2020, the robot had an absolute drawdown of just $76.40, with a profit of $35,299.70, as a child you are often taught and if it looks too good to be true, it probably is, we would need to say the same thing here.

The results also have not been verified by a third party such as My FX Book which again leads us to believe that they may not be 100% genuine.

Service Cost

As with many of the Forex Robot trader robots, the robot seems to be on a permanent sale, you can purchase the robot for $69.00 which is down 65% from $199.00. As mentioned, this sale seems to be on permanently for all robots, so the standard price is $69.00, a very low price for a robot that is seemingly printing money.

There is no demo of the WaveRunner robot available, but there is a demo robot available from Forex Robot Trader available to use, this could give an idea of how their robots work.


While there are no reviews directly on the website, when looking around the internet there is a whole host of reviews both about this specific robot and Forex Robot Trader as a whole, we have detailed a couple of them below so you can see what others are saying:

“Performance was terrible. I see many successful trades $0.50 – $2.50. But the losses were $10 – $100. That is just pathetic.” (1-star review)

“Bought several EA from them, support is terrible. All EA does not work and burns account very quickly, do not buy from them!” (1-star review)

“The account has a 15% return over 45 days which is all I can ask for really. I was about to give up before I found this. Don’t believe the hype – but don’t believe the detractors either. You have to try it out for yourself. But I can say that yes, I do recommend this service!” (5-star review)

So as you can see a range of opinions, but the overwhelming consensus seems to be a negative one.

This Forex service is currently available at:

Forex Service Review

Volatility Forex Robot Review

The Volatility Forex Robot is a trading robot designed by Forex Robot Trader and is one of the many robots that have been designed and created by the same website.


The Volatility Forex Robot as you may guess uses Volatility to try and make money. “The Volatility Channel SAR Robot is impressive in its simplicity. The concept is straightforward: draw a line at the highest high of the past N number of bars and the lowest low of the same. Such lines provide the channel, and the Channel Breakout strategy simply seeks to trade breakouts in either direction.” That is in essence what the robot does.

The main host of features include:

  • Works on ALL Forex currencies
  • Works on ALL timeframes
  • Works with Metatrader 4 charting software
  • Works with 4 or 5 broker digit pricing automatically
  • Comes with all custom indicators, expert advisor, and templates
  • You can close out any trade manually without disrupting the robot
  • The volatility channel custom indicator is drawn on the same chart as the robot for full transparency
  • The robot has optional trailing stop loss capabilities built-in
  • Automatic money management built-in
  • The Robots inputs are user-adjustable such as “applied price types” and “moving average modes”
  • All text and color objects are user adjustable

When we look at the results, they are very impressive, we also think that they are a little too impressive. The past three months results are as follows:

January 2020: $26,825
February 2020: $33,862
March 2020 Up to 14th: $10,731

When we look at January’s profits of $26,825, these are very impressive numbers, the robot is using trade sizes of 1 lot and yet has managed to have an absolute drawdown as low as $57.60, those are incredible numbers and something that we are finding hard to believe. In March 2020, a time where professional traders and EAs all over the world are struggling, in just 2 weeks the robot has made over $10,000 and has had an absolute drawdown of… $0. With there being no verified results from an independent source, we are finding it hard to believe these numbers.

Service Cost

The pricing for this robot has currently been cut by 75$, it now costs $49.00 instead of the usual $199.00. However, every robot from Forex Robot Trader seems to have a permanent reduction from its original $199.00. There isn’t a demo of this exact trading robot, however, there is a free demo from Forex Trading Robot which will allow you to see how the robots from this company work, just not this specific robot.


There are no reviews on the site for the Volatility Forex Robot, however, we have looked around the internet to find out what people are saying.

“The Volatility Forex Robot is a very complex and clever system that uses a combination of technical analysis that would take time to master and study on your charts.” The review goes on to also state that they are not sure of the unverified results. (6.5/10 review)

It was actually quite hard to find some other reviews on the site as there are many robots with very similar names. The decision to use them is up to you, but there are a lot of red flags, particularly in the results for us to issue a need to be cautious when trying out this trading robot.

This Forex service is currently available on the following website:

Forex Service Review

Panda Trader Pro Trading Robot Review

Panda Trader Pro is located within the Experts category of the MQL5 marketplace, it was created by Michela Russo and first uploaded to the marketplace on the 10th of March 2020. It has received its most recent update on the 2nd of April 2020 and it is currently at version 1.2.


Panda Trader Pro is an expert advisor that was designed for the MetaTrader 4 platform, the EA was designed to work as a trend following robot that will look for trends and will trade during the Asian markets, the EA is also FIFO compatible. The EA does not use arbitrage, high frequency, martingale, or grid strategies which are known as some of the most dangerous ones to use, it also has a high resistance to slippage.

The details do not actually explain what the EA does in order to work out its trades, all that it states is that it does not use obsolete indicators and patters and that it has its own artificial intelligence algorithm that works with the market volatility to work out future trends.

The system can work on your own PC but it is recommended to use a VPS so you do not need to leave your computer on overnight, the EA uses stop losses and take profits to help with money management, the EA is best used with the EUSUD and GBPUSD currency pairs, although it can still be used on other ones too.

The recommended settings are that you use the EURUSD or GBPUSD currency pairs, it is best used on the M! Timeframe with an account of at least $500. Should use a low spread account such as ECN and the EA is FIFO compatible.

The parameters and settings that come with the EA allow you to alter the way that it works. Some of the available options include the lot sizes, the risk to use, Bollinger band settings, which days to trade on, take profit levels, stop loss levels, broker times, news filter, and more.

Service Cost

The Ea can be purchased from the marketplace with a single payment of $170, this gets you up to 5 activations of the EA with no other limitations. There is also the option to rent it, this can be done on a monthly basis which will cost you $100 per month, for a yearly rental it will cost you $150 per year. There is also a free demo version available, this can only be used with the strategy tester within the MT4 platform and not on a live chart.


There are four reviews available from those that have purchased or rented the EA, they have given it an overall rating of 5 out of 5.

“One of the few robots on this web resource that shows acceptable results in real trading, and not just in the tester. I recommend. The support also very fast and competent.” – A 5-star review.

“Good in backtesting” – A 5-star review.

So the reviews are all pretty positive which is great to see, there are also a few comments, the developer has replied to one of the comments but not the most recent ones (although they are only a couple of days old) so it would be good to see them reply to those as well. Due to no replies on the most recent comments, we would suggest sending your own questions in to see if you get a reply, this way you can be sure that the developer will be around to offer you support should you need it.

This Forex service is currently available in the MQL5 marketplace:

Forex Service Review

Investo Automated Trading Robot Review

Created by Mikhail Sergeev, Investo MT4 was first uploaded to the MQL5 marketplace on the 2nd of October 2019, it then subsequently received an update on the 11th of October 2019 and is currently at version 1.3.


Investo MT4 is an expert advisor designed for the MetaTrader 4 trading platform, it is a fully automated software that was created to look at the quotes of eight currency pairs and then to make a trading decision. It will look at the current situation of the global markets, however, it doesn’t go into any more detail about how it actually finds its trades.

Some of the main featured stated by the developer include:

-Works with all types of accounts(hedge, netting).

-It does not use martingale or averaging.

-It works with limit orders, which eliminates slippage and dishonesty of the broker.

-There are no requirements for the quality of the Internet connection.

-No need to adjust the parameters. Willing to work on EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCHF, USDCAD, USDJPY, XAUUSD. You only need to decide on the choice of the lot.

-Can trade all instruments at the same time. Just attach the EA to the chart of the required currency pairs.

-Resistant to temporary disconnections or short-term computer shutdown. After turning on the computer, the EA will pick up its orders and confidently continue trading.

The following are recommended settings:

-Timeframe: H1

-Mandatory quotations for currency pairs: EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCHF, USDCAD, USDJPY, XAUUSD(GOLD).

-It is necessary to wait for the download of quotes at the first launch.

Service Cost

The Investo MT4 expert advisor can be purchased with a one-off payment of $140, this will give you up to 5 activations with no additional limitations., If you prefer, there is also the option to rent the software, this can be done on a monthly basis and will cost you $30 per month.

A free demo version is available, the site does not indicate what the limitations of the free account are, often this means that it may only be used with the strategy tester, but we do not know this for sure, it may well be worth checking out before you make a purchase or a rental.


Unfortunately, there are not any user reviews for the Investo MT4 expert advisor, so this makes it hard for us to know whether people are finding it useful or if it is in fact doing what it is meant to be doing. There are also only two comments which are both from the developer themselves, this does show that they are still supporting it however the comments are from over 6 months ago. Due to this, we would strongly suggest that you send any questions that you may have the creator of the expert advisor, you can then be sure that it will be able to do what you need it to as well as ensuring that the developer is still there to support the software and you as a customer.

This Forex service is currently available in the MQL5 marketplace:

Forex Service Review

Monkey Trader Pro Trading Robot Review

Monkey Trader Pro was developed by Michela Russo and was uploaded to he Experts section of the MQL5 marketplace on the 4th of March 2020, it was updated on the 28th of March 2020 and is currently at version 1.5 of the software.


Monkey Trader Pro is an expert advisor that works with the MetaTrader 4 trading platform, its main purpose is to act as a trend following system that mainly trades during the Asian and New York trading sessions. The EA has been tested for a period of 16 years and has passed as being profitable every year with very good profit to drawdown ratios.

The EA is designed to analyze the markets without using any of the obsolete indicators and patterns, it will look for the main trend in the markets and will then enter the markets based on the market volatility and it will also use an artificial intelligence algorithm to predict the future market trends.

It is recommended to use the EA on the UREUSD currency pair and on the M1 timeframe, it is not recommended that you use it on other currency pairs or timeframes as this has not been optimized or fully tested on other settings. It is also recommended to use a VPS, a low spread account such as ECN or STP, and to have an account balance of at least $2000.

The description does not actually tell us how the Ea trades, which strategies it actually sues apart from the fact that it follows trends which is a shame as it is important to know exactly how it will work.

There are a lot of settings and parameters that come with the EA, these can be altered to suit your own requirements. Some of the options include the lot sizes to use, the risk amount, auto lot settings, the parabolic Sar settings, which days to trade on, the maximum number of orders, maximum spread and slippage as well as many more options to alter.

Service Cost

The Monkey Trader Pro EA can be purchased with a one-time payment of $125 which will get you 5 activations of the EA and no other limitations. There are also rental options available, the first is on a monthly basis which will cost you $85 per month, the other option is to rent it for one year, this will cost you $110. A free demo version is also available and can be downloaded directly to the MT4 platform, this can only be used with the strategy tester within the platform and unfortunately. can not be used on a live account.


There are currently six reviews for the EA which have provided it with an overall rating of 4.5 out of 5.

“Running still waiting on results but not bad so far, ute blew account twice with authors EA” – A 1-star review.

“I never write any review without more than 1 month’s test. However, Michela is special. Just contact him, then you will find what are you finding.“ – A 5-star review.

“Good seller honest loyal” – A 5-star review.

So the majority of the reviews are positive, even the 1-star review is actually saying that the EA is ok, they are mainly commenting on the authors’ previous EAs. There are two comments that the developer has replied to very promptly which is a good sign that they are there to support those that have purchased or rented the EA. If in doubt, you should contact the developer yourself with any questions that you may have before you make a purchase or a rental.

This Forex Indicator is currently available in the MQL5 marketplace:

Forex Services Reviews-2

Directional Forex Robot Review

The Directional Forex Robot is a creation from Forex Robot Trader which is a site that has created a large number of robots before.


The Directional Forex Robot is designed to be used the MetaTrader 4 trading platform and is designed to detect large directional pip movements early on. Some of the listed features include:

  • Works on ALL Forex currencies
  • Works on ALL timeframes
  • Works with Metatrader 4 charting software
  • Works with 4 or 5 broker digit pricing automatically
  • Comes with all custom indicators, expert advisor, and templates
  • You can close out any trade manually without disrupting the robot
  • The robot has optional trailing stop loss capabilities built-in
  • Automatic money management built-in
  • Adjustable inputs “applied price types” and “moving average modes”
  • All text and color objects are user adjustable

The statement of how the robot works is as follows: “The Steinitz HAS MTF Directional Robot version 1.7 uses the same Heiken Ashi Smoothed indicator but it has completely different algorithms for making buying and selling decisions. This robot that we are featuring here waits for trends to develop on multiple time frames before getting in the market. It other words this robot places trades in the direction of the underlying trend(s) and stays in until the trends start to reverse.”

Some results have also been posted on the site. We will briefly look at the past three months which are as follows:

January 2020: $36,323
February 2020: $17,420
March 2020 up to the 14th: $14,177

These are impressive figures which would make anyone happy, which seems to be the angle that Forex Trading Robot is going for. Looking at the March results in a little more detail, there is a profit of just over $14,000 *( at the tie of writing) and a relative drawdown of just $500. Those are incredible figures, especially during this time of heightened volatility (Coronavirus outbreak). Many expert and professional traders are struggling but this trading robot is having no issues at all, that should be a big red flag, to begin with. The results have also not been verified by an independent site such as My FX book which means that there is nothing preventing the results from being altered by the owners.

Service Cost

The current cost of the robot is $49.00, this is a 75% discount on the original price of $199.00. All robots on this website seem to have a starting price of $199.00 and then an added discount, so we believe that this current price of $49.00 will not change.


There aren’t any user reviews on the site, so we had to look elsewhere around the internet in order to find some user reviews of the software.

Out of the box robot from Don is a waste of time and your money!

Well I ran the software live and all I had were losses. O don’t get me wrong I loved the software and like Don also…but proof is in the pudding. I am starting to believe that some people are meant to get money easy (those are the ones with great reviews…and the rest of us who no matter how hard we try: we just lose.

As you can see, the reviews aren’t looking great, this once again leads us to believe that the results being shown are not exactly the right ones. We would advise some caution when using this robot due to the number of negative reviews that can be found around the internet.

This Forex trading robot can be found at