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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 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 Service Review

KeltnerPRO Automated Trading Robot Review

KeltnerPRO is a fully automated trading robot that operates based on ideas published in the “How to Make Money in Commodities” book, which was published by Chester Keltner. It works with the MT4 platform. 


The KeltnerPRO system is based on the popular Keltner Channels tool, which identifies reversals with channel breakouts and direction and/or identifying overbought or oversold levels in the market. The robot is fully automatic and uses a dynamic stop loss and take profit that can change in different situations. Typically, the stop loss is half of the take profit level, meaning that each win should be larger than any loss. On average, the robot makes about one trade per day for a grand total of about 30 trades per month, although the system could make several trades in a day depending on conditions. It works with the currency pairs EURUSD, GBPUSD, AUDUSD, NZDUSD, and USDCHF. 

Service Cost

The system costs $499 and can run on any account size with a $200 minimum account balance recommendation. VPS is recommended, but not mandatory. This product comes with a 60-day money-back guarantee, updates for life, a 1-year profit warranty, and 24/7 support. 


KeltnerPRO is based on popular ideas and has proven good results during testing for several different users. While the price is rather high and might be too much for some traders, the developer does seem to stand by his product by offering the 60-day money-back guarantee and the 1-year profit warranty. While several users have claimed that the product worked for them, a few people did claim that the developer isn’t as prone to giving out refunds as he claims even during the 60-day period. We would recommend testing this product first before paying the steep price tag or arguing over a refund. You also might want to consider making a larger deposit than the $200 recommendation so that the system can make enough profits to pay for itself in a shorter amount of time.

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