Top 5 Autotrade Forex Systems to Consider in 2021
The foreign exchange market, also known as the forex market, is a global decentralized market where currencies are traded. It is the largest and most liquid market in the world, with an average daily trading volume of over $6 trillion. Forex trading can be a profitable venture, but it requires skill, knowledge, and time. However, with the advancement of technology, there are now autotrade forex systems that can help traders automate their trading strategies. In this article, we will discuss the top 5 autotrade forex systems to consider in 2021.
1. MetaTrader 4 (MT4)
MetaTrader 4 is one of the most popular autotrade forex systems widely used by traders. It offers a user-friendly interface and a wide range of features to automate trading. MT4 allows traders to create their own trading strategies using its built-in programming language, MQL4. Traders can also access a vast marketplace of trading robots, known as Expert Advisors (EAs), which can be installed and used on the platform. MT4 offers advanced charting tools, backtesting capabilities, and real-time market data, making it an excellent choice for both beginner and experienced traders.
2. MetaTrader 5 (MT5)
MetaTrader 5 is the successor to MT4 and offers even more advanced features for autotrade forex systems. MT5 provides all the features of MT4, including the ability to create and use EAs, but with additional functionalities. It supports more order types, including market, limit, stop, and trailing stop orders. MT5 also allows traders to access multiple financial markets, including stocks, futures, and options, in addition to forex. The platform provides enhanced backtesting capabilities and improved execution speed, making it a popular choice among professional traders.
ZuluTrade is a popular autotrade forex system that allows traders to follow and copy the trades of successful traders. Traders can choose from a wide range of signal providers who have a proven track record of profitable trading. ZuluTrade uses a proprietary algorithm to rank and classify signal providers based on their historical performance, risk, and other factors. Traders can then select the signal providers they want to follow and automatically execute their trades in their own trading accounts. ZuluTrade also offers a range of risk management tools, allowing traders to set their own stop-loss and take-profit levels.
eToro is a social trading platform that combines autotrade forex systems with a social network. Traders can connect with other traders, share ideas, and copy the trades of successful traders. eToro offers a wide range of financial instruments, including forex, stocks, commodities, and cryptocurrencies. Traders can choose from a vast pool of popular investors on the platform, known as “Popular Investors,” and automatically replicate their trades. eToro also provides a range of risk management tools, including the ability to set stop-loss and take-profit levels, and offers a user-friendly interface for both desktop and mobile devices.
DupliTrade is an autotrade forex system that allows traders to automatically replicate the trades of successful traders. Traders can browse and select from a list of signal providers based on their performance, risk, and trading strategy. Once a signal provider is selected, DupliTrade will automatically execute their trades in the trader’s account. DupliTrade offers advanced risk management tools, allowing traders to set their own risk parameters and adjust their position sizes accordingly. The platform also provides real-time trade replication and comprehensive performance metrics to help traders evaluate the performance of signal providers.
In conclusion, autotrade forex systems can be a valuable tool for traders looking to automate their trading strategies. The top 5 autotrade forex systems to consider in 2021 include MetaTrader 4 and 5, ZuluTrade, eToro, and DupliTrade. Each of these platforms offers unique features and functionalities, allowing traders to choose the one that best suits their trading needs. It is important for traders to thoroughly research and test these autotrade forex systems before using them with real money, as past performance is not indicative of future results.