These days anyone can trade Forex profitably, especially when using various trading robots (aka expert advisors). Can trading robots really make money trading Forex and other financial markets? Can they help traders to get rid of routine tasks? Let’s find it out together…
Automated Trading: Weak And Strong Sides
Obviously, the main edge is the ability to trade without any human involvement. Your job is to monitor the trading results on a systematic basis. But you don’t need to sit in front of your PC day and night as most part of the routine job is done by your trading robot. Such expert advisors are based on a ready-made built-in trading system (which may only need some adjustments to the current trading conditions). It means you don’t need to spent ours monitoring the market situation. Trading robots can analyze the situation, open and close trades without your personal involvement.
If you are lucky enough to spot a profitable trading robot built by a team of experts in trading and programming, you won’t need spend days and months developing your own profitable trading system (especially when you are new to trading). This saves you a whole lot of time! Time is money!
However, a poorly made expert advisor (whether it contains gross errors or is based on an unprofitable trading system) may cause big losses. This is a significant drawback.
Forex Trading Robots: Pros And Cons
According to Manors Group Broker (number 12 in ’s rating of Forex brokers ), first of all it is necessary to take into account that trading robots are made by humans, who can sometimes contain some errors in the code. So, a trader should take into account the risks and accept personal responsibility for possible losses.
Advantages of automated trading:
1. Trading robots are much faster than human traders when it comes to analyzing the situation and making a trading decision.
2. They don’t make mistakes provided that the program code is absolutely correct.
3. Multitasking.
4. Trading robots are not subject to emotions, they always stick to the trading system they are based on.
5. They are able to work 24/7.
The drawbacks of automated trading:
1. Every trading robot trades on the basis of a certain trading system. Obviously, if the trading system is not profitable, those traders who use it will suffer losses.
2. Trading robots are not efficient in cases of emergency when a non-conventional approach is needed.
3. The programmer can make an error when writing the code, which may affect the overall performance of the trading robot.
What is the best approach to automated trading?
As we mentioned earlier, the best solution for traders and investors is to use trading robots with everyday control over them. Just let them do routine work. You can call it semi-automated trading if you wish…
At Manors Group Broker they are sure that a trading robot is very handy and useful software. Most trading robots (programs) are written in MQL – the programming language designed especially for MetaTrader, the world’s most popular trading platform. Their professional clients prefer combining manual and automated trading. From time to time they make changes to the settings of their trading robots in order to adapt them to the changing environment of Forex (or other financial markets).
It appears that the major function of trading robots is to help free human traders from routine and let them concentrate on other important aspects of trading.
Where to get profitable trading robots?
Manors Group Broker recommends paying attention to the following information when choosing a profitable trading robot:
1. The developers
2. The trading algorithm
3. The trading results
MGB developers offer their profitable trading robots based on traders’ interests and preferences and adapted to multiple trading techniques and approaches: MGB_Gold, MGB_Silver, MGB_Platinum, MGB_Creative. A 5th product is about to be released − MGB_INFINITY.
MGB trading robots are exclusive products developed by experienced traders and programmers.
experts have analyzed and tested the robots. The comparative results are given in the table below:
As we can see, 4 out of 5 MGB robots have both advantages and disadvantages. MGB_INFINITY seems to be nearly perfect. Why? Because it is still not released and tested in the real-time trading environment.
MGB_SILVER functions on the basis of the Martingale system, which is known to be risky. Its major advantage is countertrend nature. It functions on the basis of the supposition that a candle with a long tale at the end of a strong movement suggests a trend reversal. But at the same time it doesn’t have the fixed stop-loss option and can place excessive amount of orders. The minimum trading capital requirement is $2100. According to the test, the profit for 3 months is 21% or $442.
MGB_GOLD is based on a large variety of technical indicators. However, the program places too much pending orders. Its major competitive edge is effective money management. The minimum trading capital requirement is $1300. According to the test, the profit for 3 months is 24.6% or $319.67.
MGB_PLATINUM is the most popular trading robot among MGB traders. It uses Fibonacci levels to place stop-loss and take-profit orders automatically. It also works with pending orders. However, its major advantage is the ability to effectively diversify the open trades basing on the current market situation. The minimum trading capital requirement is $500. According to the test, the profit for 3 months is 13.2% or $65.82.
MGB_CREATIVE. It is one of the most profitable trading robots. It works within a certain price range. The key principles are locking and effective money management. However, it places excessive amount of orders. The minimum trading capital requirement is $300. The profit for 3 months is $181 or 60.3%.
MGB_INFINITY is to be released yet. According to the data provided by MGB, the trading robot is based on Martingale and works based on H1 charts. I other words, the robot can define market tendencies and follow them to make profit.
Whatever MGB trading robot you choose, each one of them is based on strict and efficient money management rules, which reduces risks to a minimum.
In conclusion, we want to remind you that trading robots shouldn’t be considered as some “holy grails”. They also need human supervision and periodical tuning.
Market Leader and would appreciate if you could participate in a survey. Please, visit the Academy’s forum for traders and investors and answer the following question:
What is your attitude to automated trading?
