Reviews of The Top 5 Forex Trading Robots
Until recently, Forex Trading Robots were only used by professional traders at large institutions, but thanks to the Metatrader Forex trading platform, they are now available to the home forex trader. Products like Forex Growth Bot now make it possible for home users to trade Forex every day without expensive training or costly monthly subscriptions.
There are hundreds of Forex robots out there and choosing one that fits your personality and trading style is definitely not easy. I hope that this article will help you to avoid falling victim to one of the many scams out there and make an educated decision about your purchase.
Top 5 Forex Trading Robots
Million Dollar Pips was created by William Morrison and is a scalper robot that we’ve seen great results with across many robot review sites! According to their marketing, they took “$250 to $1,295,161.50 in 1 year never risking more than 2.5% of account equity”.
Million Dollar Pips is programmed to trade on the EURUSD 1M chart with a “tight stop loss to protect your investment”. The EURUSD system is $99 (there is also a USDJPY system available for $99) and comes with a 60 day money back guarantee.
Forex OverDrive is said to be designed for long-term growth, but it can be used for short-term growth as well. The system is completely automated and works on the Metatrader 4 platform. Once it’s installed, you only have to run Metatrader 4 and the robot will enter trades according to set parameters and close trades in the same way – all on autopilot.
According to the vendor these tests include live tests with their own money. Recently the robot turned a live account of $150 into $808.54 in less than a month. The system is $97 and comes with a 60 day money back guarantee.
Tom’s EA is a “mirror trader” that is always in the market and the open trades are always in the negative. Don’t be alarmed when you see this, because this is how the EA is supposed to work. Winning trades are closed very quickly to lock in profits, while negative positions are managed with a safe variation of the Martingale strategy, combined with hedging.
The Full License is $1,997, with a 60 day money back guarantee. That price is higher than many robots, but the investment is well worth it based on the results.
Forex Growth Bot has been a top performer – at FXTradingReviews as well as every other Forex robot sites. This additional level of consistency across other sites adds to the credibility of the package. From the same Russian mathematician that brought you Over Drive and Trading Buddy, Growth Bot seems to be the real deal!
In their marketing, they claim a $100k profit in less than 2 years on a low risk account. Forex Growth Bot trades the EURUSD M15 Chart. At $84.99 this is great value for a solution delivering consistent results!
Forex Megadroid has proven itself over time to be an extremely consistent, safe robot to trade with. This Forex robot uses a new technique called RCPTA (Reverse Correlated Price and Time Analysis) and they guarantee that every single dollar you deposit into your Forex account will be at least quadrupled.
Forex Megadroid does not trade as frequently as the others on this list, so if you are looking for a system that trades every day then this is probably not the best choice for you. At $67, Forex Megadroid is an affordable, reliable system that also comes with a 60 day guarantee.
In conclusion, Forex Trading Robots offer many advantages over manual trading systems, but it is very important to perform extensive testing to get to know the trading strategy that is used before applying any of the above product to your live trading account.
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