If one of your forex trading goals this year is to work with forex trading advisors or a forex trading robot, then let us help you out by detailing the top advantages of doing so. Allow us to remind you through this article that this trading strategy requires more experience, research, and knowledge, so make sure you do your homework before using a forex trading advisor. Plus, you will also learn about the best forex trading advisors in the industry today. Let us start.
The Various Benefits Of Using Forex Trading Advisors
1. A Forex Trading Advisor Can Trade Even While You Are Sleeping
The forex market is open for you 24 hours a day, seven days a week, and humans like you cannot possibly stay awake all day and all night long throughout the trading week just to monitor the price action the entire time. That could be doable by a human being, though with lots of coffee and energy drinks, but it is not a healthy choice.
A forex trading advisor can be programmed to keep track and watch market trends and movements without the need to get some rest or even take breaks to pee. It follows a set of guidelines and rules based on technical indicators or price action and can automatically execute trends.
For many foreign exchange traders who would like to profit from market movements during a specific trading session but are stuck within a different time zone, using this means they will never need to worry about trading sleep.
2. It Is Not Vulnerable To Emotions
Every human being forex trader out there has probably grappled with either fear of losing or greed at some point. Emotions can sometimes cloud decision-making, or most of the time, and can lead a forex trader to deviate from a tried-and-tested strategy.
What sets these forex trading advisors apart from human forex traders is that they do not have any emotional components at all. Expert advisors are wired to stick to the system commands and take in valid trade signals without feeling pain from losses or joy from winning.
3. You Can Run Backtests Quickly
Another fantastic advantage of having an expert advisor with you is the ease of running backtests, particularly on an MT4 platform. MT4, known as MetaTrader 4, is a digital platform utilized by online retail foreign exchange speculative traders. MetaQuotes developed this and released it in 2005.
You may also refer to tutorials on how to backtest and use a forex trading advisor on MT4, and you would be surprised to know that it just takes only a few clicks to see how a system has fared over many years.
4. It Instantly Reacts To Quick Market Movements
Humans can take a few seconds or even longer to digest market details and figure out how to react to movements in price. On the other hand, a forex trading advisor can instantly react and execute a trade quicker than in a blink of an eye. This can certainly be advantageous for day traders who are looking to profit from quick price moves based on one-minute or five-minute charts.
Expert advisors can also cut losses or book profits without second-guessing. As many specialists say, the decision to exit at an early time can, at times, be hard to make, as it can involve either leaving profits on the table or realizing insignificant losses.
5. It Is Not Prone To Human Error
In many activities like forex trading, human error happens normally, but this is what people try to avoid the best they can. Aside from emotions interfering with making forex trading decisions, being human also entails committing mistakes. These can be in the form of wrong calculations in position-sizing or entering an extra zero in the forex trade lot size. The latter is a double whammy, right? But with a forex trading advisor, you can avoid these errors.
Of course, this is not to state that humans are inferior to robots – not at all. Humans created these robots. But with a bit of programming know-how and hard work, human forex traders can accelerate their profit potential and automate their trading strategies with these forex trading advisors.
Best Forex Trading Advisors Today
1. Zeus EA
Among the best forex trading advisors is Zeus EA. It is an automated system created for the currency forex trading market. Zeus EA is designed to generate a passive monthly income from forex for traders without direct involvement. This primarily focuses on the EUR/USD currency pair and can be utilized with the MetaTrader 4 trading platform.
Using Zeus EA should not be difficult as it is incredibly easy to get your hands on this technology. All you should do to use this advisor right is to open and verify a broker account with a forex broker supported by the advisor.
Afterward, you fund any EUR account with a capital of at least 2,500 Euros. Then, you can join the percentage allocation money management or PAMM of Zeus EA.
Also, there are many forex brokers supporting this expert advisor. Many of these brokers are quite popular worldwide and are reputable in the market. It can be used with MetaTrader 4, among the best-known forex trading platforms in the market. It is effortless to use, and most brokers recommend it.
Moreover, there are various types of subscription options when using this advisor. All the subscriptions are convenient to use and are made according to the personal preferences of traders across the globe.
Overall, this forex trading advisor is a fantastic option for forex traders and offers many top-notch services. It has a proven and long history of success, making it one of the most popular forex trading advisors in the market right now.
2. Ultimate EA
Meanwhile, Ultimate EA is also a leading forex trading advisor available in the market today. It is used by thousands of traders every day. Chris Svorcik and Mislav Nikolic developed this well-known and verified forex trading advisor to give you a background.
As for the things that make this advisor stand out from the others in the market, there are numerous. Many forex brokers support this. And using it is very straightforward. You will only be required to follow a few steps to use it.
It was in 2019 when this fully automated forex trading system was initially introduced to the masses. Additionally, within just a few years from its first release, it has already managed to be a leader in the industry. The MetaTrader 4 trading platform operates the system.
Professional traders have created this, traders who have years of experience in the forex trading industry. After you open your live trading account with one of its supported forex brokers, you can easily connect your trading account with Ultimate EA.
Those are pretty much like it the advantages of using forex trading advisors and the best in the market today. We hope you have learned so much from this article. Feel free to share this online.