Forex Auto Trading Robot, Forex EA Review
Forex trading on your own is a full-time job; it needs a lot of patience and knowledge. Psychological factors like emotions, greed, and fear play an important role and affect the success or failure of a trader.
Also, a majority of Manual Forex traders tend to the incorrect decisions at the most critical time of trading, which negatively affects their profitability. However, all Fore EAs or Robots are not reliable. You must find out the best one and try it on a demo platform before trading it live on your real money. Always trade with a trustworthy Forex broker in Dubai, UAE.
However, with the advancement of technologies like Artificial Intelligence and computation capacity, the shortcomings of Manual trading can be avoided by using fully Automated Forex trading systems.
Automated Forex trading systems are also known as Forex Robot or Forex EA (Expert Advisor). These are the trading software that uses Algorithmic programs and Mathematical formulas to make lightning-fast decisions for you and transact on the trading platform. Such a complicated algorithm and fast decisions are almost impossible for human traders when trading Manually.
This trading software is developed using the most popular language, MQL4 – which is the widely used standard computer language in the Financial industry.
In short, the Forex EA or Forex Robot trades 100% automatically, 24*5, with minimum human intervention.
Advantages of Automated Trading Bots
- 100% Automated – The traders need no training, no experience, or advanced knowledge. The Forex Robots or EAs are programmed to carry out real trading without human intervention. You have to set the trading parameters only once and keep monitoring your results if you want.
- Trades 24/5 — You can have a peaceful sleep while the Forex Robot or EA is working for you, and scanning the market for profitable trades. Forex Robots and EAs trade 24X5 and are immune to humanly emotions that affect profitability.
- No Profit Sharing — You don’t have to share your profit with anybody. You are not dependent o any fund manager or investment company that charges a share of your profit as their fees.
- Lightening fast decision — You can’t match the speed of EAs or Softwares while placing a trade and analyzing the market. It can execute several trades in a fraction of a second.
- No Emotions, No Mistakes — The Forex Robots or EAs are free from negative human emotions that affect the trading decision. It makes highly successful decisions based on pre-tested strategy and algorithm.
- Stress-Free Trading — The EAs or Forex Robots relieves enormous trading stress from your shoulder and allows you to earn from the comfort of home.
Disadvantages of Automated Trading Bots
- Technical Failures — The EAs or Forex Robot trades 24*5, and it needs an uninterrupted internet connection to execute all the trades based on its algorithm.
But, the good news is that there are plenty of VPS (Virtual Private Server) providers where you can host your MT4 trading platform and run your EAs or Trading Robots. These VPS providers guarantee 99.9% up-time. - Vulnerable to High Volatility — Most of the EAs and Robots work best on the trending market. However, they are vulnerable to sudden changes and critical fundamental developments in the market, like economic and political events.
Hence the traders must observe caution and stop the EAs or Robots during a highly volatile market.
Choosing the Best Automated Trading Platform in the UAE
When choosing the best automated trading platform in the UAE, it is crucial to:
- assess the variety of trading instruments available to ensure they meet your investment goals and allow for diversification.
- Seek platforms that offer advanced trading tools which can be customized to suit your risk tolerance.
- It’s also important to ensure the platform works well on multiple devices for easy access whether you are at home or on the move.
- A strong community of traders can provide valuable insights and strategies to improve your skills.
- Lastly, look for platforms that frequently update their software and enhance their features to provide you with the latest technology for the best trading experience.
Automated trading apps in the UAE
Imagine a world where your trading goals become a reality with just a tap on your screen, where advanced automated trading apps in the UAE simplify the complex world of trading into an easy experience made for you. These powerful platforms use the latest technology to analyze market trends and execute trades accurately, letting you engage in the fast-paced financial market without the pressure or steep learning curve. With features for both beginners and seasoned traders, you can tailor your trading settings, activate your strategies, and let the app handle the hard work while you focus on what’s important. Whether you are at home or on the go, these apps make sure you never miss an opportunity, connecting you with a lively community of traders willing to share tips and strategies as you explore the dynamic markets of Dubai and beyond. Embrace the future of trading confidently and see your investment potential grow easily in your hands.
The best automated trading platform in the UAE – The steps to start Automated Forex trading are as follows:
- MT4 Installation — You have to open a trading account with one of the best Forex Brokers in UAE and install the MT4 platform at your computer or on a VPS (Virtual Private Server).
- EA or Robot Installation — Purchase the best performing Forex EA 2020 or the Forex Robot license. Download the EA from the vendor’s website and install it on your MT4 platform. You will get a manual on how to install an EA on MT4, or you can also take help from the support team selling the EAs.
- EA Activation — Activate the Forex EA and enable Autotrading. Use the activation code provided by the EA vendor to activate the EA on MT4 platform. Now it is ready to go; it will trade on its own.
How to enhance the Forex Robot or EAs performance?
If you think that you will successfully earn profit the next day just by finding the best Forex EA or Robot of 2020, then you will be disappointed.
The experts in the field of Forex Robots with years of Forex trading experience and extensive research on Forex EA / Robot trading have few tips for you. These tips will help you to improve the performance of a Forex Robot / EA in 2020.
- Ensure the Best Trading Conditions & Execution Quality – If the spread of your Broker gets unreasonably high during news hours and market opening and closing hours, then most of the EAs can not handle such situations well. Hence to ensure the best result from the Forex EA 2020, you need a broker on your side offering spread tight spread in the range of < 0.5 to 1 Pip. Your platform execution speed also needs to be fast and no slippage. Find out the best Forex broker of UAE in 2021.
- Use a high-quality VPS (Virtual Private Server) – The VPS should be fast and reliable. The VPS latency should not be more than 20 ms. It is not advisable to trade with Forex EAs on your PC or Laptop. As the EAs and Robot trade 24*5, it requires an uninterrupted power supply and internet connection along with low latency. A VPS can achieve these things. You can subscribe to an excellent VPS service for hosting your MT4 and running your EAs or Forex Robot for $10 to $25 monthly fee.
- Perform a daily check on your VPS – Although the VPS providers claim a 99.9% uptime, it is safer to check your VPS every day to ensure it is working properly. Additionally, check if the MT4 platform is working properly and the EA is enabled on selected currency pairs.
- Track the Major News – Follow the Economic Calendar every day for high and medium impact news. Follow the EA vendor’s instructions about trading during news hours.For example, some Robot / EA are programmed to disable trading during news hours, and some EAs need to be disabled manually before major news hours and to be reactivated after a few hours.
- Read the EA Manual – The Author of the EA mention all important instructions in the EA manual. Therefore, follow the EA manuals carefully. Sometimes the EA developers explain few secret EA settings in their manual that can increase your profitability.
- Try it on Demo first – It is always better to try the EA or Fore Robot on a demo account first. Fine-tune your Forex Robot or EA while trading in the Demo Account. When you notice the EA is working effectively, then you can start using the Forex Robot in the live account.
- Don’t use several EAs in one account – Do not burden your MT4 platform with several EAs or Forex Robots. More EAs don’t guarantee a better result.
Hence, activate only one Forex Robot or EA on one MT4 platform, and select only 5 to 6 Charts for trading. - Use the Latest Version of the Forex Robot or EA – The Forex market trend changes completely every few months. The EA programmers implement corrections and apply some fine-tuning according to changed market conditions. Hence always use the latest version of Forex Robots for consistent results throughout the year.
Automated Forex Trading | Conclusion
Automated trading bots – Forex Robots have their own advantages and disadvantages. It is difficult to get a well-performing Forex Robot that can generate profit consistently. Even if you find an excellent Robot you have to pay an expensive price to buy it.
An alternative to Forex Robot can be Forex Signals from well-experienced traders. Find the list of Forex Signal providers on our Forex Signal Providers page.
Automated trading apps in the UAE offer a great chance for beginners and seasoned traders to handle the complexities of financial markets more easily and effectively. These advanced platforms not only save time and lessen the emotional stress usually linked to trading, but they also help users use algorithms that analyze real-time data to make smart trading choices. With the ability to operate 24/7, these apps allow traders to take advantage of opportunities in a fast-moving environment, making the most of market changes without needing to monitor constantly. As technology advances, using automated trading could be crucial for reaching financial independence and success in the ever-changing trading landscape.