In order for you to decide on the best forex robot, we are introducing this section that monitors performance of various forex robots, their profitability, drawdowns, number of trades, and many other factors of success (or failure ).
Always be aware that it’s not only important for a forex robot to be profitable, but how this profitability gets achieved. If you continuously need to expose your capital/equity to enormous levels, risking it to face margin calls more often than not, then stay away from such robots. They are making wrong decisions and obviously can’t predict market conditions in the short-term time frame. However, it is also possible that your current equity levels are not supposed to survive oscillations that happen in the forex market in the long-term period – then, if you still like to use highly profitable robot that produces high drawdowns, you need to either increase your deposit or trade the minimum lot possible (micro-lot is the best for such conditions, if your broker provides such lots).
All forex robots are set up with default settings, as recommended by their authors, and should achieve steady and consistent profitability with low risk level involved. It is worth to mention that due to low risk setting, this “steady and consistent profitability” will not come overnight, rather over longer period of time. All trading accounts are demo ones, virtually funded with any amount ranging from $100 and up to $50,000. Come back to this page once in a while to see the progress and make your own conclusions on the best forex robot. I will update the list of testing candidates according to their availability and popularity in the market.
Trades only EUR/USD on 1H chart. From what I see in its performance, I can tell that it trades during late NY session or early in the Asian session. Trades are rare, and involves only scalping strategy. For more info about the settings that I use, read here.
FAP Turbo (Scalper)
I first started trading EUR/CHF only as the most recommended pair, with intention to put separate trading charts into separate MT4 installations, just to isolate trading results. But I gave up eventually as it takes much time to set separate MT4 terminals. So I opened charts for trading EUR/USD, EUR/CHF, EUR/GBP, GBP/CHF, GBP/USD and USD/CAD in a single MT4, but set the risk to 1% per currency pair (total risk is 6% trading capital, which is also ok for having a low risk trading should all currency pairs come up to be traded simultaneously). The Scalper strategy inside FAP Turbo trades on 15M chart only. If you change the time frame, the EA will not work. Per default settings, trades are set to occur during early Asian session (between 21:00 and 23:00 GMT). Outside of this period the robot will not trade except to close positions that may left open. Time for trading can be modified, but authors don’t recommend it – according to them, the scalper techniques work best in a low volume forex market environment which is very often seen on Asian session openings and during first few hours of it.
FAP Turbo (Long Term Strategy)
Well, this is the same robot, but utilizes different approach – the long term one. Opposite to the scalping strategy where goal is to jump in, grab some pips (3 – 5) and get out of the market quickly, this one aims for 100 pips and may leave you much longer in the market. Oddly enough, there are so many restrictions set as default about when to enter the trade, that after 9 days of testing this EA didn’t make any trade. I trade only EUR/USD on 1M chart – other pairs or time frames are not supported. Although there is a meaningful sentence in the manual of this robot that “It’s not the goal to make many trades, but to make profit” – I question it by asking myself: “How do I make anything, either profit or loss, if I don’t create any trading position?” Hm.
FAP Turbo (Ichimoku)
The same FAP Turbo robot, except it uses Ichimoku indicator to execute trades. Probably the best thing in its settings is option to pull settings data directly from FAP Turbo server. As conditions in the market change, so settings are to be changed – and you don’t have to bother with watching market closely and making changes yourself. That’s how technology should work! Apart from this, other settings are default ones – trading EUR/USD on 15M chart currently. If there will be not many signals, I’ll enhance the scope of currencies to trade to all other that are supported (EUR/GBP, EUR/CHF, GBP/CHF GBP/USD and USD/CHF). As this is in essence another FAP Turbo scalper forex trading robot, the timing for its work is set to beginning of Asian session.
PipJet is formally a successor to Forex Megadroid, with quite a good track records, according to information provided on the robot’s homepage. As I am already hands down to Forex Megadroid, I expect nothing less from this “baby”, although it’s nearly 3 years in the market. The robot trades during Asian session and on USD/CAD pair only. For my testing purposes I have installed it with the FinFX broker (the same one where its authors have provided their own results of testing), and opened a minimum possible demo account, trading micro lots (starting from $100). I assume vast majority of traders are comfortable to lose that much for testing purposes, so we’ll see how it goes further.