What are Some of the Best Forex Trading Robots in 2021?

Forex trading robots are computer programs which are able to execute trades based on specific entry, exit, and money management rules designed by the trader. Now, in order to use this tool, traders do not necessarily need to write their own programming language for artificial intelligence. In fact, on MetaTrader 4 and some other platforms, market participants can get dozens of Forex robots free of charge.
However, the obvious difficulty many traders face is that they have a hard time finding the best Forex robots. There are just too many options to choose from, which can be quite confusing.
Therefore, in this article, we will discuss five of some of the best Automated FX Trading Robots 2021 traders can use according to the market participants’ ratings. Each of them uses different methodologies and indicators to make trading decisions.
Consequently, they might appeal to traders with a variety of trading styles. However, all of them have at least 4-star ratings or higher and have been tested by dozens of traders. Still, it is important to mention that neither of those, even the best Forex robots, can not guarantee the 100% success rate for traders.

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Best Forex Robots 2020 According to Traders’ Ratings

Here is the list of top Forex robots, currently available on the MetaTrader 4 platform:
  • Safe Trend Scalp
  • Trend Me, Leave Me
  • Cluster Expert Advisor
  • The Correct Order
  • Fundamental Trader DailyFX
Now, before moving on to the descriptions of each of these Forex robots, we need to address the one question many traders might have at this stage: How can one find and download the expert advisors mentioned above?
Well, actually the entire process is quite simple. Firstly, traders need to open the terminal. They can do this in 3 ways. Traders can click to ‘view’ bottom on the main menu of the MetaTrader 4 platform and then click on the ‘terminal’. Alternatively, they can click on the ‘terminal’ icon, which is located just below the ‘charts’ at the bottom of the upper left corner of the platform.
Finally, the easiest way to do this is simply to use the Ctrl+T keys, after which the terminal should open up immediately. Once the trader does one of those three things, the following bar will become visible:
Forex robot review 2020
Traders need to click on the ‘code base’ window in order to access dozens of different expert advisors. Here, the market participants can see the name of the program, its description, star rating, and the date of its publication.
In order to do Forex trading robots download, traders should right click on the given expert advisor and then click on the ‘download’ option. Once this process is complete, it should appear on the ‘navigation’ bar under the ‘expert advisors’ and then ‘downloads’ section. So for traders who are looking for Forex robots, free download is available at the ‘code base’ window on the ‘terminal’ bar.
Now that we have discussed the simple process of downloading EAs, let us go through the detailed characteristics of the best EA Forex robot 2020 according to the trader’s ratings.

Safe Trend Scalp

The first item on our list is the expert advisor called the ‘Safe Trend Scalp’. This EA relies on several indicators. Firstly, as the naming suggests, this tool is mostly focused on identifying and following trends. It was first published in January 2020, but already gained some popularity with traders, by receiving a 4 star rating.
Also, by the extensive use of the ZigZag indicator, the program identifies the most important support and resistance levels. After analyzing this data, the robot draws a trend line. Consequently, if the price touches this line, then the expert advisor will either buy or sell the given currency pair, depending on the current market circumstances.
Another interesting thing with this EA is that its official description pages advise traders not to use this tool for real trading accounts, not before testing them on a demo account for at least 4 working weeks.
This means that simply picking a currency pair and running a backtest for a period of 4 weeks might not be enough to get a full picture of the accuracy of the expert advisor. Instead, it tells traders to use this tool for their daily trading for at least 4 weeks and judge its effectiveness according to the results.
Actually, this approach might be quite useful not only with this particular expert advisor, but all other trading robots as well. It can be considered as a necessary precautionary step to ensure that traders choose one of the best Forex trading robot available on the market.

Trend Me, Leave Me

The ‘Trend Me, Leave Me’ is one of the oldest Forex robots currently available on the market. It was introduced back in 2007 and achieved a 5 star rating reviews by the Forex traders.
This expert advisor might be very useful for those types of market participants who do not really like the totally ‘hands-off’ approach to using EAs and instead want to retain some degree of participation in trading.
This expert advisor allows traders to analyze the chart and draw trendlines with a given currency pair. The EA will then execute trades according to those trendlines. The robot also gives the market participants an opportunity to set their own rules for placing stop-loss and take profit orders.
Some traders do shy away from using Forex robots because they do not want to entrust 100% of the decision making power to artificial intelligence. Instead, they want to remain a part of the process. Consequently, this tool helps traders to address this concern.
Here, essentially, traders can start their day by analyzing charts of several currency pairs, and draw a couple of trendlines with those securities where the trend seems obvious. They can also draw the lines for stop-loss and take profit orders. Once they are done with this process, they can go about their daily business and leave the expert advisor to its own devices.
So this EA can be a very handy and attractive tool for many traders. However, one thing to keep in mind is that using this expert advisor does require at least some basic chart reading skills from the market participants. Consequently, it might not be the best option for those beginners who are not yet skilled in this aspect of trading.

Cluster Expert Advisor

The next item on our list is the ‘Cluster expert advisor’. It was designed and published back in 2009 and still has the average 4 star rating from the trader community. So it is one of the Forex robots 2020 traders can still make use of.
The ‘Cluster expert advisor’ can be very attractive for those traders who like using the Forex hedging strategies. The basic methodology of this EA is as follows: It identifies the weakest and strongest currencies from the 8 major ones at any given time. Those 8 major currencies are the US dollar (USD), the Euro (EUR), the British pound (GBP), the Japanese yen (JPY), the Canadian dollar (CAD), the Australian dollar (AUD), the New Zealand dollar (NZD) and the Swiss franc (CHF).
So how does the Forex hedging strategy work with this expert advisor? Well, in order to make it simple to understand, let us take an example. Let us suppose that this EA has analyzed the latest developments in the Forex market and determined that the strongest currency during this period is the British pound (GBP) and the weakest one is the Swiss franc (CHF).
The expert advisor will open two positions; it will buy both GBP/USD and USD/CHF pairs. So essentially, at any point in time, the EA takes one long position with the strongest performing currency and also opens one short position with the weakest one.
So, as we can see here, this allows the market participants to potentially benefit from the latest trends in the Forex market. In addition to that, it does have the element of hedging. This is because, if for example, the strongest performing currency suddenly starts weakening, traders can offset those potential losses by the short position with the weakest currency.
Now it goes without saying that even the best EA forex robot can not guarantee a 100% success rate to any trader. However, this particular expert advisor might be relatively less risky compared to some other options. The fact of the matter is that the chances of the strongest currency dropping sharply and the weakest performing currency rising considerably, is relatively small. Consequently, this EA might be more appealing for risk averse market participants.

The Correct Order

The ‘Correct order’ expert advisor was designed and published back in 2016. During the following years, it gained the confidence of some traders and currently holds the 4 star rating.
This expert advisor makes extensive use of the moving average indicators. In fact, it uses 10, 20, 50, 100, and 200-period simple moving averages in its analysis and the decision-making process. Now the main idea here is that the correct order for the uptrend is that the 10-day simple moving average should be higher than 20-day SMA, which in turn should be higher than 50-day SMA and so on.
The opposite is also true with the downward trend. In this type of environment, the 10-day simple moving average should be lower than 20-day SMA, which in turn should be lower than 50-day SMA and so on.
After the correct order forms with five candles, the artificial intelligence will open the position. At the same time, the expert advisor exits the trade when this correct order is violated.
The official description of the EA also features the strategy tester report. According to this document, the expert advisor tested for approximately a 9-month period during 2008-2009. As a result, the trading capital has risen from the initial deposit of $10,000 to $11,327.99. This represents the 13.33% growth for this period. Consequently, the annualized growth rate might be close to 17.8%.
This can be an attractive rate of return for many traders, especially in times of the near-zero interest rate policies across the world’s major banks. So some traders can consider utilizing this Forex autopilot trading robot to earn some consistent payouts.
However, it might not be the best idea to always take numbers published in the individual strategy tester report at the face value. One thing to keep in mind here is that traders can certainly reduce risks and get more clarity by completing several backtests themselves, before using the given expert advisor in the Forex trading.
The fact of the matter is that the EA might perform quite well with one particular currency pair in a specific period of time. However, this does not guarantee that it will deliver the same results with other currency pairs or with different time periods. Hence the importance of traders conducting their own backtest to verify the usefulness of the given expert advisor.

Fundamental Trader DailyFX

One of the major downsides of the majority of expert advisors is the fact that they are entirely based on one or several technical indicators, however, they typically do not take the fundamental variables into account. The ‘Fundamental trader DailyFX’ was created to address this major imperfection of even some of the top Forex robots.
It was created way back in 2008 and considering its maintained 5 star rating for so long, it can be the best Forex robot 2020 for fundamental trading, according to the trader reviews. Besides the very positive Forex robot review, this EA has additional advantages. It is connected to the economic calendar and actually makes trading decisions based on the latest news releases.
The basic principle behind this expert advisor is as follows: artificial intelligence makes the comparison between the actual number from the economic announcement, to the analyst forecast, as well as the previous release. If the latest releases show much better economic results than the forecast and previous numbers, then the artificial intelligence executes large sized traders in favor of the currency in question. On the other hand, if the difference is small, then it opens up relatively smaller sized positions.
The opposite is also true. If the latest economic release is far worse than the analyst’s expectations and previous release, then the expert advisor opens the large short position for the currency in question. However, if the latest numbers only slightly miss the expectations and previous reports, then artificial intelligence will decide to open a small sized position.
Another interesting feature of this expert advisor is the fact that its risk/reward ratio is automatically set at 1:3. This means that if the EA is risking 10 pips, then it expects to gain 30 pips.
It goes without saying that this can improve the odds in favor of the trader. In fact, in this case, the market participant can still end up with an overall gain if he or she just has 26% of the winning trades. For those traders who want to utilize this Forex robot, the free download option is available on the MetaTrader 4 platforms. Once installed, it does not require any additional software to run successfully since it imports the latest data from the Forex economic calendar automatically.
Despite the obvious strengths and benefits of this expert advisor, it does have some imperfections. The fact of the matter is that this software entirely relies on the predictability of the market reaction on the fundamental news releases. Now, this might work in some cases, but any experienced trader can notice that sometimes the price reaction to some announcements can be highly unpredictable.
Just to bring one example, there were several cases where it was widely expected that the European Central Bank (ECB), the US Federal Reserve, or some other major central bank would cut its key interest rate. The obvious conclusion here was that the currency in question should have depreciated substantially against other major currencies.
The main reason for this is the fact that when the given central bank cuts rates, the savers and investors earn lower returns on the savings accounts, the money market accounts, from the certificates of deposit (CDs) or other fixed income instruments. At the same time, the Forex traders earn lower returns from carry trades. Consequently, when the policymakers reduce their rates, it tends to make their currency much less attractive for investors and traders. This leads to the depreciation of the currency.
However, in many cases when the actual rate cut announcement came out, the currency in question stayed flat or even made some notable gains instead of falling further. So how can we explain this? Well, it can be that the actual rate cut was already priced in by the market before the announcement came out.
Yet, guessing whether or not the actual economic release is priced in the exchange rate can indeed be a very difficult task. Even some of the most experienced professional traders have a hard time making accurate distinctions, so it is not surprising that artificial intelligence might fail at this task as well, from time to time.

Alternative Option

Before moving on to the concluding remarks, it is important to recognize that there are still some traders who do the Forex robots download and find them quite useful. However, they might not feel comfortable with giving artificial intelligence all of the decision-making power.
One solution with this concern is to only activate the signals and do not check the box which allows live trading to robots. Consequently, the Forex robot will only give traders the trading signals and let them have a final word on the execution of future trades. In this case, the market participants will get an alert such as this:
Best Forex trading robot 2020
As we can see from the above image, the alert will specify the exact time of detecting the signal, the trading recommendation, buy or sell, the currency pair, and the timeframe of the chart. So in this case, the traders will receive an alert, take a look at these details, and then can decide whether or not to open the recommended position.

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Top Forex Robots in 2020 According to Traders Reviews - Key Takeaways

  • In order for traders to get Forex robot free download software, they need to activate the terminal bar on the MetaTrader 4 trading platform and download one of the expert advisors from the ‘code base’ window.
  • Some of the highly rated Forex robots by trades include such EAs, which rely on sets of moving averages, zigzag indicators, and on identifying the strongest and weakest performing currencies and opening two hedged positions to capitalize on that. Some of these even allow market participants to draw trend lines, while there are also EAs, which make decisions on the fundamental indicators.
  • Despite all of the benefits of using Forex robots, it is important to remember that none of them can guarantee a 100% success rate to traders and they sometimes do make losing trades.

FAQ: Best Forex Trading Robots

Do all items in the ‘Code Base’ section on the MT4 platform represent the expert advisors?

Actually it is worth noting that not all items on the ‘code base’ section represent the expert advisors. There are also two additional categories of items: scripts and indicators.
The script includes the pieces of the programming language which can help traders with their daily trading activities. This includes such items as a simple script to delete all objects on the chart with just one click, or a tool to make historical trades in MetaTrader 4 platform with lines and arrows.
In contrast to these, some items on the code base are designated as ‘indicators’. As the name suggests, these tools can give traders the ability to construct additional types of charts and take a look at different new indicators.
Just to bring one example of this, there are some tools which allow traders to work with Renko charts, which look like this:
Best Automated FX Trading Robots 2020
The renko charts were originally invented in Japan. Unlike with the conventional candlestick charts, these diagrams are not based on any timeframe, but on the price movements. For example, in the above chart, each candle represents the 10 pip change in the GBP/USD exchange rate. Here, it is worth noting that the Renko chart does not display any additional candles if the price remains flat. It only adds candles if the price moves by the predefined amount; in our example, that is 10 pips.
Renko charts are quite popular with some traders. They tend to simplify the Forex price movements, making it easier for market participants to read the charts and detect the long and short term trends with the different currency pairs.

What are some of the downsides using the fundamental trader as an expert advisor?

The fact of the matter is that the heavy majority of the expert advisors and other types of trading robots rely exclusively on the technical indicators, whether those will be different sets of moving average, Bollinger bands, OSMA, or other measurements.
Consequently, any expert advisor which incorporates the fundamental indicators into its decision-making process does represent significant progress. However, this does not imply that they are perfect tools in the hands of traders without any sort of imperfection.
The first major concern here is the fact that the type of expert advisor constantly assumes that the market reaction for the latest economic releases will always be adequate. However, sometimes this is not the case. The latest announcement can show good figures for the economy, but the currency in question might still fall for a number of reasons.
For example, it might decline because the good news was already priced in the course of the previous days or weeks of trading. Or alternatively, there might be some other fundamental factors at play, which neutralize the positive impact of the latest economic report. In fact, there can be dozens of different scenarios where the market reaction might be highly unpredictable.
The second important point here is the fact that artificial intelligence here usually takes the latest economic data into account; however, it does not address long term economic forces. However, such fundamental indicators such as the real interest rate differentials, the balance of trade, the amount of budget deficit, and purchasing power parity can at times have a major impact on the exchange rates. So this can be problematic in some cases.

What should traders look for when searching for the best Forex EA?

The first step for choosing the Forex robot is to go through its description and methodology in detail. If this sounds convincing, then traders can check the star rating of the individual expert advisor. Obviously, the higher rating shows a certain degree of confidence of other traders in this particular program.
However, the market participants should keep in mind that those reviews are just subjective opinions of individual traders. Also, it is worth noting that some of the newest robots might have zero star ratings because they have not got any reviews yet. Therefore, it might not be a good idea to dismiss those completely, without checking them out.
After taking a look at those items, the next step is to move on to backtesting. By activating the ‘strategy tester’ tool, the market participants can test the trading performance of the given expert advisor. Here, they can choose from dozens of currency pairs and even from some commodities. With this tool, traders can also specify the timeframe for this test.
If the backtesting results show some gains, then the trader might consider making at least 2 additional backtests to make sure that it was not just the luck factor involved with the previous success.
Now, if the given expert advisor overcomes this obstacle, then the trader can move on to the final stage. This involves testing the Forex robot on the demo account. It allows the market participants to get some idea about the trading performance of the expert advisor under live trading conditions.
Consequently, if the Forex robots manage to pass all of these 4 tests successfully, then traders might consider using it for the real trading account. However, just like with any other Forex tool, the traders should keep in mind that no Forex robot can guarantee them consistent payouts 100% of the time.

Is there any expert advisor which does not use any indicators?

It is not surprising that nearly all expert advisors are based on one or several technical or fundamental Forex indicators. However, it is worth mentioning that quite surprisingly, there are some exceptions.
For example, there is a coin flip expert advisor available on the MetaTrader 4 platforms. It was invented back in 2015 and has a 4 star rating. As the name suggests, the EA makes the trading decisions based on the coin flip.
At the same time, this expert advisor is equipped with trailing stop orders. This is intended to maximize the potential gains, while also putting some limit on the total amount of losses.
Now, the main operating principle of this EA, is that after closing a losing trade, it increases the size of the lot by martingale, based on predetermined parameters. It is not surprising that many traders might be highly skeptical about the possible performance of such Forex Robots.
However, the strategy tester report shows that this expert advisor was tested for a one month period in 2015 and delivered approximately a 12.2% return. It goes without saying that trading with such trading robots can be highly risky and can potentially lead to some losses.
However, despite those objections, it seems that this type of expert advisor still attracts some risk loving traders in the Forex market.

What are the most important items of the strategy tester reports of expert advisors?

The most important item on the strategy tester report is the size of overall gain or loss. After all, if the Forex expert advisor constantly ends up with losses, then traders might have better luck making decisions by a coin toss, rather than using this EA.
Another very important item on the strategy tester report is the percentage of winning trades. This is essentially the equivalent of the ratio of winning trades and can be an important indicator for measuring the overall trading performance of the individual expert advisor.
Traders can take into account important items such as profit factor, expected payoff, as well as gross gains and losses.
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