The Forex market is one of the biggest trading markets in the world. On average, the trade of $6.6 trillion is conducted daily in the forex market. It is the only trading market that operates 24 hours a day, 5 days a week. Forex traders can’t stay glued to their screens to monitor the price movements and open trades.
But, now, traders can easily stay connected with the Forex market. They can buy, sell, or hold the currency, even when deep asleep. All thanks to the Forex bot.
Let’s quickly take an overview of the Forex bot:
What is a Forex Robot?
A Forex bot is also referred to as a Forex robot. It is a smart tool designed for trading.
The bot is programmed to use Forex market signals and the parameters set by traders to purchase or sell the currency pair at a certain point.
Forex robots are 100% automated and allow the trader to set them according to their needs and strategies. Furthermore, many Forex bots are easy to integrate into trading platforms and Forex brokers.
Forex robots have gained immense popularity amongst many Forex traders. It includes both new and experienced Forex traders. The main reason behind the Forex bot’s popularity is that it saves a lot of time and removes the element of emotions from trading.
This is because the Forex bot uses trading algorithms to trade the currency pairs.
There are plenty of Forex bots in the market that claim to be the best. Ensure to conduct thorough research before purchasing these bots and integrating them with your live trading accounts.
Moreover, always test the Forex robot on the demo account first. Do not risk using it directly on the live trading account, as it can result in capital loss.
Are Forex Robots Available For Free?
Yes, Forex robots are also available for free. A trader can install it and use it on his live trading account.
Forex trading bots produce trading signals to help traders create a solid trading strategy to fetch more profits. There are many free Forex robots available on MetaTrader4. These bots use MQL to enable traders to place orders automatically and produce their trading signals.
There are many free Forex robots available on the internet. Some paid Forex bots also provide a free version of their bots with limited features.
Free Forex robots do not have powerful and advanced features like the premium ones. However, they are quite costly and not feasible for beginner traders. Hence, a free Forex robot is suitable for traders who are new to trading or do not want to splurge on buying premium Forex bots.
The term FREE might make you think that free robots are not good. However, that’s not always the case. Let’s talk about it in detail.
Are Free Forex Robots Good?
Free Forex robots are good if:
- You are new to automated trading and want to see the results generated by a Forex robot;
- Or you have just entered the forex market.
However, it is understood that a free Forex robot cannot beat the advanced features of a paid Forex bot. Yet, you can still use the free Forex robot to automate your trading and save time.
Benefits of Free Forex Robot
Here are some of the top benefits you can avail of by using a free Forex Robot. The first and the top benefit is that its:
- Free of Cost
You don’t have to pay a dime to install free Forex bots. Simply install it and integrate it into your live account to automate it.
Moving on to the 2nd benefit of the free Forex robot:
- No Need for Human Intervention
Free Forex robots can continue trading without requiring any human intervention. Forex bots are of great help to scalpers and day traders. Both types of traders need to monitor small price changes to buy or sell the currency pairs.
The robot can execute trades for traders around the clock without requiring them to stay glued to their screens.
Moving on to the 3rd benefit of the free Forex bot:
- Prevents Emotions While Trading
Forex trading doesn’t have room for emotions. New traders are excited to make huge profits overnight. Hence, they often let greed and enthusiasm take the best of them. They overlook the risks and end up losing their capital.
Automating the live account eradicates all the emotions like fear, greed, anger, etc. It opens and closes trades according to set parameters by the trader.
Moving on to the 4th benefit:
Many free Forex bots provide the option to backtest a strategy before implementing it on live accounts. Moreover, Forex bots make backtesting quicker and easier than the manual method.
How Are Some Forex Robots Available for Free?
Popular trading platforms like MetaTrader4 have some built-in Forex robots that are 100% free to use.
Apart from MetaTrader4, plenty of websites offer free Forex robots. Some of these websites offer a free trial period for their premium robots. Upon the expiry of the trial period, traders have to pay the full amount to keep using the Forex robot.
Another way Forex robots are available for free is to attract customers. Many service providers offer a free version of their Forex robot. However, the free version locks some enticing features like news, trend, an advanced money-management system, etc.
Conclusion: Is There Really A Free Forex Robot That Does The Job Right?
There are many excellent Forex robots available in the market. The free version works great for producing trading signals and automating your account.
Moreover, the robots available on MetaTrader are also reliable and work well.
Unfortunately, there are many scam Forex bots too. They promise to deliver marvelous results, but they don’t even work in reality. Similarly, some Forex bots require traders to deposit a minimum amount to work. And once the trader deposits the amount, the bot doesn’t perform well.
Forex robots are of great help to beginners and advanced traders. They save time, remove emotions, make backtesting easy, and make it easier and efficient to trade currency pairs.
If you do not want to spend money on premium robots, you can try using free robots.
However, ensure to read reviews about the bot. Moreover, visit the robot’s website to learn more about its algorithms and trading patterns.
Another thing that you must remember is never run the Forex bot directly on your trading account. Use your demo account to run the bot so that your capital remains safe.