Best Forex Trading Robots in South Africa
What are Forex robots? Forex trading robots are a software application that provide the traders with automatic trading signals. In this guide, you will learn about the best Forex trading robots in South Africa for South African investors. Forex robots work based on instructions given by the user. Consult our list of the most famous Forex trading robots South Africa for 2021. Find out when it is recommended to use trading robots and when to avoid them.
Table of Contents
What is a Forex Trading Robot?
Forex trading robots are a software program that provides the investor with automatic trading signals. Based on these, the investor will know what is the best time to sell or buy currency pairs.
Trading robots are also called Forex Expert Advisor.
How do Forex trading robots work in South Africa?
Most Forex robots South Africa are designed for the MetaTrader 4 (MT4) trading platform and use the MQL 4 programming language.
Robots generate trading signals through mathematical algorithms that use technical indicators. With their help, they analyze a large amount of data and graphs, then identify trading opportunities. From this phase, he will recommend the best opportunity to the trader, or he will open a position himself, based on predefined parameters.
The advantages of using a Forex trading robot
Forex trading robots in South Africa are promoted in many situations as profitable.
The most used and searched are the Expert Advisors (EAs) robots that work on the MT4 platform. It is a very active market in which trade is made with the best performing EAs.
But beyond what is being sold to you at some point, it is important to analyze the benefits in terms of your trading strategy. Using a Forex robot can be advantageous when your strategy involves a lot of repetitive, mechanical work.
A Forex robot can bring its contribution through the complexity of the analysis, through the speed and availability of 24/5.
We list some of the advantages of using a trading robot:
- It can perform various operations instead of the investor, within the limits of the settings, of course;
- Can open new positions and set Stop Loss, Trailing Stop or Take Profit functions;
- He will make objective decisions, not being influenced by emotions;
- It can analyze extremely large amounts of data;
- It can save resources such as money, time, energy and more.
Of course, using a trading robot cannot match an investor’s decades of experience or his instincts.
Disadvantages of using a trading robot
As a trader, it sounds quite tempting to have software that makes work difficult for you, and you simply enjoy the profit. Unfortunately, things don’t work out that way in reality. Despite their complexity, Forex robots do not offer an instant or guaranteed profitability solution.
Forex robots in South Africa have a limited capacity and can generate errors, so giving them complete control over your account can be a risky action.
These limitations are mainly due to the fully automatic function. To counteract these risks, semi-automatic robots have appeared in recent years.
Most robots cannot create trading strategies precisely because they cannot adapt to fluctuating market movements. Technical analysis is necessary, but not sufficient.
For profitable transactions, the skills, intuition and experience of a person to take into account all variables are vital.
The most famous Forex Trading Robots in South Africa
On the profile market there are countless foreign exchange trading robots, which offer investors the opportunity to invest valuable time in maximizing profit. Among the best known forex trading robots are: The Vader Forex Robot, The Ganon Forex Robot and The Reaper Forex Robot.
The Vader Forex Robot
The Vader Forex Robot finds trades using daily Fibonacci levels as chart thresholds. Fibonacci levels are normally used to find levels of price support and resistance on Forex charts.
Vader takes this further, turning them into entry and exit thresholds. We add signaling trends and we have a unique system that knows when the price changes and to what extent.
The merits of this robot are the following:
- It detects large moves away from the middle zone and huge withdrawals when the price returns.
- Combine trends with Fibonacci thresholds to form a complete and solid currency strategy.
- The automatic SL and TP levels are set using an intelligent distance and momentum based algorithm.
The Ganon Forex Robot
The Ganon Forex Robot finds trades using an advanced trend detection feature.
In foreign exchange trading, the trend is extremely important. Finding a confidence trend can be impossible with all the “crowding” on the Forex charts. The developers of this project have created a new strategy, which highlights the most reliable trends while avoiding false information from brokers. This is called the Strand Theory system.
The merits of this robot are the following:
- It removes unfounded assumptions and random evolutions.
- Look for reliable trends, supported by complex data analysis.
- With the help of an ATR traction line, profits are ensured as each trade progresses.
- Detects intentional price manipulations and false contracts using Strand Theory.
The Reaper Forex Robot
The Reaper Forex Robot trades daily price extensions. On each currency chart there are hidden areas of support and resistance. When the price reaches these areas, it will often change. But from time to time it will break and continue to evolve.
Reaper calculates these hidden areas and waits for the price to exceed them.
The merits of this robot are the following:
- Wait for the price to fall, to find waves of its evolution. In the end, patience is a virtue.
- As you move, you must maintain your advantage. Reaper actively manages stop levels to make a profit.
- If the price changes, the robot stops automatically and reverses its position.
Forex trading robot scams
In some situations, the Forex robot market is talked about as an industry in itself, where the creators of the most powerful bots seek to discredit others. As in any situation like this, the trader is rarely the winner.
Most scams do not necessarily refer to the functions of the robots, but to the way they are sold to the trader. You will see that in certain situations, Forex robots are offered at insignificant prices. This should raise a first question mark. Who would put so much effort into a system, which they would then sell at a symbolic price or even for free?
Another false statement refers to the guarantee of profit. As we have discussed, an automated system cannot guarantee profit.
Equally promoted is the idea of ”super advanced technology”, through which the bot creates the strategy and trades instead of the investor. In such a volatile market, where conditions are changing all the time, robots simply cannot understand the complex mechanisms and build profitable systems independently.
How do you know if a trading robot is right for you?
The best recommendation is to have a very rigorous selection system and to start from the objectives for which you choose a trading robot in the first phase. Read user feedback and make sure the reviews are real. There may be many Forex robot creators on the market who intentionally falsify reviews.
A Forex robot South Africa will not fill the gaps in your knowledge, on the contrary. Automated systems are not meant to completely replace the trader’s activity, but rather to take on repetitive work.
Forex robots in SA need constant input from the trader. For this reason, it is not recommended to trade Forex bots if you are a beginner. Even when you already have experience on the market, it is advisable to weigh the option very well. As an investor, you need to know the market conditions in which the robot operates and understand its role in the trading activity.
Once you have begun to understand exactly how these investments work, you are able to develop Forex strategies and face this market, you can turn your attention to trading robots. At some point you will want to invest your time in maximizing profit and delegating certain tasks. This software proves to be useful here.
We remind you that the best way to start trading on the Forex market is with a Demo Account, first of all.
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How to Create Trading Robots with Forex EA Generator
Forex EA generator can create amazing money-making robots for you without requiring any programming skills or other technical skills. We call it Forex Robot Factory which is a very easy to use Expert Advisor generator. You can easily develop an application that automatically makes trades on your behalf. In this article, we’ll talk about how to create trading robots with the forex EA generator from Forex Robot Academy.
What is Forex Expert Advisor Generator?
A forex expert advisor generator is an online-based application that can help you in creating profitable automated trading strategies without a single line of code.
Instead of using an EA builder or hiring a programmer to develop a robot, the expert advisor generator eliminates the time consuming and often difficult process of creating an EA and automates the entire process for you.
With this online-based tool, you can develop reliable robots and deploy them both to the MetaTrader 4 and MetaTrader 5 trading platforms.
You do not need to be a programmer or possess some genius technical skills to start using this forex strategy generator.
You only need to choose what indicators you want to use, input few simple trading criteria into the robot generator, and the rest of the magic will be automatically completed for you.
The tool will automatically create an EA and backtest its profitability using its in-built platform features.
Since the backtesting results are provided real-time, you can modify your trade entry and exit rules until you come up with a strategy that best fulfills your needs.
Here are the core components of the Forex Robot Factory EA generator.
- Generator: This component automatically creates and backtests the provided strategies. You can also use the Reactor mode to automate the entire EA creation process.
- Collection: This component stores the generated strategies, allowing you to sort them according to their profitability as well as other parameters.
- Editor: This component enables you to create and edit strategies before exporting them as MQL files. You can backtest your trading rules against historical data in seconds and sufficiently refine them before using them for live trading.
- Optimization tools: The EA generator has various tools for optimization of trading rules against a wide range of trading conditions.
- Validation tools: These include stress tester (Monte Carlo), multi-market tester, and anti-curve-fit tester (IS/OOS).
- Report: This section gives comprehensive details about each strategy’s testing results.
- Exporter: This feature allows you to conveniently export the created EA to your MetaTrader platform.
- Reactor: This is one of the best components of the Forex Robot Factory. The Reactor is a new and easy way to automate the workflow of trading strategy programming, backtesting, optimizing and stress testing to find your best Forex Robots today.
What is a Forex Robot?
A Forex Robot also referred to as an Expert Advisor, refers to a software with inbuilt trading rules that automatically determine when to enter or exit the market.
Automated trading systems are ideal for overcoming the disadvantages of manual trading and providing you with a profitable method of earning massive profits from the forex market.
With expert advisors, you can trade non-stop, eliminate emotion-based trading decisions, and greatly reduce trading errors.
If you still rely on the traditional manual trading methods, you are prone to making greed-driven trading decisions, making silly trading mistakes due to fatigue, and increasing your losses due to ill-timed decisions.
Manual trading typically glues you to the computer screen; otherwise, you’ll miss those ripe trading opportunities.
On the other hand, robot trading eliminates that need and provides you with the freedom you need to effortlessly earn massive profits from forex trading.
After you’ve put your strategies into a robot, your trades will be automatically executed without your direct intervention.
Furthermore, you can program multiple strategies into expert advisors and greatly increase your profits, something difficult to achieve with manual trading.
Create Expert Advisor Without Programming
For a long time, creating an expert advisor for MetaTrader 4 required that you have advanced programming skills and other technical skills.
However, presently, it’s possible to create expert advisor without programming skills or hiring the services of a programmer.
By using the forex robot generator, you can create profitable expert advisors without ever worrying about any line of code.
With the EA generator such as Forex Robot Factory, you can transform any manual trading system into an expert advisor without writing complicated codes.
Expert advisor programming, just like most programming languages, is difficult to master.
You may need to spend lots of money and invest a lot of your time learning how to create forex robots that work.
However, the expert advisor builder and generator saves you the money and the hard work and provides you with an intuitive platform to create an expert advisor without programming.
You’ll just need to select which currency and time frame you want to trade and hit the START button. The rest will be automatically completed for you.
The expert advisor generator for MT4 and MT5 is what you need to enjoy the benefits of robot trading.
After creating your expert advisor for MetaTrader 4 or 5, you’ll also get backtested results, which allow you to gauge the profitability of your automated trading systems.
This way, you can conveniently fine tune it until you generate an EA that can deliver maximum profits from your efforts.
Forex Expert Advisor Generator
As earlier mentioned, the forex robot generator allows you to automatically create money-making robots against the defined parameters.
Here’s a simple step by step process of how to create forex robots using the Forex Robot Academy online-based tool:
Step 1: Define parameters of your trading strategy
First, you need to define parameters of a trading strategy to entrench into the robot. You can try your strategy under simulated forex trading conditions to ensure it works according to your preferences.
Step 2: Input strategy parameters
Under the Generator tab, set the data source, currency pair symbol, and your preferred trading period.
Input strategy parameters into Forex Robot Factory
Next, define your strategy properties. You’ll set entry lots, stop loss, pips, and take profit parameters.
Setting strategy properties Forex Robot Factory
Specify, the other Generator settings.
Specifying other Generator settings
Click “Start” button.
Starting the generation process of Forex robots
Thereafter, the Generator will automatically create the strategy for you.
In addition, the Generator will backtest the created strategies by utilizing advanced criteria and displaying the tested results.
Then, click the “Stop” button.
Stopping the generation process of Forex robots
Step 3: Sort the generated strategies
The Collection section stores all the generated trading strategies. Here, you can sort the strategies using the available statistical parameters.
Sort the generated strategies to find best Forex robots
Step 4: Edit the strategies
You can use the Editor to create and refine your strategies through utilizing indicators and other parameters.
With the editing tool, you can easily review your strategies before exporting them as MQL files.
When editing your strategies, the tool will perform a backtest against historical data, allowing you to determine if you are on the right track.
Reviewing Forex robot trading rules
Step 5: Optimize the robot
The MT4 EA generator has various tools to optimize your trading strategy and also validate it on a wide range of trading conditions.
For example, you can use the stress tester and the multi-market tester to gauge the robustness of your trading strategies against different market conditions.
When optimizing your strategy, remember to check the backtest results to ensure they are satisfying.
Optimizing Forex robot for best results
Step 6: Examine the Report
Check the Report page for comprehensive information about the performance of your strategy against historical data. The page also has statistics information, an indicator chart, and other useful information.
If the backtest results are not satisfying, it could mean that you need to refine your strategy further or just generate a new collection of robots to find better ones. It takes several minutes anyway.
Examining the Report of Forex robot backtest results
Step 7: Export the robot
After creating the robot, you can export it to your MT4 or MT5 trading platform. Since the created EA is based on standard MetaTrader indicators, using it on the platform is easy and convenient.
Exporting Forex robot into MT4 or MT5 format
It’s important to test the performance of the exported expert advisor in simulated forex trading conditions before launching it for live trading.
This way, you can verify its profitability and make any changes, if necessary.
Forex Robots that Work
Using the forex strategy generator is the surefire method of generating expert advisors that work.
Presently, the Internet is clouded with several types of robots falsely promising quick and huge gains.
In most cases, these robots are only meant to swindle money from unsuspecting users. Before purchasing any robot, it’s critical that you perform a background check to ascertain its profitability. Also, it’s important to know what trading strategy trading robot is using, otherwise you are buying a pig in a poke.
If a flashily advertised robot cannot authenticate its profitability, then do not waste your money in using it for live trading.
The forex advisor generator from the Forex Robot Academy is reliable and will assist you to create real profitable EAs within seconds.
Furthermore, the generated robots are already tested against historical data and comes with settings that can be optimized for any trading condition.
So, you are sure of getting authentic forex robots that work.
Expert Advisor Tester
The forex EA generator online has an inbuilt strategy tester that can assist you to create the best robot for your needs.
Although the expert advisor tester is the same with the MetaTrader Strategy Tester, it’s much faster and more efficient.
This powerful tool is capable of backtesting trading robots against the provided historical data so that you know its strategy has been working in the past. This is something difficult to achieve with any other EA builder.
While using the MT4 code generator, the tester will be automatically running in the background and evaluating your strategies according to its algorithm.
This process enables you to assess how the EA could have performed in the past.
As such, you can provide different input parameters and run them against the tester to check their viability. This way, you can always create forex robots that work.
More so, it’s advisable that you should try your generated strategies under simulated forex trading conditions before launching them to a real account.
Forex Robots List
The forex robot generator allows you to create a wide range of trading robots—from simple EAs to complicated EAs capable of trading varied strategies.
With the huge list of robots that you can produce using the tool, you cannot miss something that meets your tastes and preferences.
Regardless of your trading style, the generator can assist you to create forex robots that work.
For example, if you prefer long-term trading, you can create a robot that is capable of long-term trading.
Here are just a few forex robot types that can be created:
- Williams R expert advisor
- Forex robot with RSI
- Forex robot based on moving averages
- Expert advisor for micro accounts
- Expert advisor for different standard accounts
- And many others
Here’s a full list of MT4 & MT5 indicators that are available in the Forex Robot Factory:
- Accelerator Oscillator
- Accumulation Distribution
- ADX
- Alligator
- Average True Range
- Awesome Oscillator
- Bears Power
- Bollinger Bands
- Bulls Power
- Commodity Channel Index
- DeMarker
- Directional Indicators
- Envelopes
- Force Index
- MACD
- Momentum
- Money Flow Index
- Moving Average
- Moving Average of Oscillator
- Moving Averages Crossover
- On Balance Volume
- RSI
- RVI
- Standard Deviation
- Stochastic
- Volumes
- Williams’ Percent Range
Forex Strategy Builder
In expert advisor programming, most developers make the mistake of not properly defining their trading rules.
As a result, this often leads to increased losses and poor EA performance.
The EA generator tool tries to overcome this problem by providing a reliable forex strategy builder to assist you in clearly defining trading rules and other parameters.
With the inbuilt strategy builder, you can manually create EAs, which allows you to define their own profitable automated trading rules. How do you know that? Well, Forex Robot Factory will test your trading rules on historical data in a few seconds and show whether the strategy was or was not profitable in the past.
Therefore, the forex advisor generator is the best option for building reliable EAs with well-defined trading rules.
What’s more, as mentioned before, the EA generator provides backtest results, which allows you to optimize your trading rules for maximized profitability in the forex market.
Expert Advisor Programming
Instead of manual trading, expert advisor programming allows you to create robots that can automatically enter and exit the market on your behalf.
Although you can develop an EA using MT4 programming, it’s much more expensive and tedious than using the forex EA generator online.
The web-based MQL4 code generator assists you to conveniently create profitable robots within seconds and without any technical skills.
With the EA generator, you can develop competent robots without requiring any programming skills.
Furthermore, the created robot can be exported either in MQL4 format or in MQL5 format, enabling you to seamlessly integrate it into your preferred trading platform.
If you have some programming experience, you can incorporate additional rules into the robot to ensure it’s optimized to your needs.
Conclusion
The forex EA generator is the tool you need to create real money-making robots without ever worrying about any complicated lines of code.
It’s the world’s first forex advisor generator that has been developed with the needs of traders in mind.
The online-based application allows you to generate profitable robots without any technical skills and within your budget.
If you want to develop winning forex robots within seconds and take your trading career a notch higher, then use the Forex Robot Factory.
https://www.forextradingsouthafrica.co.za/forex-trading-robots/