In the context of the forex market, drawdown refers to the difference between the high and low points of a trader’s account. It gives a proper representation of lost capital arising from lost trades. For forex robots and expert advisors, drawdown rates describe the likely survivability of the system over the long run. Quite naturally some of the best fx robots have drawdown rates that are less than 20%, ensuring that the strategies used are safe and reliable. This article aims to highlight some of the best FX robots to use with low drawdown rates.
- Forex Flex EA
Forex Flex EA is a verified forex robot that works by using virtual trades. Here, the forex robot opens virtual trades in the background, used to monitor the market. They help determine the absolute perfect entry point, at which point Flex will start opening and managing real trades automatically. Unlike most other forex robots, Flex EA features an automated update system. As a result, the EA receives the latest and updated performance settings for the prevalent conditions. It trades the GBP/USD, USD/JPY, USD/CAD, USD/CHF, EUR/USD, AUD/USD, EUR/JPY, EUR/CHF, EUR/GBP and NZD/USD currency pairs.
- Hamster Scalping EA
Hamster Scalping is a scalping forex robot developed by Ramil Minniakhmetov. It is a scalper with no martingale approach that mainly trades at night. By using the RSI indicator and ATR based filter, the EA can easily pick out sharp entry points. At $45, it is one of the cheapest scalpers on the market. The scalper has a good reputation online with a multitude of reviews and comments to back it up. It trades on the EUR/USD currency pair in the M1 timeframe.
- Grandmaster Forex Robot
The Grandmaster Forex Robot created by a developer named TraderNick, is a grid-trading forex robot. However, since this strategy has been proven to be risky at times, the developer has ensured that the EA focuses heavily on risk management. It works by scanning the market for overbought and oversold levels to find effective reversal trade setups. It then uses designated grid levels and opens multiple positions by using a position size multiplier. The EA thus allows traders to gain from trending as well as ranging markets. It trades on the USD/JPY and USD/CHF trading pairs in the H1 timeframe.
- Earth Robot
Earth Robot is a grid trading forex robot that is capable of trading three pairs: GBP/USD, EUR/USD and EUR/GBP on the M5 timeframe. However, the prices for trading each pair are different. It charges $99 for trading on the EUR/USD or GBP/USD and charges $199 for trading all the pairs.
- Forex Stream
Forex Steam is one of the oldest forex robots on this list. Developed more than ten years ago, the main trading strategy of the EA has changed throughout the years. Currently, it is a time-restricted scalper, which is one of the easiest and most stable ways to grow accounts. It relies on a number of forex indicators such as the Williams %R, Relative Strength Index, Stochastic Oscillators, Moving Average Convergence divergence, ADX trend strength and standard deviation. It also comes with 30 parameters that the traders can use and adjust.
- Wallstreet Forex Robot
Originally released back in 2011, The revamped WallStreet Forex Robot 2.0 Evolution is a unique forex robot which has a feature called “ Broker Spy Module”. The main aim behind this feature is to protect traders from unethical brokers that apply high slippage, spreads and delayed order executions. According to information provided to us by the developer, the latest version of the WallStreet Forex Robot is at least 10,000 pips better than the old version. At a price of $287, you get an EA that can trade on EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, NZD/USD and AUD/USD.
Forex robots and expert advisors have paved the way for novice retail traders to get a piece of the action. However, with the growth of vendors that offer such applications, selecting a proper EA is becoming tougher every day. This is why it’s crucial for traders to understand the concept of EAs and conduct background checks instead of blindly believing advertisements, before investing.