Automated Trading Software a Complete Guide & The Best EA Trading Software for 2023

Just think about automated trading software and forex trading robots for your forex trading, which will eliminate the psychological element out of the trading. Is not it sound good? It might seem like a dream, but it is possible through the EA trading system. Explore our robotic trading tools to enhance your trading experience.

Forex trading robots have given traders the power to trade automatically and put aside all the emotional decision. With the help of an automated trading platform, you can set parameters for trading, open or close deals, and allocate capital even when you are logged out from your account. However, EA trading doesn't confirm your automated profit. It just helps you out from any unexpected transaction.

Automated trading increases efficiency with faster execution. However, it would help if you had some forex tools, robots, strategies, etc. to automate your forex trading. Throughout this article, we will discuss everything you need to automate the trading and get the most out of it.

 

What is Automated Trading?

Automated trading takes help through forex EA (Expert Advisor), which is a software that monitors forex markets and returns signals upon identifying the potential trading opportunities. So, automated trading is a sophisticated platform for forex trading, also referred to as EA trading. It uses a computer algorithm to oversee the market condition and recommends a potential decision for a trader.

However, it is best for setting the entry and exit points for a potential position and then let the EA trading do the rest. After that, automated trading will look for your pre-established parameters and execute according to that.

How does Forex Automated EA Trading Work?

Automated trading works through several steps. First of all, you will need to choose an EA trading platform (which we have discussed later). Then you need to identify your trading strategy. After that, create a set of rules and set parameters. Next, a custom algorithm will apply your criteria and trade on your behalf.

The software will continuously monitor the financial market prices and automatically trades when your predetermined parameters are met. However, it has both advantages and disadvantages. Let's look at those.

 

Setting up Trading Rules

A user can set up rules in two ways. Traders may select the commonly available indicators, or they can program their own custom indicators. Commonly available indicators are programmed by the software automatically. However, it is not as satisfying as a customized one. Although to make a customize indicator, one needs to have vast expertise in automated trading. Besides, it can also return more.

Advantages of Automated Trading

• It can execute multiple trades simultaneously and can dot fast.
• Always sticks to your predetermined strategies and don't deviate.
• Reduces the transaction cost
• Reduce the emotion and stress you feel during trading.
• EA trading always looks for new opportunities and analyzes the trend and recommends your potential indicators.

Disadvantages of Automated Trading

• Some traders may find the lack of control is difficult.
• Successful strategies may make you dependent on software, and you may lose your expertise in manual trading.
• It may reduce your personal analytical ability to forex trading.

Now, you know everything about EA trading; let's see the robots to implement them.

Forex Trading Robots

Automated Trading usually uses some platforms, which are known as forex robots. Forex trading robots are a computer program that looks at the forex trading signals at a given point of time and helps determine whether to sell or buy a currency pair.

You can buy Forex trading robots online. However, you must use it cautiously if you are a newbie. Although, there are scammers too, who may offer you a money-back guarantee and disappear a few weeks later. That's why it is necessary to trade with the best forex robot. With that in mind, we have researched to find out some reliable ways to buy forex trading robots for your convenience and found two packages where you can purchase the best forex robot easily without any hesitation. Let's get into details.

If you are tried finding the required software and strategies for your automated trading, 18 trading robot bundles could be your one-stop solution. It is a service that offers all the necessary tools for forex trading, such as different EA indicators, forex strategies educations, essential tools, and more. Besides, you will get free courses and tools to, so that you can practice before purchasing one. However, you can buy the tools individually or as a bundle. Although bundles are cost-effective and you will get a combination of robots and tools you need for trading.

Furthermore, 14 types of forex trading robots can be purchased through the bundle packages. Those are-

• Trending Robot: It features to make money and to move average multiplier EAs. The Make Money EA is a forex trading robot that evaluates a signal to see its potentiality with the help of back trading. On the other hand, Moving Average Multiplier, EA offers a unique trending approach along with some strategies to enter a deal.
• Sideways Market Robot: For sideways, they have Tradable RSI EA, which provides new trends with no time.
• Automated Indicator Robots: It provides low risk on a low capital through Magic Moving EA and Tradable MACD, which are easy to set and start trading.
• Top Up Robot: It can add additional lots to successful forex trader and can double trading accounts. This feature made it one of the best forex trading robots.
• Informational Robot: It compares the currency strengths for all its time period and presents the information in a table format.
• Grid Trading Robots: It has a secret multiplier that runs on autopilot, which uses a creative hedging approach and increases the probability.
• Weekend Gap Robot: When a broker closes a trade on Friday and opens it on Monday, there is often a gap between closing and opening prices. The weekend gap robot will get you potential benefits from this gap.
• Currency Strength Robot: This robot monitors aggregated and average RSI reading. The reports the highly overbought or oversold currencies. This indicates you to trade highly overbought currencies against the highly oversold currencies.
• Random Market Robot: At a specific time, EA will make a transaction on a set and forget basis on every trading day. You can use any currency and time frame.
• Setup Trading Robot: It works through DivergenceTrader EA, which is an automated trading robot. It finds divergence for every time frame, every currency, and trade them automatically in a favorable condition.
• Strategy Trading Robot: The coursewill teach about best forex robot entry techniques. Wave Trading Robot: The good vibration trader automatically adjusts entries, targets, and stops after monitoring the market's current vibration rate.
• Market Behavior Robot: There is a time difference between the US and European market. This robot will benefit from fluctuation that happened in that time frame.
• Retracement Robots: It allows 5 different entry types, which are not available in regular reading, and it reduces the associated risk.

All these forex trading robots are important for trade automation. When you study them and apply them in your trading, you will feel that each of them is the best forex robot.

Unlike the 18 trading robot bundle, 3 trading robot bundle offers 3 best forex robot, which are Dream Machine EA, Make Money EA, and Grid Trend Multiplier EA. Anyone can use those to get most out of forex trading. Even a beginner can use those. These three robots have an easy to use interface and settings, which offer a plan-n-play setting. A newbie or a busy trader can just set parameters to see the magic afterwards. Let's get to know the details of those three robots.

• Dream Machine EA: It observes RSI readings of all the available currencies that are traded in the forex market. It also aggregates and averages the RSI reading. The theory is, when a currency is overbought or oversold compared to other currencies, it will grab the attention of the robot. As a result, traders will get benefit from trading the overbought currency against the oversold currency.
• Make Money EA: It is a trending robot that enters trading when the market starts trending. It determines the trends by two moving average, fast and slow ones. Besides, it can evaluate and EA quickly by back trading, which shows a trade's potentiality. Make money EA gives a detailed trend analysis that includes time frame, profitability, drawdowns, currencies, and much more. Based on that, users can select which setting they want to use.
• Grid Trend Multiplier EA: It is one of the top forex trading robots for new or inexperienced traders. Besides, experienced traders can have the opportunity to make more out of their trades. However, inexperienced traders don't need to know the direction where the price is going to move. Instead, the grid trend EA will notify about the direction.

Apart from forex trading robots, you will need to know about trading tools, which can boost your capability.

Trading Tools

Forex trading tools are really important for analyzing markets as well as required parameters. Besides, it can help to build a trading strategy that works. There are various tools for various purposes. As a new trader or even experts, it isn't easy to know which trading robot is best to use. We have found Currency Selector EA and The Performance Analyzer are great to start among all the robotic trading tools. In the next part of this article, we will provide all the details about these two trading tools.

Currency Selector Forex Robot was aimed to suggest the appropriate currencies when trading. It has been seen that most traders lose their money because of selecting the wrong currency. Most of the traders are not aware of the importance of the selection of the currency. They tend to go for common ones without any research.

After years of experience, Currency Selector trading tools were introduced to help a trader to select the right currency.

Benefits of using Currency Selector

It tells the following information about a specific broker account. So, every account holder will get customized information that matches with their account.

• It indicates the least and most volatile currencies.
• Send information about the leas and most expensive currencies.
• Most sideways currencies, as well as the least.
• Notify the best day to trade.

The Currency Selector EA very specific when it suggests any currency as it considers time frames, margins, spreads, weekend gaps, and more. After combining all these factors, it can provide almost perfect currency to trade.

It helps to manage the forex robots and manual strategies in a single account. When a trader uses many trading tools or robots, he/she may get confused with all the strategies. To eliminate this confusion, performance traders come to the rescue as it allows managing many strategies, trade, and robots from the same account simultaneously.

Features

• The detailed view of the table provides the analysis of each manual and robotic trading strategy.
• If you want to have a quick view of the analysis, the summary table is there, which provides each account's performance.
• The currency exposure table gives detail trading exposure for every trading.
• Some other tables like account, execution, floating, and market table provides valuable trading info related to the trading account.

Performance Analyzer comes with MT4 and MT5 trading tools. However, if you use other platforms, you can buy it externally from their website. Trading with all these trading tools, we have discussed earlier fall under Robotic Trading, which we have mentioned below.

Robotic Trading

A forex trading that is done by a computer program automatically is called robotic trading. Nowadays, artificial intelligence is also introducing to the robotic trading. Robots usually monitor the forex market along with the economic news. Then, assess that info and gives you a decision on your trading. Even it can trade for you. However, you have to permit automatic trading. Besides, it also provides the entry end exit points before and after trading.

Pros of Robotic Trading

• It offers quick market trading and processes the order.
• Psychological and emotional biases are kept aside.
• It may test various strategies before decide to trade originally.
• In Robotic Trading, multiple currencies can be traded at the same time without any error.

Cons of Robotic Trading

• Sometimes it is expensive as you have to buy forex robots and some of them are expensive.
• If you don't check the robot's trustworthiness, there is a chance that you might get scammed.
• Most of the robots run on a local computer, so 24/7 internet access is a must.

How to Choose the Best Forex Robots?

If you are reading this, you already know the best tools mentioned above for your robotic trading. That's why you need to research the top forex robots again. You need to select one from the above and start trading. However, the criteria we looked while choosing those robots are-

• The speed of order execution
• Number of currencies it offers
• Reliability and security
• Accuracy of the trading
• Risk management tools they offer
• The price
• The expertise of its development team

You will find hundreds of software and programs that offer successful robotic trading. But, it is always best to research before if you wish to buy a robot out of our list.

Conclusion

You need skills and knowledge for automated trading. However, you can buy the skill from the internet. On the other hand, for an effective EA trading, a trader should have both programming and trading knowledge. Besides, you will not learn robotic trading overnight. It needs time to earn skills in that. Although, you will need to trade regularly both automated trading and manual to get your hands on it.

You can check out the tools and robot bundles we have talked through throughout this article. Those can be a great starter pack to learn EA trading. Nevertheless, you will not be master right away. You can earn it through your dedication and time. So, it is better to get skilled in different trading tools and robots to increase forex trading efficiency.