Automated trading has been widely used in Forex and Money Markets, as well as in financial markets, in recent years, providing substantial benefits to transaction efficiency. Many trading robots have been created to substitute hu amans, capable of simulating trading strategies and continuously making profits. Nevertheless, programs cannot reproduce all human behavior and most robots are over-sensitive, therefore, it is difficult to have the same results as human traders.
Despite this, Forex robots have been important in the case of novice traders. They allow an individual with limited or low knowledge of forex to reap benefits from the market. Forex robots or expert advisors can vary in nature, with some being semi-automatic, while others being fully automatic. After considering several forex robot reviews and customer testimonials, we have prepared a list of 5 easy to use EAs you can use in 2021.
1. 1000pip Climber System
Combining an easy-to-use, user-friendly package and an impressive combination of advanced trading algorithms, the 1000pip Climber System is one of the most impressive EAs out there. It provides performance data that has been independently checked by Myfxbook. As an authoritative site, this adds confidence to investors. This is a great option if you want an EA which is a high performance but has an easy set-up process. It provides an interface that is free of clutter and is simple.
2. TradeMiner
TradeMiner is more of an indicator than an EA, which scans the market and identifies seasonal and historical trends. It automatically creates and sends easy-to-read reports based on custom search parameters. You can thus base your future trading strategies and trading outlook, based on this information. Apart from forex, TradeMiner also works with futures and shares. It advertises an 80% accuracy rate for its services.
3. Happy Market Hours
Happy Market Hours is an expert advisor which uses trend or scalping strategies with technical indicators. It works with varied pairs such as EUR/USD, EUR/CHF, EUR/GBP, EUR/CAD, USD/CAD, USD/CHF, GBP/USD, GBP/CAD, GBP/CHF, and CAD/CHF. The EA measures deflections of the correlative and measures the deflection of the price of the particular correlative pairs. It sports a yield per annum of 87.62%. The EA is equipped with a spread filter that stops the EA from executing trade if the broker spread is above the spread set by the trader. It uses dynamic take profit levels and stop-loss based on market sentiment
4. Flex
Flex EA employs what it calls “virtual trades” where it opens virtual trades in the background. It will then use them to monitor trades to help determine the absolute entry point. The default settings use 6 virtual trades per currency pair to monitor market conditions. Lowering this number will result in higher trading frequency but less accurate entry points. At this point, the EA starts opening and managing real trades automatically. The EA works best on GBP/USD, USD/JPY, USD/CAD and USD/CHF. Flex EA uses a combination of indicators such as TDI, Support & Resistance, Bollinger Bands, ADR, Stochastic, RSI, Candle sizes and Momentum indicators along with the x3Retrace strategy. It advertises a yield per annum of 300%.
5. Alfa Scalper
Alfa Scalper allows traders to scalp small profits on the EURUSD, GBPUSD, and GBPJPY currency pairs. It works best on the M1 and M5 timeframes. The scalping strategy is uniquely adaptive, detecting market conditions to provide 3 profit-taking price points. According to their website, the EA is capable of delivering 100 pips a day in a trending market. It has the potential to offer consistent profits with a high profit-loss ratio when used correctly. Anybody can start trading with this EA because of its easy learning curve. It has a slightly higher maximum drawdown of 31.57% and a yield per annum of 49.36%.
Final Thoughts
With an overwhelming number of brokers and software developers entering the market, it can be a daunting task to separate efficient EAs from fraudulent or imperfect ones. Traders also have to keep in mind that no forex EA can produce profits all the time. So if you come across an EA which advertises guaranteed profits, stay away from it.