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.
Best Forex Trading Robots in South Africa
|Forex Broker||Review||Minimum Deposit||Visit Site|
|CM Trading||Read Review||$250||Visit Broker
|Plus500||Read Review||R1500||Visit Broker
|HYCM Markets||Read Review||$100||Visit Broker
|Markets.com||Read Review||R1000||Visit Broker|
|FXGM South Africa||Read Review||$200||Visit Broker
|AvaTrade||Read Review||$100||Visit Broker|
|easyMarkets||Read Review||$100||Visit Broker|
|XM||Read Review||$5||Visit Broker
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.
Be a wise future investor!