Free Forex Robot

If you are a beginner at forex trading, you are probably searching for a free forex robot which can automate the process of currency trading. You have been told by the so called “forex experts” and forex robot review sites that you can make lot of money with automated forex robots or forex expert advisor. Now you want to know where can you find free forex robot online so that you can download it and start earning money. It is true that with the help of the right forex robot you can really earn big profits. However forex trading is a highly competitive and volatile market. The reality is that most of the free forex trading robots are likely to lose you money than earn profits. Why do I say that? Let me explain…

Are there any free forex robots available online? Yes. You can find free forex expert advisor software programs designed to run on Metatrader4 platform. However you must realize that developing a good FX robot requires considerable time and money and hence it is unlikely that the creator of a good currency trading robot would give it away for free.

But you said there are free forex EA (expert advisor) available online. Do you mean all the free forex robots are worthless? In order to answer your questions let’s examine why a person might develop FX robot at the first place.

  • 1. A trader had developed a profitable trading system and now he wants to make money by selling his system to other traders. So the trader hires software programmers to develop a robot based on his profitable forex system. He then tests it on his account and asks few beta testers to try it out and give their feedback. Once the forex robot is proven to work he will release it into the market. The majority of the paid robots fall in this category. Example: FAP Turbo and Forex Megadroid.
  • 2. Next, there are online marketers who want to make money from forex traders. They might offer you a free forex robot which has limited features and you have to buy a pro version to take the full advantage of their expert advisor. Or they might have something else to sell, example a forex training course or seminar and they are giving away the free currency trading robot to entice you to buy the higher priced forex training.
  • 3. There are experienced forex traders who had developed a great trading system over the years and they might want to automate it so they can make millions of dollars in profit. These are individual traders or financial institutions who spent countless hours on perfecting their system and they most likely would keep the forex robot for their own use. For example: LMD Multicurrency and other participants at the Forex Robot World Cup.
  • 4. Finally there are programmers who are interested than developing automated forex software. These people are not traders and they are more into programming than trading. The problem with such forex robots is that most of them are NOT based on a good trading system. Sure most of these software programmers are generous enough to give away there forex robot for free. However since they are not based on a profitable currency trading system you could lose tons of money if you use them on a live account.

When you are a beginner you are most likely to go for option 2 or option 4. Don’t do that. I suggest you to stay away from option 4 since they will most likely to lose your funds. The option 2 is better. However, this free forex robot will probably not be built from the developer’s best system, because he is hoping to sell that to you later.

Another factor to consider is the ease of use. A poorly designed forex robot can be notoriously difficult to set up and use. Most free Fx robots also lack proper documentation and usage instructions.
You should also consider about the support you will get from the developer. A person who is giving away their expert advisor for free is unlikely to spend his time to provide support for it.

So which is your best option? The best forex robot is of course the one developed by an experienced forex trading expert who is using it on his own account. However it is you won’t get many opportunities to obtain such forex trading robots since most of these traders do not want to sell it. There are exceptions like Forex Robot World Cup where you can buy the winning robots for a limited time. Your best option is to get a paid robot which is proven to work than using a poor performing free forex robot.

Obviously, the free forex robots that are available online will almost certainly not be as efficient as the professional forex robots. I am not suggesting that all paid forex software are better than the free ones. In fact many of the forex robots which are available on sale are useless. However since most of them come with a money back guarantee and you can try them in a demo account and if you find them useless you can get a refund.

Conclusion:
Any trader who is serious about earning money with currency trading would probably not prefer a free forex robot or expert advisor. If you still decide to download free forex robot online, make sure that you try it on demo mode before you go live.


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