Forex Advisers

The IT market offers traders a variety of programs for automatic trading. Unlike indicators and oscillators, robot advisers enable you to conduct trading operations without trader being physically present using the algorithm of a specific trading strategy implemented in them.

Forex market advisers

• Independent — this robot performs all the functions of trading itself (only the time period is specified).
• Semi-automatic — the market analysis is put the trader’s shoulders. The robot gives tips on the size of the exhibited lot, stop orders levels. Without a trader’s command, it cannot perform operations.
• Scripts — help to open several orders at the same time, enabling to set the levels of stop-loss and take-profit.

The forex advisor has its own criteria according to which it is classified.

1. time period. There are advisors for various groups to work on different timeframes. There are advisors for short, medium and long-term strategies;
2. security level. Advisors can be of low and high risk;
3. indicators use. Most of the advisors are set up to work with indicators, but there are advisers who use indicators-free strategies;
4. strategic preferences. The adviser is selected for specific strategies:
   • trade in trend (trend);
   • for the flat market;
   • for scalping and piping;
   • Martingale strategy or grid method;
   • multicurrency, combined strategy;
5. paid and free forex advisers;
6. advisers, created under the order (for a particular trading system).

The way advisers work

At the heart of any adviser is a standard trading scheme used in manual mode. The task of the robot is to conduct a qualitative analysis based on the tools embedded in its program, issuing signals that can tell when to enter or to exit the transactions, determining the optimal levels for placing stop orders.

As universal or unique strategies do not exist, all advisers are programmed to suit a certain type of strategy. It is too naive to hope for the acquisition of a robot-Holy Grail — even if one exists, it is certainly not for sale. Profitable Forex advisers are a reality, but do not confuse profitability with win-win trading options.

The process of using robot advisors requires modification, which are constant in relation to the changing market conditions. Absolute trust in the automaton is inadmissible luxury, which can lead to fatal losses. This approach is peculiar to beginners, who, due to their limited knowledge of the market functioning and its analysis, put all «responsibility» on robots’ shoulders. Professionals use robots only to test new strategies.

One should also take into account the fact that not all brokers are loyal to the use of advisers, therefore, when signing a contract, a trader should carefully study the proposed trading conditions and a list of restrictions.

Top Forex advisors list

The best Forex advisors cannot give any break-even guarantees, if the algorithm settings and the parameters of the work are not selected correctly.

Forex Advisers for Small Deposits

Thanks to the affordable requirements for a starting capital, the Forex market gives an opportunity to a large number of clients to join the traders profession. Many brokers offer to open mini, micro, cent accounts, where the initial deposit can be even $1. There is no point in talking about earnings on these kinds of accounts, but they are an excellent training ground for real trading. It is advisable to test robots-advisers on such accounts.

The developers have taken into account the realities of the market and recommendations given by advisers who work with minimal deposits. The most popular strategies for obtaining high profits with low start-up costs are scalping strategies and the Martingale system. Using these methods can increase a starting capital at times, but the risk factors are at a critically high level. The proposed robot advisers recommend to start trading with a deposit of $50.

• Wall Street Advisor. The adviser, according to the developers, is a self-learning robot that automatically adapts to changing market conditions. Optimal conditions for trade — TF M15, currency pairs — the US dollar against the pound sterling, yen, euro and the swiss franc. The market value of the adviser is $500.
• Counselor Piplaser (development of 2011). This expert proved himself on trade during the Asian session. It is installed on the MetaTrader 4 trading terminal. It works with the scalping strategy. It is recommended to be used on the M15 timeframe for the USDCAD pair.
• Bunny Advisor.  Works on all major currency pairs on TF M1. The recommended trading time is from 10 am to 4 pm Moscow time. The minimum deposit is $50. Available for free download.

Installing Advisors on the Trading Terminal

To install an Advisor on the popular MetaTrader 4 terminal, it is enough to perform several simple operations:

• download the archive with the expert, find the adviser file (.ex4 or .mql) and place it in the MQL4 / experts folder in the terminal data directory (via file — open — data directory);
• close the folder and restart the trading terminal;
• open the terminal, go into the «service settings», select «advisers», put the appropriate checkboxes and click OK.
• find the window «navigator» in the terminal and press «+» opposite the section «advisers»;
• from the drop-down list, drag and drop the necessary type of Advisor on the chart of the currency pair with TF, suitable for the recommendations of work with the adviser;
• In the Advisor settings window, you can change the settings and save the template;
• it is necessary to check that the «auto trade» button, at the top of the terminal, is green (if red, click on it with the mouse).

Pros of trading through advisers

1. prompt execution of orders upon entrance or exit. Especially valuable with significant price fluctuations, when the time factor plays a decisive role;
2. the level of settlements is much higher than in manual trading;
3. multifunctional features, which the automation can perform well with.

The main advantage of trading with robots is the lack of an emotional component, which leads to the majority of errors in the manual mode of operation.