Forex Robot, found at forexrobot.com, is the latest forex robot to emerge in the forex, CFD and cryptocurrency realm. The Forex Robot was released just a few days on October 16th, 2017 and is in fact, the the latest and most improved version of the OptionRobot trading software, which was beyond popular amidst the binary options community.
On a side note, Forex Robot shares zero affiliation with past software whom have shared similar titles. Instead this dominant forex robot has been tailored towards investors who have been edging away the binary options industry in search of a promising forex, CFD or cryptocurrency trading solution. Hence, the creation of the Forex Robot which we will thoroughly breakdown in our unbiased review.
What is the Forex Robot?
Forex Robot is a semi-automated trading software with auto-trading capabilities that autonomously creates high probability investment signals devised for forex, contracts-for-difference and cryptocurrency options. Similar to the OptionRobot, the ForexRobot operates with a wide number of trading parameters that are applicable dependent upon the investors preference and financial goals. These customizable parameters empower investors with the ability to virtually control every facet responsible for the signal creation of this software.
How does Forex Robot Work?
Besides the various trading settings that you can alter with your own preferences there are 3 separate trading systems that can be employed by this software. Among them would be classic, martingale and fibonacci. If you are looking for the most secured style of investing with the Forex Robot then you would select classic style but if you prefer to test your luck you can always try the high risk, high reward martingale system (although we do not recommend that system).
The Fibonacci system is considered to be the most accurate model of investing that you can pursue but we also do not recommend this system due to the auto-adjustments it will conduct to your trade volume when investing. This consequently is why we also do not condone the use of the martingale system because oftentimes it will double up your previous loss investment in an attempt to recover your previous loss trade while obtaining a profit.
Not only is that practice impractical in the realm of online investing, but it also disregards all forms of money management, which should never occur when testing out a new trading software. According to the support team at ForexRobot.com, this system has a few different algorithms that vary between reversal, support level and momentum trend algorithms.
How these algorithms solely function in the signal creation process we are unsure. However, we were able to deduce that the technical indicators and set trading parameters work in accordance with the algorithms employed by Forex Robot. So the signal creation process of this software is somewhat similar to other trading robots except for the difference in high probability, autonomous algorithms used along with the various trading settings that can manipulated by traders.
ForexRobot.com Trading Features
There are a generous amount of trading settings that can be controlled and manipulated by investors. These trading features vary from technical indicators, targeted assets, time frames, number of simultaneous trades along with the ability to set a stop loss, take profit and leverage multiplier.
Supported Technical Indicators
Trend: Customized indicator used to measure market momentum in correlation to market trends. Used to help identify possible continuations in market trends.
MACD: Known as the Moving Average Convergence Divergence, this indicator relies on 2 separate moving averages to effectively gauge market momentum.
RSI: Known as the Relative Strength Index, the RSI indicator is a momentum oscillator that helps the software determine whether an asset is showing signs of being overbought or oversold. Crucial in determining trend reversals which is why this indicator is not optimal to be used with Trend or MACD.
Stoch: Short for Stochastics Oscillator, this is a momentum based indicator that reveals the close relative to the high-low range over a set duration of time. This indicator is used to help this software predict market reversals which is why it is encouraged to use this indicator in combination with the RSI.
Williams %R: A momentum based indicator that helps the Forex Robot determine whether an asset is exhibiting signs of being overbought or oversold.
CCI: Known as the Commodity Channel Index, this indicator is used to help this software predict market reversals by gauging an assets relative overbought or oversold volume conditions.
Supported Forex Pairs
Low Volatility Pairs: Eur/Usd, Usd/Cad, Gbp/Usd, Usd/Chf & Aud/Usd
High Volatility Pairs: Eur/Jpy, Eur/Gbp & Usd/Jpy
Bitcoin, Dash, ETC, Ethereum, Litecoin and Ripple.
Adjustable Time Frames
Signal duration can be fixed so investments can be short-term, medium-term or long-term.
Variance of Simultaneous Trades
A variance between 1 to 8 simultaneous investments can be placed at any one time.
Forex Robot Supported Brokerages
The brokerages compatible with the Forex Robot are not specifically Forex brokerages but instead CFD brokerages that offer forex and cryptocurrency related options. It should be mentioned that since this trading system was released just a few days ago that the broker and accepted demographic selection is minimum but growing. Throughout the upcoming weeks we have been assured that a drastic increase in broker choices along with accepted demographics will be validated and established by Forex Robot.
WatchDog’s Forex Robot Verdict
The Forex Robot is the hybrid innovation of the OptionRobot but reincarnated specifically for the forex, CFD and cryptocurrency domain. If you have been searching for alternatives apart from binary options investing but have been unsuccessful in your search, then you may want to consider the Forex Robot as an optimal trading solution. Although we never condone the usage of auto-trader capable trading software for newbie online traders, we do believe the application of this software to suitable for more experience traders.
Forex Robot is the solution to many investors requests for a suitable and versatile trading software. If you have an experience to share about the Forex Robot, we encourage you leave your feedback below. Take advantage of this software Free Demo Account before committing your hard-earned money!