In this article, we will talk about what’s a Robo-Advisor in Forex and how to choose a robo advisor that is right for you. We will also talk about 3 Robo Advisors that you can use today to help you make better trading decisions. First, let’s talk about what a robot advisor is.
What is a Robo Advisor?
Robo Advisors provides financial and investment advice online without human supervision. These robo-advisors use complex algorithms based on different financial investment or trading strategies to generate advice for you. Robot advisors are available in all kinds of financial markets, including the stock market and the forex market.
What’s a Robo-Advisor in Forex?
A robot advisor in the forex market tells you where to enter a trade, where to place the stop loss, and take profit targets. These robot advisors are also called expert advisors in trading.
Some of these expert advisors do automated trading as well, where it automatically places trades on your behalf. Now, let’s talk about things to look for when choosing the right advisor for you.
Things to look for when choosing a Robo Advisor
There are several things that you need to look for when choosing the right robo-advisor for you. Some robot advisors work and some don’t. Some robot advisors are straight-up scams. It is important to know how to avoid these robot advisors. Below, are what to look for when choosing your robo-advisor.
- Price – price can be a huge factor when choosing a robot advisor. Some advisors are 1000s of dollars which most traders won’t be able to afford. There are affordable robot advisors that can cost less than 500 dollars or robot advisors that charge a very affordable monthly fee.
- Performance – How has this robot advisor performed in the last few years? This is a very important question to ask. It is important to be able to verify the performance of these robot advisors. A good way to verify its performance is to see if there are any MyFXbook records of these robot advisors.
- Customer support – Customer support is very important when choosing the right advisor for you. Because sometimes you may run into problems using or setting up the robot advisor, then you should be able to talk to customer support.
- Automated or not – Do you prefer a robot advisor that takes trades automatically or not? Because some traders prefer to make the decision of entering a trade on their own after looking at the signal these robo advisors gave them.
Advantages of Using a Robo Advisor
There are several advantages to using a Robo Advisor to help you trade in the forex market. These robo-advisors will be valuable for beginner traders and experienced traders alike. The advantages of using robo- advisors are,
- Save time – You don’t have to sit in front of the computer all day analyzing charts. Robo advisors usually send you a notification when there is a good potential trade.
- Hands Off – Some robot advisors take trades on your behalf, this way you don’t even have to execute any trades. This is also called automated trading.
- No emotions – another great advantage to using a robo advisor is that these systems do not have emotions. As you may know, being able to control your emotions during trading is extremely important if you want to become a successful trader. By using a robo advisor, you can prevent yourself from getting emotional when trading.
Disadvantages of Using a Robo Advisor
Even though there are a lot of advantages to using robo-advisors there are still some disadvantages as well.
- Cost – Can be costly, some robot advisors cost 1000s of dollars. Beginner traders without much capital won’t be able to afford these robot advisors. That said, there are robot advisors that are very affordable. We will talk about these robot advisors in the next section.
Top Robo Advisors for Forex Traders
1. 1000pip Climber System
What is the 1000-pip climber system?
The 1000 pip climber system is robo advisor that analyses the forex market across 6 different currency pairs and advises you on where to enter a trade and where to place your stop loss and take profit targets. To get the 1000-pip climber system click the button below.
When there is a high potential trade available the 1000 pip climber system alerts you visually, and audibly, and also it will send you an email.
This trading advisor has to be set up with MetaTrader 4 trading platform. That means you can also set up push notifications on your phone as well.
Performance
The chart below shows the verified myFXbook record for this robot advisor. As you can see there is positive growth in the chart.
Advantages
There are several advantages to using the 1000 pip climber system, these are;
- Easy to use – it is very simple to use, they show you where to enter your trade, and where to place your stop loss and take profit targets. An example is shown in figure 2.
- Relatively cheap – you only pay a one-time fee and it is relatively cheap compared to other expert advisors out there.
- Easy to Setup – they provide you with a step-by-step guide on setting up this system.
- Range of notifications – you get a range of notifications with this system. You get audible notifications, visual notifications, and email notifications and also you can set up push notifications to your phone.
Disadvantages
There are a few disadvantages to using the 1000 pip climber system, these are;
- It is a Metatrader 4-based expert advisor, which means you need to have a pc or a mac to run this system. You cannot use it on mobile or on the web.
- They only provide you with customer support through email. That means there is no support through phone or live chat.
Customer support
1000 pip climber system provides you with email customer support. You can contact, JimPCS@1000pipClimberSystem.com if you have any problems with the 1000 pip climber system.
Pricing
This product is priced at $299 but there is a sale now for $97. This is a one-time fee which is great if you don’t like subscriptions. To get 1000 pip climber system click the button below.
2. Forex Trendy
Forex trendy is another robot advisor that scans for trends mainly in the forex charts. Forex trendy is a web application. Forex trendy also scans for different chart patterns, mainly triangle patterns and flag patterns.
When forex trendy detects a pattern or a high-potential trend, it will alert you audibly and through email. A great thing about forex trendy is that you don’t have to install or set up any software. After you purchase it, you just have to log in and start using it.
Forex trendy supports 34 different currency pairs in all the time frames. If you are interested in using forex trendy click the button below to get it.
Customer Support
Forex trendy also provides you with email support like that of the 1000 pip climber system. To contact their support, you can email support@forextrendy.com.
Pricing
This is priced at $37 quarterly which comes down to $3 a week. This is a great price for this product and it is relatively cheap compared to other trading software out there.
3. 1000 pip builder
1000 pip builder system is not exactly a robo advisor. This is a human-based advisor and a signal provider. Similar to the 1000 pip climber system, the 1000 pip builder system provides you with trading signals.
With each signal, they tell you when to enter a trade, where to place the stop loss, and the profit targets. The signals are sent through email, telegram, and sms.
Performance
Customer Support
You can contact their customer support through a contact form. They will reply to you through email.
Pricing
This is priced at $97 per month if you pay monthly. If you pay yearly the price comes down to only $297 per year, which is $24.75/per month. This price is 74% off the normal monthly pricing. To get the 1000 pip builder system, click the button below.
Conclusion
In this article, we talked about what and how to use robo advisors for trading in the forex market. Robo advisors can be a great tool to help you decide when to enter and exit a trade.
We recommend that you don’t solely rely on robo advisors when it comes to trading. It is important that you have a good knowledge of forex trading and trading strategies. If you want to learn about how to trade in the forex market step by step, make sure to check out our complete guide here.
