Top Reasons Why Using ForEx Robots (EAs) Are Great for Long Term Passive Income

The Foreign Exchange market gives you a chance to make money no matter what’s happening on Wall Street. In fact, it can become more lucrative for you as stocks fall!

Here are some basics about the Forex market and the top reasons why it’s one of the best alternative investment compared to other markets.

First of all, what’s being traded?

Not stocks, not bonds, but MONEY is traded.

Large Banks, professional traders, and the “little guys” trade currency and do so in order to conduct international trade, invest in foreign countries, or speculate on currency price changes.

When trading on the foreign exchange market, you change one currency for another. World currencies are traded in pairs; for example the Euro dollar and the US dollar (EUR/USD) or the British pound and the Japanese yen (GBP/JPY). When you trade the Forex, you buy one currency while selling another.

Remember you’re not buying anything physical or tangible. People sometimes think they now own, say, the Australian dollar (AUD). And they do, just not in any tangible way. You’re in effect buying a share in the economy.

In general, the exchange rate of a currency versus other currencies is a reflection of the condition of that country’s economy, compared to the economy of other countries.

Unlike other financial markets, like the New York Stock Exchange, the Forex market has neither a physical location nor a central exchange or trading location. It operates electronically through an Interbank network, and all transactions are executed electronically.

Major Forex trading centers are in London, Hong Kong, New York, Tokyo, Hong Kong, Sidney, Singapore, and Zurich. Financial institutions, brokers, individuals, businesses, banks and governments all buy and sell these currencies.

Through the use of automated technology, anyone to invest in the Forex market. Today, let's talk about Expert Advisors.

Expert Advisors, also known as Robots, are systems created for investors wanting to manage their own accounts without having to stay up through the night analyzing trade patterns.

It is a sophisticated piece of automated trading software that monitors and analyzes the market for you 24 hours a day, 6 days a week. You install the software on your personal computer. Then, all you need to do it passively watch your money grow and make withdrawals or deposits as needed.

You can check in as often as you‟d like to see how your money is growing. That way, your time is freed up to do what you want to do. EAs utilize the Metatrader-4 (MT4) trading platform to execute the trades for you on your behalf.

How Do You Pick a Good EA?

When shopping for the best forex trading robots, look for a page on the website that offers “back-test,” and ideally, “forward-test” results. Back-testing shows you what the EA could have performed based on past history. Forward-tests on the other hand, give you a better example of how an EA is currently performing.

Look for honest reviews from people who bought the robot and have used it for a while in a LIVE trading account.

It’s best to buy from companies that offer a money-back guarantee of some sort with no restrictions.

There are different kinds of EAs on the market; some use a “scalping” strategy, which means they get in and out of trades very quickly and focus on capturing small profits over and over again. An example of a good robot using this technology is the ForEx MegaDroid.

Others that use a “range” or “grid” trading strategy, where the robot opens and stays in trades longer--sometimes for days or weeks at a time--and waits until the market moves back in the opposite direction to always close trades at a profit. when the default settings are used, it can be so conservative with each trade that it can withstand even the most extreme movements in the market during periods of high volatility. RoboMiner uses this technology and is known for not losing money.

Deciding what type of EA is best is a personal decision, so consider carefully.

Finally, test these out for yourself on a demo trading account with play money. Then, after satisfied it works, you will be ready to put it to work in a live account.

Don’t be intimidated by this technology. You receive instructions on how to install it and which currency pairs to trade when you purchase the software.

Once things are initially set up, there’s nothing for you to do except watch! Automated Forex trading is a powerful investment vehicle that is worth adding to your investment portfolio.

Two effective robots I use are RoboMiner and ForEx Megadroid.

RoboMiner

If you root for the turtle rather than the hare, this is a great robot for you. RoboMiner is slow and steady and very conservative settings. As mentioned before, it uses a “range” or “grid” trading strategy, where the robot opens and stays in trades longer, and waits until the market moves back in the opposite direction to always close trades at a profit.

This EA has a lower return on investment (ROI) than some other programs out there, with an average monthly return of 6-10%. However, it has a reputation for not losing money! I’ve been trading with this software for nearly a year, and I have never seen my balance drop. Plus, this is a much better return than you will see in a CD or mutual fund.

RoboMiner is great for beginners as the company provides fantastic support and the software is easy to install and set up. They also have training videos on the website that walks you through the process.

Once set, there’s nothing to do but log in once or twice a week and check your account balance, and let the profits roll in.

RoboMiner primarily trades the AUD/NZD currency pair.

To get more information about this EA, visit their website by clicking here.

ForEx MegaDroid
The MegaDroid is another excellent option for newbies in the ForEx Robot trading strategy. This EA focuses on getting in and out of trades quickly, picking up small profits quickly, which compound with every trade.

This is an excellent way to see frequent but smaller individual trades and quickly add to your portfolio. This program has yielded an average annual performance of about 700% over the last 5 years.

Although only open to the public for the last year, it has shown to be a stable and dependable platform. And it’s reasonably priced.

Forex MegaDroid is designed to trade the EUR/USD pair with H1 timeframe. It

can be a nice compliment to trade along with another well-known robot for diversification.

To learn more about the ForEx MegaDroid, visit their website by clicking here.

Conclusion

As mentioned previously, these are just two of many robots out there. Some are excellent products. Many are not. Please do your due diligence and make sure you are confident in the product before going live and trading real money.

The better products will offer you demo trading and “try it before you buy it” options. Take advantage of these. When you are you using a solid product, it may go far in increasing your long term wealth.

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