Forex robot transparency from the FRWC?
Forex Robot News 2010.
The Forex Robot World Cup contest to find the best non-commercial robots revealed the truth about robot trading and at last has brought some transparency to the forex robot business, showing that, in reality, very few ‘trading autopilots’ increase account equity consistently.
Out of over 300 entries, only about a dozen increased account value – or even remained in profit at all – over the two month strictly-monitored live account trading period.
The competition, sponsored by the world’s largest forex broker FXCM and Boston Technologies (MetaTrader) ended on January 29th and the surprising final results of the top performers like HiRider and LMD-Multicurrency EAs can be seen more fully on the FRWC website, now that the contest has officially ended.
From February 16th, several of the best robots will be available for purchase as the FRWC’s Royal Trader. These robots, although not as cheap as some offerings, will no doubt be snapped up as traders realize that these robots have genuine, verified live trading results under current market conditions.
Provided you have traded forex manually and have a reasonable understanding of the market and the inherent risks of forex trading, then you can try automated trading. If you don’t, then consider taking an inexpensive course such as Forex Nitty Gritty and/or get a copy of Dirk du Toit’s best-selling forex ebook “Bird Watching in Lion Country” which I cannot recommend highly enough. See my related post or visit Dirk’s website to learn more.
You can use one or more of these robots if MetaTrader 4/5 is offered by your bank or broker. You can also download the program free from http://Metaquotes.net. Robots are small add-on programs known as EAs (Expert Advisors) and are usually simple to install and use with the MetaTrader Windows platform.
One thing to note is that your computer should remain online to your brokerage account while the robot has trades running. If this is not practical or if you do not have continuous access to a computer, you can open an account with a VPS provider. This is a service that runs your software continuously and you can access its Windows Desktop remotely from any computer. You can load and run programs as if they were on your own computer, and also use it as a ‘proxy server’ in the USA or UK.
A Virtual Private Server costs from about $30 per month, depending on features and capacity required. Several robots can usually be run with a basic VPS service.
There are hundreds of forex robots available, some free, although it’s unlikely they will be consistently profitable. Most of the paid ones range around $100. Some are available by monthly subscription.
One of the most popular and best-known robots is FAP Turbo which was first released over a year ago and has undergone consistent upgrades and revisions since then. Version 49 is current. Updates are necessary as the robot must be able to adapt to current trends.
In January, the publishers of FAP Turbo released Spanish and Chinese versions of their program. All relevant literature and the program have been translated and there are more languages to come. FAP Turbo recommends two VPS services to run their robot continuously: EZFXHost and FX Hoster.
Get more free information about automated forex trading and virtual private servers at Forex-On-Auto.com.
