There are various forex robots and expert advisors in the market that make lofty claims. A lot of them advertise themselves as providing hundreds of pips of profits with a carefully disguised trading strategy. However, most of the time these forex robots use risky strategies such as Martingale and Grid trading. The Martingale strategy involves the exposure of a losing trade increasing sequentially. In this case, the losses can be truly catastrophic if the EA is forced to exit prematurely. Grid trading, on the other hand, can result in the trader accumulating a larger losing position if the price keeps on increasing. Thus traders should always try to avoid EAs which use grid and martingale strategies.
For the betterment of novice traders, we have decided to include 6 of the best forex EAs that do not use either Martingale and Grid trading strategies.
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Battle Scalper EA
Priced at $749, Battle Scalper is a forex robot that works by accumulating a positive balance by opening trades for a short time at the moments of an impulsive market. It then places pending orders at the supposed support and resistance points, accompanying the deal if it works. The EA works best with the GBP/USD currency pair on the H1 time frame. It is recommended that traders use VPS and an ECN account for best results.
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Hunter Forex Scalping Bot
Hunter Forex Scalping Bot is a forex robot that has been designed exclusively for scalping. By taking the help of an advanced algorithm, it finds bespoke entry points and several additional filters to enter and exit the market. It does not use any form of martingale or averaging. To increase client security, it is equipped with a flexible risk management system, stop loss and take profit. The EA can work on all trading pairs but produces the best results for EUR/USD, EUR/AUD, EUR/CHF, and USD/CHF on the M15 timeframe.
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Gold Butterfly Scalper Pro EA
Gold Butterfly Scalper Pro EA is a gold trading forex robot that utilises a mix of trend and countertrend systems. All of the trades carried out by this EA are protected with a 1:1 stop loss and take profit ratio. The EA has been backtested for the last 17 years. It is recommended that traders use this EA on a 24/5 basis with a VPS and an ECN account.
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MegaDroid 1.37 EA
Developed by Albert Perrie and John Grace, MegaDroid 1.37 EA is one of the oldest EAs on this list. It has the capability of executing orders with a high probability of success. The EA works best on the EUR/USD currency pair in the H1 timeframe. However, it will not work with brokers whose pricing conditions (spread, server delay, quote quality)are not good. Also, the EA does not trade on Fridays, at weekends or on Monday mornings.
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Pegasus Pro EA
Pegasus Pro EA is a high-frequency trading forex robot, that is capable of scalping at almost any time. The EA always uses a 1.3 pip stop loss with very low drawdown rates. While the EA’s default settings are optimised for USD/CAD, it is capable of trading profitably with other pairs as well, such as EUR/NZD, NZD/USD, EUR/USD, GBP/USD, GBP/JPY, EUR/JPY and USD/JPY on any timeframe.
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Ultron lite EA
Ultron lite EA is a day trading EA that mainly generates its profit for the long term. It works based on 4 moving average periods. The strategy is called “anti-martingale” where the EA will increase the number of lots if it is already in a profit and vice versa. Not only does it use take profit and stop loss for every trade, it also uses a trailing stop loss. It works best on the GBP/USD pair, although it also trades other GBP-based pairs on the H1 timeframe.
Conclusion
There are several EAs that are advertised to provide thousand per cent gains or something similar. Almost all of the time, these EAs are using dangerous strategies such as martingale or grid or a combination of both. Most of the time these EAs fail to deliver what they advertise, and instead, drain the trader’s account within a couple of trades. This is why it is imperative for traders to conduct their own research before investing their capital.
