How to find a free version of a trading robot instead of buying it for money?

The Forex market is now accessible to absolutely everyone. But not everyone has enough knowledge and experience to trade in the foreign exchange markets on their own, which is why many beginners lose money. People are looking for additional sources of income, but often cannot find the time to understand the nuances of trading. For such clients, brokers and analysts develop special software - Forex advisors or provide copy trading services. Let's try to figure out whether it is possible to find free versions of such products and how to do it.

How to choose the right trading robot

Of course, you need to understand that no one is going to give you the grail for free, which can provide a cloudless future and financial prosperity. Those who create truly working bots for trading either use it in narrow circles or sell it for a decent amount, and many novice traders simply cannot afford it. When choosing a robot, you need to be guided by basic rules that will help you identify a low-quality product. And most free robots are just like that.

The point is that many similar trading advisors are designed, as a rule, according to the same principle. One of the most popular strategies used when creating a robot is martingale. Surely many of you have heard of this strategy. It was originally intended to manage bets in casinos.

Later, traders noticed that the martingale strategy can also be used in trading on financial markets. There are various variations of this strategy, but the basic idea is this: the trader opens a long position. If the price falls and the transaction turns out to be unprofitable, then another position is opened with the expectation that the profit will cover the losses on the other transaction. Thus, each subsequent bet increases. This happens until one of the transactions turns out to be profitable. This strategy will be very risky in a falling market, so traders often lose their deposit. The most popular is doubling bets.

It is important to recognize if a trading advisor is using the Martingale strategy. They also often use grid strategies to create, for example, a grid of orders. Orders are placed on both sides of the order book in a certain way. It cannot be classified as a trading system. It is rather a way to minimize financial losses. However, automatic trading systems are being developed based on the method.

Why is it so important to determine what strategies the currency robot is based on? In fact, such robots can bring decent profits in a short period of time. But in the long term, they can lead to the loss of the deposit, i.e. the trader may lose money. Martingale allows you to quickly “increase” your deposit, but you need to handle it carefully. It’s like in a casino: the main thing is to stop on time. Now let's figure out how to evaluate a robot and not fall for the tricks of scammers.

Always look at the chart

Any auto trading system must be transparent to users. Do not consider options with closed statistics. Large Forex brokers cooperate with advisor developers and provide detailed statistics. For example, let's look at the statistics of two different advisors.

As you can see in the screenshot, in just a month the increase was more than 150%. But something else is important. Pay attention to the step-linear nature of the graph. This is the main feature of the Martingale. Look at the middle of the chart: such sharp and strong drawdowns are typical for such strategies. Now let's look at the charts of another advisor. On the website Trading-Go you can find advisors based on martingale and learn how this strategy works in real trading.

There is no longer such a strong increase and trading proceeds with natural but smooth corrections. This is an example of a good advisor for less risky trading. The more intense the growth, the higher the risks. You should always remember this. What is better: a small but constant increase or rapid growth but with a high risk of losing the entire amount? It's up to you.

Where to look for Forex trading advisors

We have described in detail the criteria for selecting Forex advisors. Now you can protect yourself from making the wrong choice. Although the risk of financial loss always remains, keep this in mind. To find a suitable expert, you can go in several ways.

Find a trading robot yourself

Everyone knows that free cheese is only in a mousetrap. Trading software is a technically complex product that requires extensive experience both in financial markets and in programming. Therefore, it is unlikely that anyone will provide effective software for free. Don't fall for scammers' tricks. Most Robin Hoods provide such robots to earn commissions. They work like this: you register using a referral link with a specific broker, and the robot owner receives a reward for replenishing the account and trading. Moreover, the robot most likely does not work or operates on primitive strategies: martingale or similar trading systems. And under no circumstances use such programs unless detailed trading statistics are provided.

One more nuance - such robots will be effective if they are configured correctly. To do this, you need to understand trading strategies, indicators and principles of the Forex market.

There are many types of robots:

• Trending
• Indicator
• Automatic or semi-automatic
• Grid
• News
• Based on artificial intelligence and many others.

Despite the abundance of “leak” robots, there are advisors on the market that can be effective to a small extent.

If you still decide to find free software, then follow these simple tips:

• Do not use large amounts. Test the trading system for a couple of months and only then decide whether to use the free program
• Withdraw money regularly. Ultimately, grid robots or robots based on the martingale system reset the deposit, but are able to make a profit for some time - 1 or 2 months. Withdraw funds regularly to insure yourself
• Try to use software that supports stop losses.

Free Forex robots selected by traders:

• VR News - trading on news
• VR Watch list and Linker - advisor with chart synchronization
• VR Trade Panel for online trading
• VR Locker - trade in locks
• VR Smart Grid - Forex grid robot.

Trading signals on the Forex market

In this case, you only receive signals to open/close positions, but transactions are concluded by the trader himself. It is necessary to select high-quality signals. It is best when not only a signal is provided, but also accompanied by a brief analysis. But in the future, it is better to learn to analyze and understand why this or that transaction is concluded.

Which services and brokers provide free trading signals:

• A complete list of brokers providing trading signals can be found in telegram

Auto follow or copy

Another name for this approach is social trading. Some brokers provide this opportunity. All you need to do is top up your account and connect to the selected trader. The terminal will completely copy the expert's transactions, and you will receive the same income. Many traders provide the service for free, but charge a percentage of the profits.

Which brokers support copy trading:

• A complete list of brokers providing trading signals can be found in telegram

Conclusion

It is not difficult to find a free product on the market, but you need to be careful and attentive so as not to fall into the hands of scammers and not lose your own funds. Take your choice seriously and carefully study all the information. You shouldn’t choose the first product you come across: study the statistics, find as much information as possible about the advisor and find out what other users are saying about it. The portal Trading-Go has selected effective Forex advisors and reliable brokers with whom you can work. Follow the simple tips described in the article and you will protect yourself from low-quality Forex services.