Below is the list of top 5 forex expert advisors that are worth considering if you are willing to incorporate trend trading strategy into your FX journey.
Explaining trend trading strategy in FX
Trend trading involves the act of using certain technical indicators in forex trading in order to determine in which direction the market momentum would move. The strategy involves extensive evaluation of past trends and price movements and works on the concept that markets work on the principle of predictability.
This type of trading strategy is usually used in the mid to long term but it can be effective depending on how long the current trend lasts. Usually, swing traders and position traders prefer using this trading strategy, keeping day-to-day price fluctuations aside. There are many forex EAs in this category that can be profitable but the level of effectiveness lies in choosing the right forex EA.
1.FX Classic Trader
This Non-Martingale EA is a trend expert advisor that supports any broker that provides the MetaTrader4 platform. When it comes to offering top-quality programming solutions, FX Classic Trader is considered to be one of the reputable algorithmic FX EA. With a yield of 335% per annum, the EA is renowned for its intensive research and development that ensured the efficacy of the bot.
Traders only need to have an account for trading on the MT4 platform to get access to a seamless experience in automated trading. The quality of customer care is also worth mentioning since this can be a determinant factor for many FX EA.
2.Trade Manager
This is another popular middle term FX EA that works on the MetaTrader 4 platform and is used for trend trading strategy. The EA trades major currency pairs including USD/JPY, AUD/USD, and more. Traders can place orders like stop-loss and take-profit with just a click which can be useful for market and pending orders.
Trade Manager shines where traders need to determine the correct lot size that is associated with the risk management that they prefer. With the help of this EA, users can automatically replace the correct lot size in any instance of adjusting the pending order’s stop-loss distance occurs.
3.1000pip Climber
In order to excel in automated FX trading, many forex traders prefer the 1000pip Climber EA for its sophisticated algorithm that is specifically directed towards making your forex trading successful. The trend EA is known for its ability to identify the price movements that are of high potential.
Upon identifying the potential opportunities, this system informs the traders via email as well as both audibly and visually. You can get lifetime access to the software where no monthly payments are required. 1000pip Climber can be employed on six popular currency pairs and is ideal for both short and long term
4.Forex Fury
With over a 90% success rate in terms of trading, Forex Fury is known to be one of the most preferred trends EAs in the market today. The popularity of this bot majorly owes to the legitimacy that can be seen in the Myfxbook, low-risk strategy as well as a drawdown under 20%.
Forex Fury features prompt customer support and real-time results that have a proven track record. The EA is compatible with multiple platforms like MT4, MT5, NFA, and FIFO where traders are able to trade crypto, currency pairs, and indices.
Conclusion
Using FX EAs can be profitable in numerous ways including requiring minimal manual effort, trading on behalf of the trader, eliminating psychological biases, as well as identifying profitable opportunities around the clock. However, the effectiveness of automated trading depends on the performance of the EA one is using.
