Clicky

Our Fap Turbo 3 Review (updated 2023)

The FAP Turbo 3 is the most up to date version of the Forex Auto Pilot (FAP) series of forex robots. It follows on from the original FAP and FAP Turbo 2. The FAP Turbo 3 is another of our robot reviews (updated for 2023) where we will look at the strategy employed, evaluate performance and look at trader feedback.

Our review, together with the full facts at the official website will help you decide whether FAP Turbo Version 3.0 can help you trade profitably.

History

The FAP Turbo has been around for over ten years, with the original FAP launched in November 2008. It was developed by a team of professional forex traders and programmers and is one of the earliest forex robots made commercially available for purchase. FAP Turbo 2.0 followed, and we are now on the current version 3.0. FAP 3 which has over 85,000 worldwide users.

The FAP is a fully automated forex trading robot meaning that both identifying and placing trades are done automatically. It differs from semi-automatic trading software where the decision whether to place an identified winning trade remains with the human trader. FAP Turbo 3.0 runs on the MetaTrader trading platform.

What Trading Strategy Does The Fap Turbo 3 Use?

FAP forex robot

The FAP Turbo 3.0 provides users with two different forex trading strategies available in separate trading modes. The legacy scalper strategy from previous FAP models is still available and is known as Scalper Mode. Version 3 now includes the new Medium-Term Strategy (MTS mode) algorithm. The aim of FAP Turbo 3.0 is to move away from scalping to medium-term trading.

Scalper Mode

The Scalper trades more frequently than the MTS mode, and like many forex robots, the legacy scalper works best in rangebound conditions. The developers have built the Scalper algorithm to trade the night session in the cross over between the US and Asian trading sessions, which is known to be a quieter trading session.

The Scalper targets opening between 1 and 5 trades targeting small take profits on each trade. Algorithms uses a specific 15-minute chart timeframe, indicators, and filters to create trade signals. Signals include RSI, MA, and also volatility filters and opening time filters.

The Scalper is programmed to trade eight currency pairs in the same way, including EURUSD, GBPUSD, USDCHF, GBPCHF, EURCHF, and USDCAD.

MTS Mode

The MTS strategy opens trades during the day employing different trade timings for different currency pairs. The MTS does not tie to specific chart time frames like the Scalper. The MTS algorithm is continuously monitoring the markets and will open trades only when its internal indicators identify conditions that indicate a high probability of success. The aim is to trade profitably and not to open trades up in conditions that are not optimal. It employs more substantial take profits and stop-losses of between 20 and 100 pips.

The Expert Advisor works right out of the box with default parameters; however, these can be substantially altered to align closer to a trader’s required risk and leverage levels. More information about strategy and settings are available at the FAP Turbo site

How Good Is The Performance?

The developers of FAP Turbo 3.0 provide performance backtesting using the MetaTrader strategy tester. Below are the performance results from over six years employing the Medium-Term Strategy across the eight currency pairs the forex robot is programmed to trade. The performance does not take live account spreads, slippage, commissions, or live tick data. Furthermore the modelling quality is only at 90%. Best practice back-testing using a tool like Birt’s tick data suite can get modelling accuracy up to 99%. For scalping strategies, not testing at 99% can make a seemingly profitable strategy unprofitable. The below results appea impressive at 90% we would hope this is also the case at 99% where every tick is taken into account.

Performance Results

FAP Turbo 3.0 performance results
All the performance results shown above base on a 1.0 standard lot or equivalent

Find Out How The Fap Turbo 3 Works in 3 minutes

If you have found this video useful and need more information about FAP Turbo 3 you can visit the official website.

Setting Up FAP Turbo 3.0

Implementation

The FAP Turbo 3.0 can be set up with any MT4 Broker. Once purchased, the product comes as a .ex4 downloadable file, a script for MetaTrader, and can only run in MetaTrader 4 software. Therefore, MetaTrader must be already set up on your computer for the EA to operate smoothly at an optimal level.

Once the Robot successfully activates, it needs attaching to the relevant chart from where it will analyze the Foreign Exchange market and trade automatically on your behalf 24/5 as long as your computer is always on; otherwise, you can still use a VPS for continuous robot trading.

Trade settings

FAP Turbo 3 allows you to choose to either run with the default recommended Scalper or MTS settings or tweak the parameters to align closer to your forex trading strategy. A large number of parameters exist; including manually setting lot size which increases the leverage on the trade (making it higher risk), selecting specific days to trade and adjusting take profit and stop-loss levels.

Key Features

Once a customer takes out a subscription, FAP Turbo 3 comes as part of a comprehensive package:

  • FAP Turbo 3.0 Robot
  • Free Forex Brokers trading account registration with MyFXChoice and Tallinex
  • Comprehensive 100-page user guide
  • Video Tutorials
  • Optional Virtual Private Server (VPS)

Buying FAP Turbo 3.0

Unlike many forex robots which offer a one-off purchase price, FAP Turbo 3.0 has a different pricing model.

It is available on a monthly subscription of only $39.95 a month including 7-day trial for just $1 to see if the robot works for you & 60 day 100% money back guarantee.

The Robot is available as a direct download. The purchase of FAP is managed by Clickbetter, the respected marketplace and payment processor used by many forex software providers.

Clickbetter provides a 60-day moneyback guarantee, which is standard amongst other processors such as ClickBank and Avantrade.

The refund rate of FAP Turbo 3 on Clickbetter is low at 0.50%.

Forex Trader Feedback

Online trader feedback for FAP Turbo 3 is mixed. Some traders report the EA trading profitably on the default lot size of 0.1 and point to lower leverage levels producing excellent performance. Other traders say performance is erratic across different currency pairs.

Summary and Rating

The refund rate is low; the subscription package is very comprehensive and includes a 100-page guide. There is also a 60-day money-back guarantee offered on the software. Performance appears solid over the six years of backtesting provided by the developer; however, it is not based on real-time quotes and does not take slippage and commissions. Backtesting quality is also only at 90% and not our preferred 99% which is crucial for any strategies where scalping is involved.

We have mixed views on the monthly subscription pricing model employed by FAP Turbo. On the one hand it might be considered more expensive than buying a robot outright; however with constant monthly income streams from subscribers, it allows the robot developers to continually reinvest in software development, keeping FAP Turbo always up to date.

Trader feedback is also mixed. We could not find consistency in the reviews. Instead, a multitude of different areas received feedback, some good and others bad.

Based on our review, with everything considered, we rate FAP Turbo 3.0 with a 3 1/2 out of 5-star rating.

Area ReviewedStar Rating
Customer Support3
Price3
Performance3
Usability4
Axcess FX Rating3.25

Written by Chris Gillie

chris-gillie-founder-of-axcess-fx

Chris Gillie is the founder of Axcess FX, a forex software review and research website. He is a former investment banker who worked in FX Sales on the UBS London trading floor. Chris has been using forex trading software as part of his trading set-up since the late 2000s and the embryonic days of MetaTrader and the MQL coding language.

What is Forex Charting Software?

charting software

Forex charting software is a computer program which helps traders compare the price of a currency pair using different trading indicators. The most popular technical indicators includes moving averages, bollinger bands, fibonacci retracement and relative strength index.

The practice of studying charts and patterns is known as technical analysis. It is used by traders to analyze the market and find indications about the future performance of a currency pair.

Identifying trade signals and price patterns may seem confusing at the beginning. There are excellent online courses, tutorials, and books on technical analysis essential for those learning charting as part of their trading education.

Charting software as part of a trading strategy

Charting software helps traders undertake their technical analysis and is a vital tool in implementing a successful forex trading strategy.

Focusing on one specific trading approach using charts and implementing it into a disciplined strategy is recommended.

Simulated paper trading can be employed to help traders understand how technical trading indicators identified as part of their strategy behave in live markets. From charts, beginner traders may choose to paper trade a simple crossover strategy tracking two moving averages on a currency pair.

Should you invest in charting software?

forex charting software on a screen

Most online forex brokers offer free charting software to support your trading activities when you open an account on their forex trading platform. The MetaTrader platform, which is popular with online brokers, offers excellent charting software.

Other platforms may not have competitive charting software and many traders prefer to use their own charting software purchased independently. If you are thinking of investing in independent software, it is vital to first read online reviews to get informed independent feedback before committing. We have a detailed guide where you can read further about the benefits of reviews and how it will help you decide on the appropriate charting and technical analysis software.

The following software development companies offer good FX charting software:

  • NinjaTrader
  • eSignal
  • MetaStock
  • ProfitSource

What constitutes good charting software?

Proper technical analysis focused software should have interactive charting features allowing you to work to implement a charting strategy as part of your broader trading system.

Features must include technical indicators, including moving averages and oscillators and also patterns such as shapes and trendlines. Charts will include bar and candlestick charts and opening and closing prices. Time frames vary from a minute up to multi-year intervals. Traders usually employ candlestick charting as it displays the broadest amount of data.

Takeaway thoughts

Before you consider purchasing charting software, make sure it has useful support features, including advice and support for trading on the Forex market, a possibility to ask questions about using the software’s features, and technical support.

Simulated Forex Trading: Vital Research for Traders

Simulated trading uses a theoretical trading balance to practice on instead of using your capital held in your brokerage account. There are two types of simulated trading which we will now cover for you, back testing and demo trading.

1. A Look at Back Testing

With backtesting, you use trading software along with historical data to place theoretical or dummy trades to simulate as if you were trading during the period under analysis.

It does not matter if your dummy trades are manual or employ automated trading software. It is an excellent way to test new trading software, which you may be considering using to form part of your broader trading strategy and is essential work.

Looking back through historical data allows you to fully understand how a currency pair moves and how it reacts to specific macro events, particularly economic data. Backtesting is crucial as it is entirely relevant to the market conditions at the time.

For a novice trader backtesting is crucial. It builds confidence that a trading strategy you want to implement will work. Undertaking specific trades or a strategy when your capital is on the line with a low degree of certainty is undesirable.

back testing historical data

You will understand the statistical expectancy if you can undertake fifty dummy trades or more using historical data as a trading basis. It is the likelihood of knowing if your strategy has a good chance of making a profit over the long term.

We have even more information on the importance of backtesting in our detailed guide on Forex robots and how they work.

2. Employing Demo Trading

forex trading software on a computer screen

The second type of simulated forex trading is using a demo trading account or demo trading. Most online forex brokers give the option of practicing with a demo account, which is just like a live trading account except you trade with a theoretical balance.

The trading platform and the price action are similar to the experience of using your capital in live market conditions.

Simulated forex trading is an excellent way to build experience because you can take the fundamentals you get from backtesting and apply them using your funds and find out if the system you developed will work.

Our Final Thoughts on Simulated Trading

Simulated trading is essential. For the new trader, it allows for the exploration of a strategy that will work based on positive expectancy. A robust trading system will lead to trading with discipline, not on emotion, the forex trader’s bane. It is a great start to moving forward and trading on your brokerage account profitably.

Do Forex Robots Improve Your Winning Odds?

forex flex ea software

If you trade forex, you will know that timing is critical. A forex robot can take the guesswork out of flaws in human timing, including emotion, by not only identifying trades but if you choose to do so the robot also automatically enters and exits trades with no manual intervention.

Trading forex can be very exciting and profitable, but remember, it is a zero-sum game. For every FX winner, there is a loser on the other side of the trade. To be a winner, you only need to be right a little more than half the time.

As part of your broader trading system, can you expect to be a winner more than half the time with a forex robot?

To help answer this question, it is crucial to undertake rigorous research before adding a forex robot, also known as an Expert Advisor (EA) to be part of your trading system.

Once you have identified an EA to match your strategy, it is then vital to both backtest and undertake at least 50 trades with it in a demo environment before progressing the robot to real account trading.

Research is Key

As part of your forex robot research, it is essential to consider the following points when considering adding a robot to your existing trading strategy.

Compatibility

Does the Expert Advisor’s underlying trading strategy align with your trading strategy?

For example:

forex megadroid software
  • Does it trade the currency pair or pairs that you already trade?
  • Are you a day trader using a scalping strategy? If so, a scalper robot like Forex Megadroid is probably the most relevant robot to your trading system.
  • Do you trade a particular session? If so, does a robot also generate trade signals during that session?

The Key Metrics for Evaluating Robots

To verify robot performance as part of your research, the robot developer must have verified performance data on a real trading account for you to analyze. Two essential resources provide this data, MyFXbook and FX Blue. Consider the following statistics as part of your research:

Profit factor

The profit factor can reveal whether a robot makes money, and so is a crucial metric. The profit factor or PF displays the relationship between profit and risk, calculated by dividing gross profit by the gross loss on all trades. An EA with a PF of less than 1.0 should not be considered for selection as it will lose you money.

Risk-reward ratio

The risk-reward ratio is an indication of a robot’s level of risk. A high risk-reward ratio indicates that a robot has a riskier strategy coded into its algorithm and should be openly questioned.

The golden risk-reward level of 3:1 is considered the benchmark to apply to a trading system where every $1 risked expects to see $3. It means that you could trade profitably with a robot that is only correct 50% of the time. Consider the below table that illustrates this point where if you only had winning trades 50% of the time you would still make an overall profit over 5 trades of $20,000 using a 3:1 risk-reward ratio.

TradeLossWin
1$2,000$6,000
2$2,000$6,000
3$2,000$6,000
4$2,000$6,000
5$2,000$6,000
Total$10,000$30,000

Drawdown

Drawdown is an essential metric and represents the maximum loss percentage since the last high point on your capital trading account. It can be analyzed by studying an equity curve chart. If a chart has large peaks and troughs, it is an indication of volatility. A robot with a high drawdown is not only volatile but also poses a higher risk. Consider robots with a low drawdown like Forex Flex EA represented by a steadily rising chart.

a forex robot looking at a currency chart

Maximum drawdown

This metric represents the robot’s maximum loss after the last high point in capital on your trading account. For example, a 60% drawdown indicates that an EA lost 60% of the trading capital value at one point. If it were to occur right after trading started, it would mean an instant fall of 50% in your capital account!

Average drawdown

Average drawdown is the comparison of several different drawdown amounts. If a robot has five drawdowns, adding them up and dividing by five gives the average drawdown. It will offer you an idea of the average loss size during a period of drawdown.

Backtesting is Vital to Verify a Forex Robot’s Results

Some forex robots are programmed to be quite active and will put on trades several times a day. Others will trade less frequently, only when conditions are optimal. Some automated programs, such as Forex Flex EA have a lengthy history of positive reviews and long-term backtesting to confirm their validity. You can also look at the results obtained from recent live trades for confirmation. 

Best of all, you can link them to the MetaTrader demo account without risking real money. It should provide the necessary validation. If you are a new or a seasoned trader, a robot can help you become more profitable as part of a robust forex strategy.

Statistical expectancy

forex chart on a computer screen

It is essential to completely disconnect from whether your next trade placement makes a profit or a loss. If your underlying strategy has an edge, you do not have to be right even half the time to trade profitably. Statistical expectancy allows you to evaluate your trading system’s performance objectively by testing robot performance from fifty trades.

Forex robots allow 24/5 trading

There is a vast choice of automated trading software that allows robots to direct your trading through algorithms. Most are simple to install and get running, linking right into your online broker’s platform.

If your broker uses the MetaTrader platform, then automated software integration should be straightforward as most robot developers use the MQL language code of MetaTrader for scripting forex robots. 

Conclusion

Forex trading can be profitable and exciting. By undertaking extensive research and testing to get the right forex robot trading for you, further reinforcing trade signals aligned to your strategy means guesswork is further reduced. The risk of trading outside the confines of your strategy through psychology also reduces.

For every side that there is a winner, there is also a loser. Which side would you prefer to be?

Written by Chris Gillie

chris-gillie-founder-of-axcess-fx

Chris Gillie is the founder of Axcess FX, a forex software review and research website. He is a former investment banker who worked in FX Sales on the UBS London trading floor. Chris has been using forex trading software as part of his trading set-up since the late 2000s and the embryonic days of MetaTrader and the MQL coding language.

The Benefits of Forex Trading Tutorials

There are numerous forex trading tutorials are available online. For beginners, a tutorial provides a complete overview of trading forex, including guidelines, terminology, strategies, tips, and technical analysis.

trader at desk

A tutorial comes in a number of forms:

  1. They can be downloaded from the course provider’s website as a PDF for a leisurely read or browsed right at your computer desk.
  2. Tutorials are available online in a video
  3. Tutorial can come in an audio package

A forex trading tutorial is sufficiently insightful to give you a decent overview as the people behind them usually come from a trading background.

Many of the ideas and strategies available do not always have a mention in books. The forex trading tutorial method, through both audio and video, makes the learning process exciting and motivational and learning can be a realistic simulation of a live trading situation. Getting a basic forex education is vital before you start trading on a live account.

Finding The Best Online Trading Tutorials

Many membership-based websites also exist where forex traders can interact. These websites often provide a forex trading tutorial for a fee and sometimes even free. Here are five of the best online tutorial websites to consider:

1. The Forex Trading Coach

A highly recommended online tutorial called ‘The Successful Trader System’ which includes live trading room webinars

black and white chart on a screen

2. Forex4Noobs

It targets helping novice forex traders in understanding how price action works through analysis and tips.

3. Trade with Precision

A selection of training courses and tutorials that shows you how to develop strategies, risk management techniques and having a trader mindset

4. Learn to Trade

A forex education site with free resources and tutorials that cover the needs of anyone new to forex trading

5. Market Traders Institute

If you are looking to take your forex education to the next level and learn about software and strategies

6. Youtube

Youtube provides many short video tutorials, and is another free resource for your consideration.

Here is an excellent 1 hour Forex Tutorial video from Youtube – The beginners guide to forex trading

Moving Forward to Live Trading

It is essential to open a trading account with an online forex broker once you develop proficient forex knowledge through tutorials.

Most brokers provide you with a demo account to test their software before you commit to opening an account and trading with your capital.

It will allow you to test your trading knowledge and start developing strategies and techniques through testing leading to your successful trading system.

Final Thoughts

Trading tutorials are essential as without learning the basics of forex, you cannot trade without incurring losses on your brokerage capital account. Although knowledge is vital, you cannot trade without a trading strategy. A trading system will allow you to trade with discipline and without emotion.

Trading is a two-step process. Build knowledge and then build a trading strategy.

Trading Forex in 5 Steps: The Dummies Guide

a forex chart on a pc

Forex is one of the fastest moving financial instruments meaning the forex market is volatile and unpredictable and a daunting place if you do not know what you are doing.

As a beginner, you must accept that you will need to learn the basics. Here are the five steps required to start trading the forex markets proficiently in our forex trading for dummies guide.

1. Get a Basic Forex Education

Learn the basics. There are plenty of online guides, forex tutorials, and courses available for those starting forex trading. Substantial learning to trade resources are available online including Babypips.com, Investopedia and thebalance.com. Forex.com has excellent educational tools to help you trade, Dailyfx.com provides a highly recommended guide for beginners and Forex Mentor Pro offers a full suite of tools including live trading sessions to teach beginners how to become a profitable trader at an affordable price.

At the start, you need to understand the fundamentals of the forex market, how forex quotes work, and the major market participants.

forex trading on a mobile device

Forex market fundamentals

Currencies like stocks can be freely traded. The key difference is currencies trade Over The Counter (OTC) between a buyer and seller and not on an exchange, like the NYSE as stocks do.

The forex market trades around the clock, 24/5, throughout three major trading sessions: the European, U.S, and Asian session, centered around London, New York, and Tokyo. All three trading sessions overlap, providing 24/5 coverage from the Sunday evening Asian trading session until the U.S. trading session’s close on the following Friday evening. The London and New York trading session is the most liquid where spreads are the narrowest.

How do forex quotes work?

You cannot trade one currency in isolation; it needs pairing with another currency, creating a ‘currency pair.’ A currency quote reflects the first currency’s price in terms of the second currency in the pair. If GBP USD (sterling versus us dollar, also known as Cable) is trading at 1.3500, it means that one GBP will purchase 1.3500 USD.

Currency pairs quote down to four decimal places. The final decimal represents the smallest increment that a currency can change in price and is known as one pip. Retaking our GBP USD example, if the currency pair increases from 1.3500 to 1.3550, it means a rise of 50 pips, and a forex trader will express the amount of profit (or loss) in terms of pips.

Who are the primary forex market participants?

Before the advent of the internet, the foreign exchange market was dominated by predominantly institutional participants such as major banks, large international companies, central banks, and investment funds.

With the advance in technology, the retail investor has now joined the big players in the forex markets as online forex brokers provide low-cost market access with tight spreads through their trading platforms. Retail foreign exchange is continuing to grow as small forex traders take advantage of trading anywhere they have a device, whether pc, tablet, or mobile with internet connectivity.

2. Raise Your Knowledge to The Next Level

This second step should start to include learning about technical and fundamental analysis and an understanding of both manual and automated forex software, including Expert Advisors and charting tools and packages.

This step also includes researching different types of strategies as the aim is to build your forex education to a level where you can start to mold a trading style that plays to your strengths.

currency charting software on a pc screen

There are four broad types of forex trading strategies, which are position trading, swing trading, day trading, and scalping. Position trading is taking a longer-term strategic currency position. Simultaneously, scalping is the shortest strategy with currency trades sometimes opened for just seconds to take advantage of only a few pips of profit. Choosing a preferred strategy may come down to your character, with an analytical thinker choosing to use fundamentals as a basis for taking out a long-term view using position trading.

To gain all the essential knowledge to start trading, it is vital to watch tutorials, participate in online courses, and follow trading forums. Forums have developed useful ways of tutoring about the basics of currency trading for dummies and showing beginners instant trading results. Forex Mentor Pro has an excellent active member forum that you get access to when you sign up for an affordable membership and learn how to trade profitably. Forex Guy also has a good forum and Second Skies Forex offer a 12-chapter trading forex for dummies course.

Particularly, when looking at forums, try and pay close attention to what successful forex traders are doing and what you can take from their strategies and techniques relevant to you and from which you can mold a system around.

3. Open An Account With An Online Broker

To trade Foreign Exchange, you will need an online trading account provided by a reputable brokerage. Any online broker selected should include the following considerations:

Consider an ECN broker

Ensure that the broker uses ECN (electronic communications networks) to give you direct access to other currency market participants. ECN brokers match trades between buyers and sellers and do not trade against their clients, instead passing orders to liquidity providers. ECN brokers provide the tightest spreads and only charge a fixed commission per forex trade. Tight spreads are particularly relevant if you are adopting a scalping strategy.

a currency chart

Your chosen broker should use Metatrader

Chose an online broker that uses the MetaTrader 4 forex trading platform (MT4). MT4 licenses to forex brokerages who then provide the software to their retail traders. It is a flexible platform built on the MQL coding language employed by most forex trading software that you may choose to use as part of your more overall trading strategy. It may include enhanced technical analysis tools or an Expert Advisor as part of an automated or semi-automated trading setup.

Only use a regulated broker

Not only are tight spreads, fair commissions, excellent customer service, and MT4 capability important when choosing a broker, it is also very important to ensure the broker is fully regulated.

If you are a U.S. based forex trader, you are required to use a broker that holds full registration with the CFTC (Commodities and Futures Trading Commission). This highly respected regulatory framework safeguards investors’ interests by ensuring a broker maintains complete records, reports, and disclosure. To become CFTC registered, a broker needs to keep a substantial holding deposit with the regulator, meaning not all brokers can offer their services to U.S. currency traders. Investopedia has an excellent resource for comparing forex brokers including those considered the best for US Traders.

Finally, a good demo account is also desirable, as that is an integral part of becoming a proficient forex trader, and we cover this next.

4. Start Using A Demo Account to Dial In Your Strategy

As a novice trader, the first thing you should do is trade forex using a demo account provided by your online forex broker.

A demo account works in the same way as trading real money on your brokerage capital account. It will allow you to trade a theoretical amount in a live environment without putting your capital at risk.

forex software

Most online brokers do offer a degree of training on their platforms, including charting tools for technical analysis which is well worth going through as it will give you an idea of what you should be looking for on charts to complement your system for trading in forex.

Demo accounts additionally serve to familiarise yourself with a broker’s electronic trading platform. When you trade with real money, you must be proficient with the order entry system, so you do not incorrectly enter a forex trade and lose money.

5. Integrate Forex Trading Software to Complete Your Trading Style

Once you are operating with a demo account, it will be essential to have at the very least a charting package. Some of the more basic charting software tools are free, and there is an annual subscription for others. It is best, to begin with, the platform’s free version provided to get a feel for how they work. You can then choose a more sophisticated charting package such as TradingView, or Esignal offered on a subscription basis.

a forex robot pointing at a screen

Automated software can also be a great option as part of a broader trading system. Using automated trading takes the emotion out of trading. You can use a pre-programmed Expert Advisor (EA) to identify forex trends by following a set of rules and which then recommends trades based on any signal identified.

Some EAs, also known as forex robots, will also place any identified trade directly onto the currency market without the need for human intervention. Automated software allows you to place trades automatically, meaning you do not have to be at your desk for long hours. The robot does the heavy lifting. Many professional forex traders do, however, prefer to maintain an element of control by only using EAs to identify trades and then choosing whether to act upon them or not.

Read more about forex robots in our detailed guide on how to find a profitable forex robot to accompany your trading strategy.

Go Live

Now you are ready to go live and start trading with real money. At this stage start with small trades and adhere to two principles:

Risk management

Make sure your money management system is strict, and do not trade with more than 1% of your capital. Combine this and always use a stop loss to avoid any significant losses.

Statistical Expectancy

Think about your overall trading strategy and statistical expectancy and not about individual trades. The aim over the long term is to trade using probability, and if you know your trades have a good chance of making a profit over the long run, individual trades are irrelevant.

Please also visit our further written resource containing addditional tips on how to trade forex profitably.

Written by Chris Gillie

chris-gillie-founder-of-axcess-fx

Chris Gillie is the founder of Axcess FX, a forex software review and research website. He is a former investment banker who worked in FX Sales on the UBS London trading floor. Chris has been using forex trading software as part of his trading set-up since the late 2000s and the embryonic days of MetaTrader and the MQL coding language.

The 15 Best Resources to Learn Forex Trading Online

When starting in online forex trading, you must understand the mechanics of the Forex market. If you want to preserve the cash balance on your brokerage account, at the very minimum, you must have some concept of economic fundamentals and technical analysis.

forex chart

The primary influencer of forex markets is global macro-events and news and the potential to make significant profits in forex requires volatility. If the FOMC cut US interest rates unexpectedly, currencies are likely to move wildly. Inexperienced traders may be unsure how to trade in volatile markets and make irrational trades in panic. Experienced traders with a system trade without emotion and will always benefit when the inexperienced do not.

Without having a robust strategy or trading plan in place, trades are mostly thoughts only, and thoughts are emotions. It is a weak base from which trade. Getting a forex education and developing a trading plan is vital if you want to thrive as a forex trader. How can you do this?

There are different ways to study foreign exchange basics before you dive into the wild world of forex trading and there is no reason that it should cost you any outlay with an extensive number of free forex learning resources available on the internet.

The Best Free Forex Resources Online

Until you understand basics like the forex quote system, trading terms, and market participants, you will not be able to move on and develop a robust strategy for forex trading. Free resources are available online to aid you get the basic forex education necessary to move forward and trade forex. The top forex trading resources for mastering forex basics are:

1. FX Street

The A to Z of everything forex from the basics to advanced strategies, FX Street is an accessible resource in the online trading community.

2. Forex.com

An extensive library of educational content is available at Forex.com. This well-regarded CFTC registered online broker caters for all levels of trader from the newbie to the experienced pro and it is free to open an account to access the full suite of educational trading resources.

3. Investopedia

Interactive learning from basic up to mid-level education, Investopedia is an all encompassing bible of financial information which is easy to navigate with a simple to understand layout.

4. Babypips

Great for beginners to understand the basics of forex by presenting complex information in a simple way. Baby pips also have a busy forum where you can ask any forex related question and expect to receive an answer from a member of this thriving community.

5. Investing.com

A forex trading website that specializes in beginner traders and provides free to use information and resources, including educational material, analysis, and real-time data.

6. Bloomberg TV

Expert panelists and reporters will provide you with copious amounts of forex market information to digest. Immersing yourself in Bloomberg TV every day is a necessity to get an understanding of the FX market.

7. Youtube

Learn from Youtube channels dedicated to forex from researching tools and platforms to videos explaining trading concepts. Here is an example of a high quality beginner forex tutorial made available on Youtube by CFTC registered forex broker, TD Ameritrade.

8. DailyFX

A free-to-use site, DailyFX provides real-time news, live market data, and in-depth technical analysis for those looking to build their forex education.

9. Trading View

Excellent for charting, Trading View, through cloud-based software, allows all traders to track and research the forex market with customizable charts

10. Forex Factory

Forex factory has a trades section where beginners can watch live trades placed by a more experienced market participant. An excellent forum section hosts a broad range of active forex related discussions.

The Best Online Forex Tutorials

Online tutorials train you to read charts, understand price dynamics, open and close positions, and see developing patterns, a further move towards developing your trading strategy. We see tutorials as an integral step to learn how to trade forex.

There is a number of online tutorials to choose from. We have selected our best five

11. Learn to Trade

forex currency graph

A site which offers free live FX workshops and a lot of other free online resources

12. Trading Academy

A website that provides a free online trading course if you subscribe. Trading Academy also offers free-half day training courses all over the world

13. The Forex Guy

Access to a forex trading course that will teach you how to interpret charts, access to weekly video tutorials and access to a trading community forum

14. 2nd Skies Forex

A highly rated, free beginners course in forex consisting of 12 chapters covering you from the basics to forex trading strategies

15. Winners Edge Trading

Well known within the forex trading community, Winners Edge offers some free tools including forex calculators

Finishing Your Online Forex Education

Once you think you have covered the basics through free online resources and furthered your forex education with online tutorials, it is the time to develop a strategy.

Unless you have done so already, you will need to open an account with an online broker, and the final stage before you start trading with real money will be to hone your strategy on a demo account. A reputable CFTC regulated broker like forex.com will allow you to open an account and practice in their demo environment.

Forex resources, ourselves included advocate cutting your teeth with a demo account. Learning not only to develop or fine-tune a strategy but also to familiarise yourself with your broker’s online platform to avoid making order placement errors when you commence trading live.

We wish you happy trading – From everyone at Axcess FX

Written by Chris Gillie

chris-gillie-founder-of-axcess-fx

Chris Gillie is the founder of Axcess FX, a forex software review and research website. He is a former investment banker who worked in FX Sales on the UBS London trading floor. Chris has been using forex trading software as part of his trading set-up since the late 2000s and the embryonic days of MetaTrader and the MQL coding language.

Considerations When Buying Forex Trading Software

Purchasing the right forex trading software at the outset is crucial if trading software is part of a broader FX strategy that you want to pursue. Opting for the wrong software and your forex trading career could go from very good to very poor in a short time.

FX software

The concept of using forex software, which provides you with charts and graphs and sends signals, may seem desirable. However, to justify the implementation of software, your sole concern when undertaking research should be functionality alone.

Search online and find out as much as you can. Do your homework and make sure you understand what you need to know. Unless you know how all the features in forex trading software works, you will not be in an excellent position to analyze the software by backtesting and paper trading as part of a broader strategy.

Forums as soundboards

If you feel you may have identified the right forex software package, hold off instead of purchasing it immediately. Authoritative reviews and forum feedback on the software are essential reading. You need to invest in the software only when your exhaustive research has identified that it is the best option for any more comprehensive trading strategy.

forex chart on a screen

We have a detailed guide that covers the merits of thoroughly using online reviews to identify the best software.

The best forums for foreign exchange where you can interact with the Forex Community, including for trading software include but are not limited to the following:

EarnForex

A forum with a large community ensuring quick answers to your questions

MT5 Forum

A valuable forum dedicated to software around the MetaTrader trading platform

Forex Abode Forum

A forum with a large community with a heavy emphasis on the subject of analysis

Babypips Forum

A forum focusing on the needs of beginners which is the overall aim of the Babypips site

10 Forex Tips and Tricks to Help You Trade Profitably

As with all forms of trading, making money in FX is about having a trading plan that you have the discipline to follow. You must know your entry and exit points. Risk and reward must weigh up before you enter a trade.

Here are our 10 top forex tricks and tips to put you on the right path to trade profitably.

1. Get a forex education

forex chart on a screen

Forex trading carries the risk of losing your capital. To manage risk, put in place a working strategy, and avoiding significant losses requires solid FX knowledge. If you are committed to starting forex trading, tip number one is to get a good forex education.

From a basic understanding of how currency pairs work, you will want to learn how to analyze the market using fundamental and technical analysis and understand trading signals, trading tools, instruments, and study price action.

Beyond immersing yourself, online courses hosted or written by respected industry figures are essential. It is vital to learn the right way. They are also convenient for those that are in employment. UBS, the world class investment bank offer a one-day Forex course either as a classroom or virtual program which you can find out more about at their research academy.

Continuous education is also a necessity for experienced traders. Strategies may need refining, and keeping abreast of market and technological developments is essential. As an accompaniment, here is our useful article on the five steps needed to trade forex.

2. Carefully research your broker

A myriad of online brokers exist. Choosing one can be time-consuming and confusing. Taking account of the following is essential:

  • What trading platform and software does the broker use?
  • Are you likely to use automated software to trade?
  • Will this software be compatible with broker trading platforms?

It is critical to choose the right trading partner as you engage in the forex market since price, execution, and the quality of customer service can all make a difference in your trading experience.

Remember, if you are a US resident, you will need to use a CFTC registered forex broker such as Forex.com, TD Ameritrade, Interactive Brokers, Oanda or IG USA.

forex chart

3. Select a consistent strategy and goals

Once you have a forex education, find a trading strategy, and stick with it to discover your trading style. FX Strategies range from the very basic to the very complex and from the aggressive to the conservative. Every trading style has a differing risk profile and a different approach for the strategy to work.

  • Are you a position trader where you have the funds to take a long-term strategic trade?
  • Are you a day trader due to limited funds and need to trade daily to make a profit?
  • Will you be a disciple of technical or fundamental analysis or a bit of both?
  • If you trade short term, consider a scalping strategy that requires instant decisions in the space of one trading period.
  •  Are momentum or reversal strategies a consideration?
  • Are you a chartist and will trade with a moving average or Fibonacci strategy?
  • What is your risk tolerance? How much leverage will you use?
  • Will you trade using automated software, or do you prefer to trade FX manually?
  • What currencies or currency pair(s) will you focus?
  • Will you margin trade or make use of CFDs?

Here is an excellent video detailing a simple profitable trading strategy

4. Use discipline and risk management

The management of your capital account is key to your success as a trader. Ensuring through appropriate stops that you trade with 1% to 2% of your capital at any time is essential if you want to last in the foreign exchange market. Every trade has an element of risk, and risk management will keep you trading for longer.

A lack of discipline can result in excessive trading losses, which can put you out of the game.

Panic and greed often blight the early stages of a forex trading career. Controlling all emotions through risk management and recording it in a journal is excellent control overtaking a specific trading action.

Rules, discipline, and experience are critical in forex trading. We have also written a dedicated article on how to further maintain focus and discipline when trading forex.

5. Create an intense work ethic

One of the most crucial forex trading tips is a strong work ethic which means that you prepare well for every trading day or week through solid research.

It means accepting that sometimes you may not feel like it but must take progressive action to improve continually. If you are trading through automation or mechanically, this may involve backtesting your software or exploring new forex trading strategies.

6. Accept losses

fx scalp trader

Look at the bigger picture and never obsess over having a high win percentage. Any loss should be easier to accept by limiting your trade exposure to no more than 1 or 2% of your capital. If you cannot take a loss, you will never be a profitable trader. Self-improvement and learning from previous mistakes build your character as a forex trader.

7. Maintain a trading journal with weekend analysis

If you do not trade with discipline, you may be susceptible to revenge trading. A significant loss can trigger ill-disciplined traders to open up a new position with no strategic thought acting purely on emotion.

Operating a trading journal is essential, as successful currency traders are also accurate record keepers. It is vital to evaluate your trading performance continuously.

Note keeping should include:

  • Entry and exit conditions of all trades
  • Support and resistant levels
  • Target levels for each trade
  • Daily ranges

With meticulous note keeping, a journal helps to evaluate why you made losing trades and to monitor the ongoing performance of your trading strategy. It also flags up any inconsistencies with trades being out of line with your forex trading strategy.

A journal can also be a printed record of an underlying chart if your strategy uses technical analysis. Entry and exit points and emotions at the time can record on the chart.

Our top trading trick

Evaluating your journal at the weekend is a useful tip. The forex markets are closed, and it will not interfere with your weekday trading and may allow you to be more objective; remember during the weekend you are more likely to be calmer than in the cut and thrust of a trading day.

8. Positive feedback loops

Essential for building confidence, positive feedback loops are proven to work—trading according to your underlying strategy and executing well a pattern of positive feedback forms. Success builds confidence, and the more times you have winning trades in your chosen strategy, the more significant the positive feedback loop.

9. Carefully consider entry and exit points

charting software on a screen

Forex traders continually blight by conflicting information on charts of different time frames. A selling opportunity on a weekly chart may reflect as a buy signal on a daily chart. Make sure you synchronize a daily chart to time the entry against a weekly chart displaying trading direction. Only sell when you have a sell signal on both time frames.

10. Do not overtrade and take regular breaks

If you are over-trading the forex markets, it is usually an indication of two underlying issues that may even be happening at the same time:

  1. You are likely to be risking too much capital with every trade.
  2. Your trading frequency is too high relative to the trading session.

Overtrading can harm your capital account. Trading forex can be draining, and if trades are not going your way, a tendency is to spend long sessions in front of a computer.

To counter this, take regular breaks. It is vital to try and keep sessions uniform and take frequent breaks away from trading forex and collect your thoughts. Only return to your trading station once you are feeling refocused.

Bonus Tip

We have highlighted ten forex trading tips and trading tricks that experienced traders use to profit from the forex market successfully. However, the ability to trade forex profitably depends on having substantial knowledge and a rigorous forex trading system in place. Emotion is the bane of traders, especially those new to the market. By eliminating it through discipline and rules is a solid base on which to perform.

Many top traders deal with emotion in different ways. Our final tip is to use meditation techniques before your trading day to start trading in a peak emotional condition.

If you are interested in further trading insights we have written an article on forex trading tips and one on how you can make money forex trading.

Written by Chris Gillie

chris-gillie-founder-of-axcess-fx

Chris Gillie is the founder of Axcess FX, a forex software review and research website. He is a former investment banker who worked in FX Sales on the UBS London trading floor. Chris has been using forex trading software as part of his trading set-up since the late 2000s and the embryonic days of MetaTrader and the MQL coding language.

What Are Forex Robots & How Do They Work?

Forex Trading Using Automation

There is a myriad of forex trading strategies and styles. Traders of differing levels, from beginners to professionals, will have different ways of working. There is a divide between those who want to trade manually and others who wish to trade using automation.

Traders who go down the path of automation will need to undertake plenty of research to find automated software that matches their trading style and correctly carries out trades according to their strategy.

an automated forex robot

What is A Forex Robot?

To undertake fully automated trading, a trader will need to purchase or develop an automated forex trading robot. A forex trading bot, also known as an Expert Advisor or Forex EA, is computer software that uses technical signals to establish if a currency pair should be bought or sold at a point in time.


As part of an overall FX strategy, a robot helps take away the emotion out of fx trading. Emotions can sometimes result in currency traders opening trades that are not based on logical decisions or market analysis and out of line with an overall trading system. Psychology can amplify in fast or volatile forex markets or the temptation to trade quickly.

The Mechanics: How Do Forex Robots Work?

metatrader 4 platform

Many forex trading robots are built using the Metaquotes, MQL scripting language used exclusively with Metatrader Software. Metatrader is a leading forex trading platform used by many online brokers through which their clients trade. The ability to integrate a robot with MetaTrader allows the automatic generating of trading signals and placing orders according to the trade indicators.

Forex robots are chiefly programmed to scan and interpret charts. Additionally, they can program with specific parameters needed to make a trading decision; using forex trading signals, they decide when it is appropriate to trade or hold back.

Forex robots work best when employed to trade specific currency pairs and use a defined range or time frame as part of an overall strategy. They are typically designed to make a certain number of pips within a trading range. They can identify profitable forex trades even in unstable markets, which has an unclear trading direction for a human. They can also follow a clear trend to maximize profits.

In Practice: Do Forex Robots Work?

Forex trading bots can be a useful tool to accompany your trading strategy, but it is essential to employ an EA correctly for full effectiveness.

Traders using robots should never entirely depend on them to undertake their full range of trading activity. Expert Advisors can carry out sophisticated tasks, but their functionality can be limited to how they were initially programmed. Forex trading still requires extensive human observations and research and digesting current news and economic developments that EAs cannot do.

expert advisor software

Are forex robots profitable?

Expert Advisors can generate strong profits by following short term trends within specific ranges and then identify the clearest signals on which to trade. Long term trends that can see forex market conditions with sudden adverse price movements are harder for robots to follow with the same degree of success, although more sophisticated robots with dynamic features are beginning to address this issue.

With how much can I start forex trading by robot?

Forex EAs typically work with brokers that employ the MetaTrader platform. It is the minimum trade size specified by a forex broker that drives the minimum size that can be placed for order execution using a forex trade robot.

For example, Forex.com requires just $100 to open a forex trading account but then has a minimum trade size of just $1.

A Key Consideration Before Buying A Robot for Trading Forex

Ahead of buying a robot for forex trading, perhaps the most crucial consideration is whether the robot forex trader can trade profitably as part of your broader trading strategy. The only way of really knowing is by researching for the right EA and then backtesting specific settings and demo trading before employing it in a real-money environment. Most reputable robot developers will offer a 30 day or 60-day money-back guarantee giving you time to test thoroughly.

An excellent video about automated & manual trading and how you can use a hybrid of both in a trading system

Identifying The Best Robots: Research is Essential

We have undertaken extensive research on the most important considerations to identify solid forex robots. Through our detailed analysis we have created a guide of the best forex robots on the market.

forex robot software

The guide provides full details, but as a concise summary:

  • First and foremost, you should always look for verified performance through real trading accounts. A reputable forex robot developer will make this available on either Myfxbook or FX Blue.
  • It is essential when researching EA software to look for authoritative online testimonials and user reviews. Online trader reviews are also essential to determine the general sentiment for a particular robot and if it trades profitably. Dedicated review sites include Forex Peace Army (FPA).
  • Forex trading forums can also be a good source of feedback. MT5 Forum has a high degree of relevance for automated forex software. MT5 is the Metatrader platform forum, and as the majority of Expert Advisors develop using the MQL coding language, you will find many references to robots.
  • Not only does extensive research need to be undertaken before deciding which automated software to use as part of your trading style or strategy. Once purchased, testing the software is vital to establishing statistical expectancy as part of your overall trading system. Testing can be undertaken both through theoretical trading using a demo account and backtesting.

Backtesting

Although backtests are available from a robot’s developer, there are reasons why you should do your own backtests ahead of any live trading.

Not many developers use modeling with enough accuracy to tell whether an EA will perform well as part of your strategy. If you trade USDJPY and are looking to make a nine pip profit with a six pip stop loss on every trade, if developer backtests do not include individual tick data, real-time spreads, commissions, or slippage, then automated software could actually lose money for you.

Many software developers use the Metatrader Strategy Tester, and as it only uses random bar graph data from the trading day, it is only considered 90% accurate. Developers that provide backtesting with 99.9% accuracy are using historical data with tools like Birt’s Tick Data Suite and offer much more credibility; however, if you are using a robot according to your strategy, you must still backtest according to strict adjustable parameters within the robot algorithms, to align any automated forex to your trading system.

Here is a screenshot of a backtest employing 99.9% modeling accuracy:

What is the Best Forex Trading Robot?

Our research values low drawdowns as the most important criteria for choosing a forex EA. A robot algorithm generally employing a lower drawdown has a less volatile strategy and should give more consistant monthly performance.

Forex Diamond is the robot with one of the lowest drawdown that we have researched. We have undertaken a full review of Forex Diamond to complement backtesting and full performance results at the Forex Diamond official site.

The other EA we rate very highly at Axcess FX is GPS Forex Robot 3. It is one of the top 20 robots we have identified according to our ranking criteria. Its drawdown is within the parameters of 20% to 40% that is considered safe for an EA, but it is the sheer length of time of 8 years that it has been trading profitably on a verified real trading account that is so impressive.

Unusually for a Forex EA, it has been used by a Wall Street investment firm to trade profitably, and the results are available to view at the GPS official site. It is unusual because most large investment firms have their in-house quants and programmers and rarely use external auto trading software, preferring to develop in-house. Read our detailed review of GPS Forex Robot 3

Develop Your Own Forex Robot

Technically capable traders may consider building out their own forex robot. The advantage of this is developing an automated system based on their own technical trading rules. Demo accounts that use Metatrader allow experimentation with MQL scripts, and after backtesting, it may be possible to develop a capable robot.

A simple example of a robot could be one designed for GBPUSD, where a trader has a strategy for take-profits and stop-losses following a technical break-out. A robot could be programmed with rules to place trades automatically rather than the trader has to make a manual order placement.

Final Takeaway

It is essential to remember that forex trading robots work at their best identifying a narrow set of parameters to which they program. They are a useful addition to a defined trading strategy but should not be used on their own as a stand-alone trading system.

Forex robots have, at times, received bad publicity due to their association with promises of guaranteed profits that have not materialized when used to trade in live markets. If, however, you do your research and undertake your backtesting, there are enough proficient robots out there to make a difference to your trading.

Written by Chris Gillie

chris-gillie-founder-of-axcess-fx

Chris Gillie is the founder of Axcess FX, a forex software review and research website. He is a former investment banker who worked in FX Sales on the UBS London trading floor. Chris has been using forex trading software as part of his trading set-up since the late 2000s and the embryonic days of MetaTrader and the MQL coding language.