FOREX Trading With Automation And Artificial Intelligence
FOREX Trading With Automation And Artificial Intelligence
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What Are 3 Top FOREX Robot Trading Systems?
What Are 3 Top FOREX Robot Trading Systems?
Review of The Best FOREX Trading Automation and Artificial Intelligence Programs For Consistent Passive Income Profits
Review of The Best FOREX Trading Automation and Artificial Intelligence Programs For Consistent Passive Income Profits
Review of 3 FOREX Trading Automation and AI Bot Programs
Review of 3 FOREX Trading Automation and AI Bot Programs
With Covid-19 raging across the world, many displaced or telecommuting workers have looked for ways to supplement their income through day or swing trading with zero-commission platforms, such as Robinhood or WeBull. Many employees lost their jobs to the pandemic, and turned to trading the markets as a means to earn income, while they searched for a job. Some went on to become full time traders, while others still continue to trade FOREX and other markets part time.
In this review, we will look at three FOREX trading firms that offer technology assisted means to trade the FOREX markets on a technology passive basis. We are always on the lookout for scams in FOREX trading, or, conversely, technology strategies in FOREX that actually work. We keep our analysis at the beginner to intermediate level, with more of a focus on how to trade for beginners, or how to operate FOREX trading bots for beginners.
The broker-based platforms for retail traders are wide and vast for active intraday or swing traders. While these types of platforms are great for traders, the actual buy and sell buttons leave the decisions to the individual trader on when to enter the trade, when to exit, where to place stop losses, what time frames are best for trading the investment instrument, and what is the best trading plan to beat the high frequency trading ("HFT") done on an intraday basis by the large institutions or hedge funds on Wall Street.
Many of these new traders, with a no real financial or market experience, can open complex trading accounts for little to no money, and then be granted wide latitude or excessive margin to turn the stock market, options contracts, currency instruments, and other crypto markets into casinos, in which the volatility and trading ranges can be significant, and can blow up your trading account in the blink of an eye. While most new traders have found some success in trading this raging bull market, one moderate to serious correction in the market, or one missed stop loss can cause your account to "blow up" or potentially go negative (similar to the oil crash earlier in 2020), where you end up covering the dreaded margin call through selling other assets (hopefully it won't be mortgaging your home).
The last thing a consistently profitable trader needs is to have a sketchy trading plan that is not based upon strict rules to protect capital, or to have a few days of winning trades through a mixture of skill and luck, only to lose it all through one day of losses. Some traders have made fortunes on the FOREX market, while some traders have lost it all through some of the largest drawdowns in market history. As a result, most traders now turn to technology, artificial intelligence, and automation in their FOREX trading strategies.
Today, many large trading institutions and hedge funds rely almost solely on artificial intelligence and trading bots or algorithms to trade currencies and foreign exchange transactions ("FOREX") on a day trading and swing trading basis. These large private equity firms and trading institutions do not leave the fast moving FOREX market to ordinary human traders. Instead, they utilize robots, artificial intelligence, and proprietary indicators to provide all the hard work for them.
Now is the time to level the playing field.
Here, at least three firms have tried to replicate what the big boys of Wall Street are doing on a day trading and swing trading basis:
FOREX Diamond
1000pipBuilder FOREX Trading Pack
Wall Street 2.0 FOREX Trading Pack
These companies provide their members with technology, bots or proprietary indicators to assist them in becoming profitable FOREX traders. These three FOREX companies offer their clients appropriate trading technologies, so that they can be integrated either directly into the various FOREX trading platforms, such as MT4 and MT5, and/or they operate on a mentor service in which their computers run the algorithms, and they simply provide you the exact trade via SMS or email. This is a great way to earn passive income.
In this review, we present three FOREX trading groups, and how they can help an ordinary investor and retail trader match the large institutions on Wall Street through the assistance of technology, or direct automation mentoring. In assessing whether a trading bot, guided mentor, or FOREX trading group is a good fit for you, an assessment should be done on how much capital you are willing to invest, how well does the bot perform, do the trade signals produce results, how deep is the mentorship, does the automation have a proven track record of success, how exactly does the robot work (be careful with potential scammers that can't or won't explain their technology), and will the bot or AI robot work with your existing platform or broker, if necessary.
For example, I still trade consistently on TD's thinkorswim ("TOS") platform, which significantly limits the use of bots, AI, or algos on their platform, while MT4 and MT5 are ideal platforms to run FOREX automation strategies. In a situation where your platform does not allow a bot, many of these companies offer direct mentorship and trade signals through SMS and email on all time frames, including the one minute chart to the monthly chart.
You should carefully consider all aspects of the group and its technology, and you should ensure that you always maintain control over the bot trading system. Although you want the bot to run profitably each day, or each week, you want to have the ability to assert control over your platform in some type of "close all" option, so that the trading can stay consistent and could act as passive income over time.
FOREX DIAMOND
FOREX DIAMOND
Overall, FOREX Diamond is a well known provider of automation and robot trading elements for serious FOREX traders, and their robots have a good reputation in the trading community. The robot is easy to set up and get started, and it does provide flexibility on the settings and the pairs it trades. It contains a self updating algorithm, engages in high frequency trading involving dozens of pairs, and it has a fairly robust profit protection system. Their FOREX robots operate on principles of trend retrace, market reversals, and trend trading. It seems to do well both in trending and consolidating market environments. A retail trader can start the program with as little as a few hundred dollars, but it is recommended that the account be started at a minimum of $1,000.00 to avoid the expected losses that may trigger a drawdown.
The program offers a feature known as the 40x recovery factor that targets 40 times any individual loss. This protection of profit system is great for a new trader who would be concerned about the eye-strain of staring at charts and screens all day, while still be given the ability to control max spreads, slippage, and it contains a stealthmode which makes your trades invisible to questionable brokers. They do offer a money back guarantee for a period of time, which was 60 days at the time of this writing. Their FOREX robot trading program is a great addition for the trader looking to earn consistent income.
In weighing the pros and cons, I would have to say that the only con with this FOREX robot is that is does take some time and commitment to understand and master, but once you get rolling with the bot it does appear that the drawdowns are smaller than the pips collected over time. The robot program would be a great addition to your trading arsenal.
1000pipBuilder FOREX Trading Pack
1000pipBuilder FOREX Trading Pack
The 1000pipBuilder FOREX trading program is a bit different than a simple bot running an algorithm on a trading platform. The 1000pipBuilder program is more of a hybrid model of a mentorship, along with automated signals for trading various currency pairs. The FOREX mentor is Bob James, who has over a decade of experience trading FOREX with a leading financial firm in London. The 1000pipBuilder program focuses on the trader with mentoring, along with specific trades being sent automatically through detailed email or SMS signals.
The 1000pipBuilder program does not focus on volume on intraday trades to reach a level of profitability. It does not appear to open dozens upon dozens of trades each day. Instead, the program operates with more precision, like a sniper, while performing 2 to 7 trades per day, with specific and reasonable monthly targets. The program focuses on 15 currency pairs, and its success and limited drawdown have been backtested and independently verified by MyFXBook.
In light of the mentorship, and automated signals, 1000pipBuilder is a reasonably priced choice. The monthly membership is less than $100 per month (which is excellent for mentorship), and the yearly membership is presently less than $700, which is beyond reasonable for an experienced mentor who provides you with direct and specific signals and trades. For those traders who may be somewhat intimidated by technology, and concerned that a bot might inadvertently blow-up your account, then the 1000pipBuilder program may be best fit for you, as it provides a human mentorship element, along with consistent FOREX trading signals.
WALL STREET 2.0 FOREX TRADING PACK
WALL STREET 2.0 FOREX TRADING PACK
Our final review of automated FOREX trading focuses on the Wall Street 2.0 Trading Pack, which was first released over five years ago. The age of this algorithm should not necessarily scare you off, as the team's 2020 additions have been significant and trustworthy. In 2020, Wall Street 2.0 rolled out the Broker Spy Module, which is an important account protection program that protects you from unethical brokers, which for some strange reason exists quiet a bit in the currency trading industry.
In addition to the Broker Spy Module, the robot and automations are updated on an automatic basis, so that you do not have to constantly re-start the robot. It seems to work on the lower intraday timeframes, with the 15 minute chart being most prevalent. Furthermore, the bot trades on a high frequency basis, and it's current 2020 chart shows some impressive gains, with smaller drawdowns.
The only con that I can see with the program is that it did have some lukewarm and lower ratings in the earlier years, but the 2020 updates seem to have addressed many of those concerns, and technology has certainly advanced over the past few years. The package is currently priced well below $450, and the company is offering a winter holiday and Holiday discount of 40 percent off of some of their products.
Summary of the FOREX Automation and Bot Systems
Summary of the FOREX Automation and Bot Systems
You should be very careful in deciding which FOREX trading bot, automation, or artificial intelligence trading system is best for you. As I've mentioned in the Disclaimer section, this is not investment advice, but, instead, should be considered an educational summary or review of how to earn passive income online through the use of FOREX trading automation techniques. My first experience with an AI bot for FOREX trading was not positive, as the bot rarely worked, it constantly had to be re-started with no automatic updates, there was no profit protection strategy, and the number of currency pairs was limited in nature.
To make matters worse, when I first purchased it, I could not even use it on my TOS trading platform, so I had to migrate my FOREX account to an MT4 platform. In considering any of these four programs, place emphasis on what you need to succeed as a consistently profitable trader in the FOREX markets, including cryptocurrencies, like Bitcoin, as technology continues to develop. The running joke in my day trading community is that about 90 percent of the intraday traders are simply robots, so it may be time to adjust, and make the transition to automated trading, mentorship, or AI algorithm bots.
Happy Trading!
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