The FX market is the biggest financial market in the world comprising about $3 trillion turn-over per day. In this $3 trillion market, five per cent makes up the retail FX market which caters for retail or small traders. With the passing of time, it is now possible for a retail forex trader to trade forex online with a real-time market. However, despite the technology, people still face problems trading, be it in terms of time or even analysis. Forex expert advisors or forex robots, which automate the trading purpose are the solutions. It is designed specifically to help those who have a time constraint to trade or lack knowledge in analysing the market.
Today, one simple google search will uncover thousands of EAs that claim that they provide the best-automated forex trading available. However, the vast majority of them either do not produce the desired results or turn out to be fraudulent entities that lock investor funds, rendering them useless. However, there are a handful of cheap, inexpensive expert advisors that have been proven to produce profitable results for their users. Here are some of the top forex expert advisors which are relatively inexpensive.
1. Alfa Scalper
Alfa Scalper is an expert advisor developed by Karl Dittman. By using an adaptive scalping technology, the EA makes use of its multiple trading styles, take-profit technology, profitable signals, friendly interface, trend power detection and inclusion of major currency pairs. There are three modes: conservative, medium and aggressive mode. All of these modes differ in terms of trend detection sensitivity, signal frequency and safety level. It is priced at $147, making it one of the cheaper and proven EAs on the market.
2. Trade Manager
Trade Manager is described as a middle term trend EA designed specifically for the Meta Trader 4 platform. It primarily works on the M30 timeframe with AUD/USD, GBP/USD and USD/JPY. This MT4 supported EA has a 1-click stop loss and take profit targets. Founded in 2016, the max drawdown of this EA per annum is 44%. Stop-loss features include ATR stop loss, Chandelier trailing stop loss and even Parabolic SAR stop loss.
3. Happy Market Hours
As a trend or scalping EA, Happy Market Hours works best on a standard forex broker account and with currency pairs such as EURUSD, EURCHF, EURGBP, EURCAD, USDCAD, USDCHF, GBPUSD, GBPCAD, GBPCHF, CADCH on the M15 timeframe. If the broker spread is above the setting spread, the EA automatically uses a spread filter which stops it from executing trades. It employs dynamic take profit and stop-loss levels based on market sentiment. The minimum deposit for Happy Market Hours is $100.
4. The Wave Scalper
The Wave Scalper EA employs the Elliot Wave theory on the USD/JPY, GBP/USD, GBP/AUD, GBP/NZD, GBP/CAD and XAU/USD currency pairs. Developed by the LeapFx team, they claim that the EA is capable of delivering returns of 100% to even 700% in some cases. The Wave Scalper maintains safe risk ratios which have been tested on extensive historical data and live accounts. The minimum deposit for Wave Scalper is $50.
5. Forex Gump EA
Forex Gump EA employs a news filter on a multi-currency strategy that supports AUDUSD, EURCHF, EURGBP, EURJPY, EURUSD, GBPUSD, USDCAD, USDCHF and USDJPY, primarily on the M1 timeframe. The EA offers three different settings: High, middle and low, all of which are designed to protect clients in case the market turns against them. The minimum deposit for Forex Gump is $40.
6. Gold Rush
Gold Rush is an EA that works with all currency pairs but specializes in XAU/USD and EUR/USD. The EA boats low spreads, low commission and fast execution times, with a maximum leverage usage of 1:100. The EA works best on the M10 timeframe and is suitable for beginners for its low entry prices. The minimum deposit for Gold Rush is at $100.
Final Thoughts
There are new Expert Advisors being developed almost every month, with each claiming profitability for its users. However, make sure that your EA has a good track record before committing any funds. Also, no EA can guarantee profits all the time, as it depends on various market forces.