Best Automated Forex Trading Software: A Comprehensive Review

Are you tired of manually analyzing charts, monitoring markets and placing trades? Automated forex trading software may just be the solution you're looking for. With the increasing popularity of forex trading, the demand for automated trading software has skyrocketed in recent years. But with so many options on the market, how do you know which one to choose? We've done the research and compiled a comprehensive review of the best automated forex trading software available to help you make an informed decision.

What is Automated Forex Trading Software?

Automated forex trading software is a computer program that uses algorithmic trading to execute trades automatically, based on pre-determined criteria. It works by analyzing charts, market trends, and other data points to identify trading opportunities, and then placing trades automatically without the need for manual intervention.

The benefits of using automated forex trading software are numerous. It allows traders to trade 24/7 without being tied to their computers, eliminates emotional decision-making, and removes the need for in-depth technical analysis skills. Additionally, it can help traders diversify their portfolio and mitigate risk by spreading trades across multiple currency pairs.

How We Selected The Best Automated Forex Trading Software

To determine the best automated forex trading software, we tested and evaluated several leading software providers based on the following criteria:

Based on these criteria, we've compiled a list of the top 5 best automated forex trading software providers.

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1. MetaTrader 4 (MT4)

MetaTrader 4 or MT4 is one of the most popular trading platforms in the world, and for good reason. Not only is it user-friendly, but it's also equipped with powerful charting tools, automated trading features, and customizable indicators and scripts. MT4 offers a wide range of trading instruments, including currency pairs, commodities, and indices, and is compatible with most brokers.

MT4's Expert Advisors (EAs) are powerful tools for automating trading strategies and executing trades automatically. The platform also offers a variety of advanced order types, such as stop-loss and take-profit orders. Additionally, MT4 boasts a massive community of traders and developers who have created thousands of custom indicators, scripts, and EAs that can be downloaded and used for free or purchased from the MetaTrader Market.

MT4 is available as a desktop and mobile application, making it easy for users to manage their trades from anywhere. The platform is free to download, and many brokers offer it as a standard trading platform. Overall, MT4 is an excellent choice for traders of all experience levels who are looking for a powerful, user-friendly trading platform with extensive automated trading features.

2. MetaTrader 5 (MT5)

MetaTrader 5 or MT5 is the successor to MT4 and is a newer, more advanced trading platform. It features all of the same tools as MT4 but with a more modern interface and additional features. MT5 offers a wider range of trading instruments than MT4, including stocks and futures, as well as more advanced order types such as market depth.

MT5's Expert Advisors are even more powerful than MT4's, with the ability to run multiple strategies simultaneously. Additionally, MT5 allows for netting and hedging positions, which can be useful for traders who wish to trade in multiple accounts or with different brokers.

MT5 is available as a desktop and mobile application, and like MT4, is free to download. While it may take some time to learn all of the advanced features, MT5 is an excellent choice for traders who want a robust trading platform with advanced automated trading features.

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3. Forex Tester

Forex Tester is a powerful backtesting software that allows traders to test their trading strategies using historical data. It simulates market conditions, allowing traders to see how their strategies would have performed in different trading scenarios. This is especially useful for developing and optimizing automated trading strategies before implementing them in live trading.

Forex Tester's interface is user-friendly, allowing users to easily backtest and analyze their strategies. Additionally, it offers a variety of technical analysis tools, including charting, trend analysis, and custom indicators. The software is also compatible with MetaTrader indicators, allowing traders to use their favorite indicators in backtesting.

Forex Tester is available as a desktop application for Windows and Mac, and offers a 14-day free trial. Overall, Forex Tester is an excellent choice for traders who want to test and optimize their automated trading strategies before implementing them in live trading.

4. ProRealTime

ProRealTime is a popular trading platform that offers advanced charting and technical analysis tools. It allows users to automate their trading strategies using ProOrder, an automated trading tool that executes trades automatically based on signals generated by the user's strategy.

ProRealTime offers a variety of chart types, including candlestick, line, and Heikin Ashi charts, as well as custom indicators and advanced drawing tools. Additionally, it offers a wide range of trading instruments, including forex, stocks, and futures. ProRealTime is also available as a mobile app, allowing traders to manage their trades on the go.

While ProRealTime may be more complex than other trading platforms, it offers powerful automated trading features that can be useful for experienced traders who want to develop and execute their own strategies.

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5. Expert Advisor Studio

Expert Advisor Studio (EAS) is a powerful online application that allows traders to build, test, and analyze their own automated trading strategies. It features a user-friendly drag-and-drop interface, allowing users to create custom strategies without any coding knowledge.

EAS offers a variety of optimization tools, allowing users to fine-tune their strategies and test them using historical data. Additionally, it offers a variety of technical analysis tools and custom indicators. Once a strategy has been developed and tested, it can be exported to MT4 or MT5 for execution.

EAS is available as an online application and offers a free trial. Overall, EAS is an excellent choice for traders who want to develop their own automated trading strategies without the need for advanced coding skills.

Final Thoughts

Automated forex trading software can be a powerful tool for both novice and experienced traders. It allows for 24/7 trading, eliminates emotional decision-making, and can help traders diversify their portfolio and mitigate risk. However, choosing the right software is essential. By taking into account the criteria we've outlined above and considering the five software providers we've reviewed, you should be able to find the best automated forex trading software that meets your needs and helps you achieve your trading goals.