We cover the following 4 key agenda in this guide;
- List of the Most Profitable Forex EA
- List of the Most Profitable Forex Signal
- Autotrading Forex Warning Services
- Key Parameters for our selection
- Best Forex Robots & Signals
- List of the Most Profitable Forex EA (Robot)
- List of the Most Profitable Forex Signals
- Services with Warning Sign
- Best Forex EAs & Signals – Why Do We Need & How Do We Select?
- Forex Most Profitable EAs & Signals – Conclusions
Best Forex Robots & Signals
Quality EAs & Signals make a huge difference to your forex trading. Use our lists to take advantage of non-emotional robots & reliable signals to diversify a trading portfolio that can reduce risks.
As explained in the selection criteria, the actual performance of all the listing services is verified by the 3rd party (either MyFXbook or FX Blue – you can access their real-time record in each list) with at least 2 years of historic data.
List of the Most Profitable Forex EA (Robot)
Forex Robotron has the dynamic profit feature which will close a trade as soon as it goes into a loss and the dynamic profit features, on the other hand, will ensure the robot exits at the best possible time.
The results show a low risk with tight stop loss and great consistency. See the 3rd party verified results in myFXbook;
The Real-Time Trading Update is;
Flex EA is a highly rated EA including an automatic update system that can consistently provide profit without regularly updating the settings. In its active exclusive Forum, you can check the other members’ experience of this EA and exchange opinions.
Currently, they run a huge discount of 67% off, use the code ‘FLEX67OFF’ at check-out. See the 3rd party verified results publicized in myFXbook;
The Real-Time Trading Update is;
FX Stabilizer is created by the same vendor as FX Charger. They say their robot is characterized by regular profit without long drawdowns, incredible reliability, and durability to all changes at the Forex market.
They don’t explain any specific strategy or security system, their multi-currency pair tradings (6 – 8 pairs) may contribute to risk management. However, the prices are high side. The 3rd party verified results is publicized in myFXbook;
The Real-Time Trading Update is;
Happy Forexproduced a wide range of EAs as shown in myfxbook below and they bundle 10 EAs and sell in full-pack. When you use the MartGrid version, although the result shows very consistent, bear in mind that the Martingale strategy is a high-risk approach that can possibly blow your account overnight.
Currently, they run a 30% price off the campaign. The 3rd party verified results is publicized in myFXbook;
The Real-Time Trading Update is;
FX Hunter EA
FX Hunter EA uses the most advanced grid control which provides almost perfect geometry of open baskets, regardless of current market conditions (slippage, increased spreads, etc). All that allows the EA to trade successfully in any market conditions, even during really high-impact news.
FX Hunter works well in most brokers except NFA-regulated brokers because they prohibit long and short trades at the same time. They recommend choosing a broker with high leverage (1:300 or higher) to reduce the margin load of your deposit. For US citizens, the solution is selecting the brokers from the Latest List of Offshore Forex Brokers Accepting US Citizens & Reasons Why.
FX Hunter is a subscription-based EA, and currently, they run a 20% discount for 3 months & a 30% discount for 6 months. The 3rd party verified results is publicized in myFXbook;
The Real-Time Trading Update is;
Wall Street Forex Robot 2.0
The Wall Street Forex Robot has launched over 8 years ago and Wall Street Robot 2.0 Evolution is the latest & the long-standing EA. This version has a Broker Spy System designed to protect traders against dishonest brokers hurting high-negative slippage traders, spreading and slowing order execution.
You now can get 4 different robots for the price of one which may help you with the diversification as well. The 3rd party verified results is publicized in myFXbook;
FX Changer claims that the EA adjusts it to the current situation in the market, which means the software calculates take profit based on the current situation of the market, which is somehow an ideal adaptive bot.
They say this technology will not allow you to lose more money than you have specified in the settings of the EA, even if the system crashes.
Because the Stoploss limits drawdowns, your account is safe even if you lose your internet connection or MetaTrader 4 terminal turns off. The 3rd party verified results are publicized in myFXbook;
The Real-Time Trading Update is;
List of the Most Profitable Forex Signals
Forex Signal service is Semi-Passive Trading because unlike the EA which is autopilot trading, you need to place the order for yourself based on the signals each expert sends you.
People often hesitate to pay for the signal service partially because they don’t want to rely on others after long training and partially don’t want to pay for the service, and partially are sceptical about the quality.
However, proven signal services are usually paid off very quickly and you can actually learn from the successful signals, and above all, it’s a very effective method for diversification that can help reduce your portfolio risk.
So, I am sharing a few resources & most reputable professional signal services as follows (All the signals I’m listing here are signals across all time zones, because each signal’s traders or algorithm trades almost all day, thus the signals will be throughout the day. The bottom line is that these signals can be for any trader in the world.);
If you want to execute professional trading while learning even from the basics, ForexSignals is the best solution. ForexSignals assisted nearly 70,000 Forex traders since 2012.
This signal is a rare service that can hardly be found in any negative reviews but is highly rated in every ranking site including ForexPeaceArmy where it scores 4.544 ratings out of 5 scales.
This signal service provides you with an excellent educational platform. Namely, they offer a Trade Room where you can learn Forex Trading with 3 professional Forex mentors (Andrew Lockwood 30+ years of experience / Mark Bennell 15+ years of experience / Max Norbury 10+ years of experience), including daily live streams, a global chat room, and trade signals.
The service also offers a Trade Academy section including 100+ Forex educational videos and 4 MT4 tools to help with your trading. All the signals from our traders and the community are displayed in the trading room.
The company is registered in Hong Kong (Address: 1301 Bank Of America Tower, 12 Harcourt Road, Central, Hong Kong 1000). Their staff is located in different countries across the globe to cover all the time zones. You are entitled to have 7 Days Free Trial. Besides, Use ‘forex4life’ to get 10% recurring discount.
Broker’s Free Signals
There are a few brokers that provide you with free successful signals every day. Some of them are;
PaxForex is an offshore broker accepting US citizens located in St. Vincent and the Grenadines. Not regulated. ECN/STP broker with Leverage up to 1:500 Spreads EUR/USD 0.4 pips, Min. initial deposit 10 USD. They send the analysis of Currency / Commodity / Stock to the account holder every day and performed very well with constantly over 15% every month.
PaxForex is running a 100% Deposit Bonus now.
AAFX is also an offshore broker located in St. Vincent and the Grenadines. Not regulated. ECN/MM broker, Leverage up to 1:2000, Spreads EUR/USD 0.6 pip, Min. initial deposit 100 USD / trade Forex, Stocks, Indices, Metals, Oil & Gas, Commodities and Cryptocurrencies. Their daily analysis both in writing & video is very informative.
As both of the brokers are Not Regulated, see how you need to be careful in Offshore Forex Brokers Accepting US Citizens & Reasons Why.
If you have time to search for a signal service for yourself MQL5 is one of the most resourceful sites related to MetaTrader 4 or 5. When it comes to the MQL5 Signals market, they permit anyone to supply signals, which gives you a very diverse and unique network of traders. Each trader’s signal performance is evaluated and rated in key assessment parameters such as ROI & the maximum drawdown experienced etc.
Importantly, the MQL5 market verifies all of its providers’ trading results, which gives you good confidence in the numbers. You can filter the traders and copy them automatically in real-time using your MetaTrader trading platform.
The majority of traders charge around $20-$50 for a signal fee while MQL5 itself is free to use.
Services with Warning Sign
Needless to say, there are full of online scams and poor-quality services on the Internet. Forex is regulated in many jurisdictions but selling EA is not regulated. Even selling Forex Signal is often not considered investment advice but treated as an educational purpose (logic is that the trader sends a text message/email whenever he enters a trade on his own account so that his subscribers can see & learn how a professional trader trades).
Consequently, all EAs & Signals are unlikely to amount to any regulated activity that requires authorization, thus are sold without any license. This means people can’t assess the quality from the regulatory aspect.
Unfortunately, the temptation and allure of huge profits will always bring new and more sophisticated types of fraudulent activities to this market. Remember, many EAs claiming very high returns are based on the Grid trading system or Martingale strategy which could wipe out your account one day.
ROFX is highly rated on various Forex review sites. In fact, several members gave us very positive feedback on the consistent return of ROFX, and many members asked for our opinion as well. In the beginning, we had somehow misunderstood our members’ input & ROFX’s service for EA or Signals provider using Robot since ROFX is often found in EA / Signals review sites including the customer review of ROFX, Trustpilot;
It also shows verified myfxbook records since 2018 as below (but it suddenly disappeared in Feb 2021);
However, the site states “Register Managed Account”. Given our doubts about their claimed Managed Account (see how the managed account works in our PAMM section), we tried to clarify how they structure their service with their support team. They answered that;
So, all your funds are not under your control but under ROFX.
As cautioned in Income Diversification 2nd Concern – Security, Pooled Funds could be a hotbed of HYIP (high-yield investment program) scam driven by the Ponzi Scheme. In fact, there are a few signs of it like;
- No company address & registration are publicized
- Hard to believe the claim of “NEGATIVE RESULTS OF TRADING ARE COVERED BY OUR RESERVE FUND “
- Flawless constant profits for a long time, since 2009 without supporting evidence
Surely, only these don’t directly lead to the conclusion that ROFX is a fraudster. And you may say they publish the results in myfxbook. However, there are ways for professional scammers to manipulate myfxbook especially if the verifying broker is complicit.
They use Ester broker which is registered & regulated in BVI & Vanuatu FSC (Financial Services Commission) though, there are very limited reviews and we can’t encounter any single positive review but find only the poor reviews as below;
And in response to our further inquiries of registration details, their answer is;
Whatever they classify their company business nature, as long as they solicit investment from the public and manage a collective fund, then it is clearly fallen into the activities regulated by the authority. Therefore, we sent another inquiry to ask for the below 3 information to firstname.lastname@example.org;
- FRN, is the registration number assigned by FCA (Financial Conduct Authority)
- FSCS (Financial Services Compensation Scheme) coverage if ROFX becomes insolvency
- Company House Registered Number since we can’t locate any info under ROFX
So far, no answer has been sent back to us.
Although we can’t conclude they are a scam but suggest you stay away from them, it is a typical case of “Better Safe Than Sorry”.
We didn’t include the following 2 signal services despite their excellent reputation;
Zero to Hero Forex Signals
But no active records – stopped in Jun 2018 and now deleted at myfxbook.
But no active records – stopped in May 2018 at myfxbook;
We asked for clarification of why the publication was suspended for both of them. Then Bert from Zero to Hero Forex Signals & Bob from 1000pip builder gave us the exact same answer as;
And the attachments Bert & Bob sent us are completely identical;
Well, whether Bert & Bob are the same person or working in the same organization doesn’t bother us any. What concerns us is the lack of consistency in their performances as they themselves admitted.
For this reason, we didn’t include them in our mainstream list. However, they are at least very responsive in an honest manner and shared some evidence of the trading, and given the continuous good feedback from their users, you may want to consider & try them as options if you like.
So, in the first place, never ever be dazzled by blatant false promises of huge profits without verified trading results.
Let me share an interesting example of Alpha Scalper;
The site is filled with full of redundant sales pitches added by the permanent huge price discount & a long video that keeps talking the same fancy phrases using different words, but No Verified 3rd Party Results. So, to us, there is no substance at all. Therefore we don’t include it in our list despite the fact that there are many review sites producing positive assessments of it.
We have our own parameters for selection as explained later – basically, we take a relatively conservative approach by thinking much of stability.
Anyhow, even if our parameter suits you, please don’t count on our selection as well as the verified past / current performance because none of these assures you the same future results.
So, once you decide to purchase, never put the Forex EA on a live real money Forex account until it has been tested thoroughly in a demo account. And claim a refund if the result is not satisfactory – basically all the Forex EAs we select provide a Refund Guarantee period (1 – 2 months depending on the vendor).
You may want to test Alpha Scalper if you like since it provides you with 30 Days Money Back Guarantee.
Besides, we have never encountered and heard of Free Forex EA that works. Don’t believe in any World Best Forex EA Free Download. Downloading free Forex software could be risky because it could contain a malicious virus. Free Forex autopilot may blow up your account overnight. Don’t forget Nothing is as costly as a free gift.
Best Forex EAs & Signals – Why Do We Need & How Do We Select?
You Need Powerful Forex Trading Weapons
As clearly explained in the Successful Forex Trading Model with Powerful Weapons, high-quality Forex EAs & Forex Signals will enable you to develop a diversified Forex Trading Portfolio which can minimize risks.
In other words, Forex EA & Forex Signal will help you achieve your most optimized Forex Trading – balancing out the risk/reward.
For various reasons, it’s difficult for less skilful retail traders to beat professional & institutional traders in Zero Sum Forex trading. Consequently, retail traders usually have to go through a lengthy unprofitable period with a painful learning curve until seeing reasonable profits.
However, the solid growth model equipped with reliable Forex Signals and AutoPilot Trading (robots) will shorten such gloomy time significantly, as the below image describes.
Forex Autopilot Trading Software Is Proven To Work
As I quoted in my guide Forex Robot For Dummies – 5 Essential Things You Should Know First, over 80% of financial trading markets including the majority of investment banks and large hedge funds are done by robots.
And 90% of SUCCESSFUL forex trader is said to use a trading robot in some way. The other source (Quora) explains that Algorithmic Trading had substantial growth experiences, accounted for roughly a $1 Trillion Market in 2018, and is growing at 10.3% CAGR 2016-2020. So, in financial trading including Forex Trading, robot trading is proven to be a successful method.
Therefore, not using Forex EAs would be your disadvantage in the competitive Zero-Sum Forex market.
Profitable Forex EAs Strategy
Using Forex EAs is one of the best methods to diversify your trading portfolio. This means, you don’t need to rely on a single EA but use multiple EAs with possibly different trading strategies, which can help minimize your overall risk.
From this perspective, you may want to use the EA with even a 30%+ maximum drawdown together with the EA with less than 10% DD, which could result in less than 20% DD portfolio.
Besides, Forex EAs are basically not designed to (in fact almost impossible to) program rapid market change affected by big economic news, political or weather issues, etc. Such inconsistency of the market is the biggest cause of the EAs’ inconsistent results.
We select the EAs that have survived for a reasonably long period, which means they equip the good risk management setting to avoid big upsets caused by those surprise news.
However, it’s better for you to monitor especially during the volatile period rather than relying completely on automated decisions, which can definitely improve your profitability.
The most successful forex trader including institutional traders develop EA portfolio, monitor them carefully, and do optimize it constantly.
Forex EA Knowledge
We have issued the below 3 Forex Robot-related strategic papers;
Key Parameters To Select Forex EAs
We set the following parameters to select the EAs;
- Survival Length Over 2 Years (2 years is the period that goes through a series of up & down market conditions although a full economic cycle may need 5-6 years, which means the EA can cope with normal market change with major news)
- The 3rd party verification on the trading results such as Myfxbook & FX Blue is available (we don’t trust any direct trading statements on their own site because they can be manipulative)
- Low Risk – Drawdown rate is less than 20%+
- Annual growth is over 20%
- Price: Less than $500 (majority falls into the $100 – $300 range, remember the higher price does not necessarily correspond to better quality)
- Refund Guarantee (usually 30 days period)
For EA selection, we place a high priority on the 3rd Party Verification. Therefore, we simply don’t list high exposure EA like Odin Forex Robot which you see everywhere when you google best EAs, etc. but no verified results. We also don’t list the ones with high ratings & verified 3rd party results but No Active Ongoing Proof, like 1000pipClimberSystem that have;
High Rating of 4.53 out of 5 scales at ForexPeaceArmy;
But no active ongoing records – stopped in Jan 2018 at myfxbook;
Anyhow, if you are a trader and shopping around the EA in various ranking sites based on similar parameters to the above, we already saved you time.
However, as said previously, don’t use your real money straight away but test it in a demo account to see how it goes during the Refund Guarantee Period.
Key Parameters To Identify Best Signals
We basically set more or less the same parameters to assess the signal providers as we set for EAs. However, probably because of the industrial norm, the number of signal providers publishing the trading results being verified by the 3rd party is quite limited compared with the EA vendors.
Therefore, the list includes the provider that doesn’t publish the verified results but gains enough credentials to prove the quality.
However, we exclude the ones that stopped publishing results (because we can’t rely on the traders with such inconsistency) – see the specific examples in the above “Excluded Signals”.
Forex Most Profitable EAs & Signals – Conclusions
Summary of Strategies, Caution & Suggested Action Plans
Let me summarize the Strategies, Caution & Suggested Action Plans related to Forex EAs & Signals List as follows;
Strategy To Achieve Forex Profitable Trading
- Diversification is the essence to achieve your profitable Forex trading. A diversified Forex trading portfolio will optimize your risk & reward and bring about sustainable extra income.
- Forex EAs can be the easiest & quickest way to be added to your Forex trading portfolio, which will help you make a proper trading decision without emotion.
- Forex signals can also help you diversify your portfolio, besides you can learn a lot from how successful traders trade, so Forex signals can be a good weapon for newbies who want to make real profitable Forex trading during the learning stage.
Forex EAs ＆ Signal services Caution
- Beware of the fact that there are full of online scams and poor quality services.
- EAs without 3rd party verified trading results are likely to be not trustworthy.
- EA’s huge profits result is often driven by the Grid trading system or Martingale strategy which could wipe out your account overnight.
- Various Forex EA rating sites include pooled fund reviews as well. Remember the pooled fund is a breeding ground for fraud, especially the Ponzi scheme.
- Don’t forget there is no Forex EA that works, there’s no such thing as a free lunch.
Forex EAs & Signal Services Suggested Actions
- Firstly, never ever be dazzled by fancy sales pitches claiming huge profits.
- For Forex EA, try to ignore any vendors that don’t share 3rd party verified trading results.
- Even with the 3rd party verification results, don’t take if the results cover only a short time, say less than 6 months.
- Also, forget about the EAs that don’t offer a Refund Guarantee.
- Check carefully how the rating sites review, if it’s a Pooled Fund, make sure you do Due Diligence before placing any money and keep away if you can’t receive a satisfactory response.
- Once you decide to purchase EA, never put the Forex EA on a live real money account until it has been tested thoroughly in a demo account. And claim a refund if the result is not satisfactory.
- For Forex Signal, you may want to start the shortest available subscription, usually monthly (if there is any free trial period, make the best use of it) rather than committing to the long subscription-like annual package before you have confidence in the signal service.
- Don’t risk your PC by downloading a free forex robot that may contain a virus, and don’t blow up your account by placing free Forex autopilot in your live account.
Good Luck with your Profitable Forex Trading!!
Joshua Walker (bio)