10 min read · Sep 5, 2022
With the development of modernity, all spheres of business began to develop rapidly, but despite this, because of the great competition to find a sphere that would bring good profits — it is difficult.
More and more people are trying to earn on Forex, but not every attempt ends with success…
Forex trading market gives different opportunities to earn, but it is necessary to know all the details and nuances of the work. Even training, online courses or other attempts to understand Forex trading can not give the necessary results, that’s why people often lose not only their time but also their finances.
Special bots can be used to make your activity on Forex more effective and to get a good income without much knowledge, spending a minimum of time.
What is a trading robot and how does it work? — This is a question that many traders are interested in.
I’ll try to explain as clearly as possible so that even the beginners could use the bots without any fear.
Forex is a complex system, and it is not easy to quickly understand it. Someone can sit in the market for days and not make a single penny, and someone will make a good fortune in one day. And the secret of such success will be extremely simple — trading robot. Of course, the market audience is large and there are a lot of traders who prefer manual operations and their own calculations, but using bots is the most effective and is suitable for absolutely all categories of traders.
The trading bot itself is a special computer program with a certain algorithm of actions which are subject to adjustment and correction.
Forex Expert Advisor is a professional trader who accurately and quickly analyzes data and selects the best deals. The person on the same actions can spend a considerable quantity of time, or miss the suitable moment, whereas the robot-fixes all trading signals.
Using a robot minimizes the possibility of financial losses and will help you pick a trend even when nothing is clear with promising directions.
From this you can conclude that using trading robots is a good idea for all traders, regardless of their level of knowledge. Both novice and professional traders can easily use the work for their own purposes, the only difference will be the settings (the number of currency pairs covered, trading volumes, funds involved).
Scalping Trading Robots — Characteristics and Features
Scalping EA — help to make a small profit in a short period of time.
They work in automatic mode. All such bots are divided into categories based on the strategy they use.
The main ones:
M1 Scalping, News Trading EA, Breakout Scalping and etc..
Scalper bots — work on the basis of a strategy that involves opening a large number of orders, and their closure when the minimum profit is obtained. The order will be closed instantly, as soon as the profit is over the spread.
Despite the small volume of profit from a single transaction, the trader will be able to obtain a good total return, due to the large number of closed orders. It will be impossible to close such amount manually, because trading situation and trend will have to be adjusted.
The main advantage of scalper bot is that orders are opened and closed very quickly without any delay.
In addition, the work of scalpers is fully controlled — the minimum value for closing the order, you can set in the settings.
Losses are also regulated thanks to Stop Loss, which is also subject to adjustment (increase or decrease risks).
Using such a bot is also possible for beginners, because you do not need to have special trading skills.
VPS hosting and its significance for Forex traders
Forex trading is a continuous process, and in order to get maximum efficiency and large profits, you need to trade almost around the clock.
Just imagine a trader who was awake for twenty-four hours waiting for appropriate conditions to open deals and analyzing the market. And if he/she stays awake for several days in a row, would such trading be effective? — Of course not, because nobody cancelled the human factor, and the fatigue will only confirm it.
That’s why you can use VPS-server, in order to use all the opportunities of the market and not to miss important details.
VPS server is a virtual computer, which works in a data center and provides the ability to connect to it for your own use.
It is this kind of service is needed to connect to it the exchange robot, which will trade day and night.
VPS deploys a cloud server on which the necessary software will be deployed to the client. The peculiarity of the server is that it works 24 hours a day, without failures or other problems.
Overview of algo trading features on the example of the trading robot ELM EA
The Internet is flooded with information about the profitability and prospects of Forex trading. Bloggers, mass media tell that it is easy and quick to master the main principles and learn to trade at Forex. But few people will tell about the difficulties that await every beginner trader. Unclear information that has to be studied and understood, risky deals, big losses — this is not the whole list of difficulties the trader can face.
The situation is not excluded when after numerous failures the desire to trade is lost forever. Probably none of you have ever asked yourself a question — will I never be able to trade?
Confused traders leave this sphere having never found out that trading is easy, but you need to use effective and tested instruments, one of which is ELM EA robot.
ELM EA is a highly effective modern trading robot that uses complex analysis tools to guarantee a positive result. The robot works on the basis of innovative algorithm of forex market analysis with high mathematical expectation.
The algorithm is configured to analyze and process every tick of price movement.
Despite this functionality, the robot is just a program that has shortcomings on which the developers still have a lot of work to do.
Some professional traders think that the robot has no features and cannot surprise you in any way. After an expert evaluation, I can say that the robot is a development that is really worthy of attention and will definitely improve the trading results.
If you want to know where you can find out more about the robot’s work or find out about its functions, here is the link to the website where you can not only watch a video review but even use the robot’s copy for a test run —
ELM EA Feature Review
ELM EA is a highly efficient cross-platform trading robot. The robot makes one order at a time. In its work the robot does not use any martingale rearrangement algorithms or other strategies which can carry in itself danger or risks of financial losses. The resource provides the same size of the next order (thanks to the Risk settings). Such settings are preserved regardless of the result of the last closed order. The algorithm uses virtual and real TP and SL visible to the broker.
The peculiarity of the robot is the smart money management system, which makes it possible to work even on a minimum account (for example, with an account not more than 10₴). The trading strategy itself shows itself perfectly when working on trading accounts with low leverage, and all thanks to a small margin.
For all those who want to test the robot’s efficiency, there is an opportunity to use the real-time test algorithm. Such testing shows reliable and highly accurate results, in contrast to testing on the history.
The robot has undergone a lot of direct testing in real time, so it has the most optimized.
There are two versions of the algorithm depending on users’ needs.
-Optinum — support 6 currency pairs.
-Pro — support for 26 currency pairs.
What is the profit of ELM EA per month?
It is well known that all traders who use trading robots do so with the only purpose — to increase their profits.
If anyone is wondering if using an ELM EA is relevant and effective, my answer is definitely yes.
Its use will greatly increase financial returns, but everyone must consider the risks as well.
If we consider the situation with leverage of 1:500, the expected profit will be 20–25%. To do so, it is necessary to use the standard settings of the robot. In addition, it is possible to use aggressive settings, which can further increase profits, but accordingly the risks will increase.
Security of the deposit is the key to successful trading
The ELM EA robot has special security settings so that traders can trust it to trade their assets without worry.
The functionality of the robot also includes an option that automatically turns off trading if slippage is exceeded or if execution is slow. Another plus of the security features is the deactivation of the algorithm, if the loss queue is fixed. This feature helps not to lose the entire deposit, that is, if a trader suffers a loss, it will be the minimum possible in one case or another.
The limit of losses can be set by the client himself as each trader operates with different sums and therefore only he can decide what losses will be acceptable for him. In addition, the algorithm is protected from contingencies that may arise in the market, as well as the algorithm will not allow for manipulation by the broker.
Currency pairs that can be used for trading with the ELM EA
EUR/USD, GBP/USD, USD/JPY, EUR/JPY, USD/CAD, AUD/USD, NZD/USD, AUD/JPY, AUD/NZD, AUD/CHF, AUD/CAD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, NZD/JPY, NZD/CAD, NZD/CHF
A trader may easily use all 26 currency pairs, even simultaneously. But, personally, I recommend not to use currency pairs with a spread higher than 2.5.
This solution will increase the overall profitability of the strategy.
For those who are in the mood to use all 26 pairs, it should be noted that this requires a large amount of memory.
The RAM of your VPS server must be at least 1GB.
Recommended brokers
If we consider popular brokers, then, of course, each of them is worthy of attention. The only question is for which trader, for which conditions would be more suitable.
I think it is wrong to consider brokers in the context of “good” or “bad”, what is more important is the strategy that a trader will use in this or that resource.
The main thing for the trader is to choose the optimal settings for ELM EA and expect that even the minimum losses are just unavoidable.
The developers of the algorithm do not advertise any broker and do not limit the choice of sites for trading. Therefore, I can conclude that the choice of a broker is a personal matter for each trader. But in spite of this, to make the choice of brokers for ELM EA easier I can give you a list of the most effective resources.
All the information below is based on reviews, testimonials and other information on the web.
-The best brokers for ELM EA
-Tickmill (Pro or VIP account)
-Lmax
-NDDFX (Dma account)
-FBS (ecn account)
-ThinkTrade
-Hanko trade
You can buy a license on the forum. Also you can chat with all traders who have already used ELM EA.
You can find answers to many questions at the forum:
- nuances arising in the course of work;
- seek advice from other traders.
This is essentially an exchange of experience that helps to improve your knowledge in this area.
The software itself is not tied to the account number, the owner or an individual broker.
There is only a limit to the number of trading accounts working at the same time.
For each user it is as convenient as possible, because freedom of choice is provided without restrictions.
Each of the clients can independently choose the package suitable for them. The license may operate on three and ten trading accounts simultaneously.
Should it be necessary to add a new account, users can easily deactivate one of the active accounts, replacing it with a new one.
ELM EA — a good solution for trader`s community
If you are looking for a perfect trading robot with high efficiency and versatility, you should definitely purchase a license for ELM EA.
The robot can be used on both MT4 and MT5 trading platforms.
The algorithm is characterized by a balanced strategy and has many advantages, among which:
- observance of strict rules when opening trades;
- Loyal support from traders who are already using the algorithm;
- exchange of experience and the opportunity to learn new trading techniques or strategies;
- opportunity to purchase a license depending on your needs. - There are traders who have not purchased the license because of its high cost, but I can assure you that the quality of the product is fully consistent with its price.
Each client will receive a comprehensive product which can be used immediately on their trading accounts.
No special knowledge or additional settings are required, because the trading strategy is fully thought out, implemented in code and adjusted for real trading.
To increase the confidence of users, the developers even share their accounts with investment passwords, which once again emphasizes the full transparency and honesty of the project. - For all traders who want to get the most out of transactions, spend less time and cover more volume, I simply advise to familiarize yourself with the strategy of this algorithm. Its cost will pay off in the near future, because the increase in daily profits will not be long in coming.
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