Forex robots or expert advisors (EA) exist to relieve traders from the hassles of monitoring continuous market investments. EAs are the perfect companion for a beginner and guarantee huge profit margins. Several of them are available for purchase online that come tested and provide traders with favorable outcomes.
Forex Millionaire Robot is one such expert advisor available in the market since 2012. Since inception, this expert advisor has helped numerous traders achieve success in the Forex trading market. The company says that traders can make up to $3000 every month. They further claim that traders don’t need to customize the robot’s settings as it can generate profits with its default ones.
Although not settings, but traders can optimize other features like:
- Toggle Lot size calculation
Traders can toggle the lot size calculation on/off depending on their lot size.
- Lot size
Traders can manually set a custom working lot size with this Forex robot.
The lot size calculated in pips is the trade a person is making. 1 pip is the change of the 4th decimal point of a currency rate. For example, if an exchange rate moves from 1.1234 to 1.1235, then the change is 1 pip. Lots are available in standard, mini, and micro. A standard lot consists of 100,000 pips, a mini lot of 10,000 pips, and a micro of 1,000 pips.
One of the prime parameters of Forex Millionaire Robot – adjusting the time difference between the local time and GMT.
Setting the time might get confusing in MetaTrader because many a time traders think that GMT–5 is the New York time.However, in reality, it is GMT+2 while daylight savings time is GMT+3.
- Risk Management
The Forex Millionaires Robot can automatically calculate the risk management which traders can also toggle. This robot automatically sets a stop loss as an extra risk management feature.
The company recommends keeping the risk management enabled as it helps to cut losses in case of unexpected market volatility substantially.
As of now this robot trades only in EUR/GBP, EUR/CHF, GBP/CHF, USD/CHF, and USD/CAD currency pairs. The possibility of introducing currency pairs like USD/JPY, EUR/USD, AUD/USD, GBP/USD, and NZD/USD is highly probable in future versions.
The recommended time frame of Forex Millionaires Robot is 15 minutes although upgraded versions might get a 1 minute or 5-minute time frame.
For signal component, this expert advisor uses the simple moving average technical indicator on top of five bars. The simple moving average adds all the closing prices over several time periods and divides the summation with the total time periods.
The Forex Millionaire Robot considered one of the superior expert advisors comes with a price tag of about $100 to $150. Beginners can efficiently use this robot to gain profits and get a good idea about the Forex market.
To know more about Forex trading, visit LiteForex. They have vast information about Forex, trading, expert advisors and much more which can benefit not only beginners but also veteran traders.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.