ForexRobot Software Review

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Odin Forex Robot Review

In this post I will be reviewing the Odin Forex Robot that has been developed by the team over at Forex Robot Trader and runs in the free to download and extremely popular MetaTrader 4 (mt4) trading platform that is available by most forex brokers across the globe. The Odin Forex Robot is fully automated so it will do all of the trading for you, just keep in mind that it is a grid-based forex trading system so use sensible lot sizes and do not over leverage your account to avoid a margin call / stop out. For best results with the Odin Forex Robot, I would personally use a true ECN forex broker which can help lower trade costs and give good bid / ask prices with the amount of liquidity they have. As with any forex system, Odin Forex Robot will perform best with low spreads, low slippage and low commissions. Odin Forex Robot is suitable for any level of trader from beginners to the more advanced with easy to follow setup instructions provided by the developers.

Odin Forex Robot Trading Strategy

The Odin Forex Robot uses an advanced grid trading strategy to find high probability entry points in the market, targeting reversals and trends to catch big moves for a good amount of pips. Odin Forex Robot will open, manage and close trades for you, just make sure that you keep an eye on it to see how the performance is going. The Odin Forex Robot developer does share performance statistics on the official Odin Forex Robot website which are very impressive over the long term although I would like to see these results verified by myfxbook or FX Blue for extra peace of mind. Odin Forex Robot includes a broker shield feature in an attempt to avoid unsuitable broker conditions. It comes with set files for 20 popular forex currency pairs although I would personally prefer to trade the major pairs such as the EURUSD & GBPUSD as they tend to have the lowest spreads and lowest slippage due to the amount of liquidity, they have most of the time. Odin Forex Robot also uses a tight stop loss and take profits whilst locking in profits.

Odin Forex Robot Back Testing

There are no back tests shared by the Forex Robot Traders team on the official Odin Forex Robot website.

Odin Forex Robot Live Results

To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.

Odin Forex Robot Summary

Overall, the Odin Forex Robot is a unique and according to the statements shared by the developer a profitable forex robot. It is reasonably priced and has some unique features such as the broker shield. It comes with instructions, support, updates and a money back guarantee. I would start on an mt4 demo account to begin with until I became familiar with the EA although keep in mind that demo account conditions can vary greatly from live account conditions due to the different price feeds and liquidity.

Automated Trading Software

Forex robot trading is the use of pre-programmed software which allows you to automate Forex trades. There are many different versions of this software in operation all designed to help you to make money from Forex trading without having to trade manually. For many they allow you to trade in higher volumes, 24 hours a day, no matter where you are or what you are doing.

While there are many Forex robots in operation, it is essential to choose the right one. To do this you need to know what you are looking for and ascertain what exactly you want from the software. Do you wish to trade automated currency pairs while continuing to trade manually or would you instead that the robot takes all of the risks for you?

Once you have decided what you want from a robot, how do you choose? We have teams of experts that are well versed in all things Forex and come from strong trading backgrounds themselves. They use their expertise to research and review every Forex autopilot trading robot available presenting the information in a concise and comprehensive format.

In this article, you will learn:

    Exactly how robots work and how they help The different types of robot that exist How we research and review the software

How Forex Robots Work

First of all, it is essential to understand how Forex robots work. Forex auto trading robots are a piece of software that you can use to automate your trades along-side the main trading platform. But why use automated robot trading and how does it perform?

Efficient And Effective

By using a set of trading systems and rules to calculate when to purchase or sell a particular pair, robots can scan the data available rapidly, much faster and much more accurately than a human is capable of doing. In addition to this they have also been programmed to work to a particular set of criteria so that they can execute effective trades directly via the MetaTrader platform.

Round The Clock Trading

24 hours a day, 7 days a week, robots can carry out trades as long as the markets are open. A human simply can’t do this. It is hard to conduct round the clock trading in all of the different markets when you need to eat and sleep. With markets across the world active around the clock and in different time zones, you can’t be online 24 hours a day, 5/6 days a week.

More Trust in The Robot

Some people prefer to trust in the robot and automate their trades as opposed to manually trading as well, which is not uncommon. If you know that a piece of software can carry out trading when you can’t, and can process the volumes of data that would take you much longer, then it becomes an attractive prospect for many.

Higher Success Rates

If a robot program is using the most accurate and up to date information, as well as analysing trends of specific pairs, it stands to reason that they have more accurate information than you can process. Often this leads to more successful trades and higher profits for you.

Of course, there is a fee for using a robot software, but this should be recouped in the increased success that you see. Choose a robot that you can trust and one that has a reliable name. Our reviews and recommendation can help you with this. Also, always test your robot using a free demo account before you risk your own real money.

Trader Broker Pair Profit

Different Types of Robot

There are many kinds of Forex robot companies offering their software to new and experienced traders alike. While they all do the same job, there are many differences between them, starting with the cost. There is a fee to use the robot trading software, how else do they make their money? Often the price can vary, requiring deposits/fees that range from the ridiculously cheap to quite substantial amounts.

Then there are the various types of account available. There are basic accounts then more enhanced accounts which generally follow the principles of gold, silver and bronze. With the multiple levels of account comes the availability of different Forex pairs. The higher-grade your account, the more currency pairs you have available to you to trade. In addition to the robotics type software, there is another form of automated trading. This is called “trading signals”. Instead of the robot executing the trades for you, trading signals or rather, expert advisors, produce the trading advice for you to make the final decision manually.

Some robots are more effective than others. Some are more sophisticated and use highly developed trading systems. Some will promise the earth for $20. The trouble with something this cheap that promises the earth is that sometimes it can be misleading and not deliver. If it looks too good to be true often it is. That’s why it is so important to review each of the robots available and choose one that is genuine and will offer you the best chance of successful trading.

Benefits of Using Automation

Essentially the main benefit for automating your trades is to make more money. Whether this is because you trade in far larger volumes or because a robot can execute more effective trades, the same outcome is desired. There are various benefits of using automated Forex trading which include the following:

    Trading when you can’t be online. You sleep, the robot carries on trading Trading simultaneously, across various markets, on different currency pairs Using a robot that is pre-programmed with specific trading system rules Automated robots have more capacity to process data than a human being Robots are not scared to take the risk that you might not want to make No instinctive or impulsive trading, everything is calculated Trade-in several currencies simultaneously while manually trading yourself Ability to back test to see the accuracy of the robot trader

As well as trading in new currency pairs you can also trade in your comfort zone manually while using the automated trading to trade in the markets you feel less comfortable with. The one benefit of automated trading that is good for those who feel less comfortable is that it takes away the emotion. If you aren’t confident to push the button then the robot trading software will do this for you. You may prefer to use the robot to trade while you sleep, so you never miss an opportunity on the trading platform.

Often, robot trading leads to more successful trades and a greater profit for you.

How we Find And Rate

As with every aspect of Forex trading we offer our advice, recommendations and ratings based on our team of expert traders’ experience. In addition to our team of successful traders we also have financial markets experts that understand the Forex market, the legislation, guidelines, and what makes a good broker or Forex service provider like a robot.

We test every Forex robotics tool to ensure that they meet all of the criteria we expect from good robot software. Only once we have put them through rigorous testing will we recommend them to you. By spending our time researching and using our skills and expertise to test each of these automated trading robots we can save you lots and lots of time. In today’s fast-paced world of trading, many of you don’t have the time or the knowledge to trawl through tens of Forex robots looking for the best one for you.

By analysing and reviewing them, we allow you to make a shortlist based on our experience and then decide on your final choice. You can then create a more informed decision based on our findings. Not only do we carry out all of this work in the first instance we then continually review and update the information to make sure what we bring you is accurate and up to date. Our attention to detail and strict criteria offers you peace of mind when choosing your Forex broker.

Frequently Asked Questions

Is robot software reliable and trustworthy?

Always read our reviews as those recommended have been thoroughly vetted to ensure that they are safe and reliable. Don’t get sucked in by those that offer prices that are too good to be true!

Can they predict the right trades to make?

The best Forex robot can process much larger volumes of data than humans can. As they are programmed to follow statistics and trends if something is off-trend, they may not pick this up.

Will I need to pay money for good software?

In a nutshell yes you should pay money for the best auto trading software. You don’t have to pay exorbitant fees to get the right one. But be wary of those that promise the earth for $20.

What if my Forex bot gets it wrong?

Occasionally this will happen. It doesn’t necessarily mean it has gone wrong. If something happens to affect the markets, the robot will not pick up on these changes.

How do I find the best software to use?

That is simple. While it may seem like there is a vast black hole of data waiting to swallow you up that is where we can help. We investigate the Forex marketplace to find the best for you.

Contributing to the website since 2020 we are one of many consultancy projects Samuel works on. With 38 years of experience in finance, insurance and foreign exchange his combined knowledge makes him an effective operator.

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