Attention : The BTC Robot Trader is not avaiable anymore, instead take a look at my BTC Robot 2.0 Review to learn more about the second version of this software, how to use it and how to install it properly!
I mostly avoid robots these days, as teh most of them are simply not working like promised. But the Bitcoin Robot Trader is a option worthgiving a try if you are new to trading and not particularly interested in learning a whole lot of theory.
This software is basically an add on for the Metatrader 4 Trading Software, after it is installed and activated, it will spot promising market conditions.
It’s not totally hands-free though, as the thing with most bots is, they need to be updated as market conditions change. Its always a good idea to track the performance ona regular basis. THis way you can avoid losing moeny when market conditions are changing!
To date I’ve only tried running a single bot on a relatively small account and the results have been quite satisfactory. I never completely trust automated trading though. Bots are usually build to generate returns based on past results, which should never be taken as an sort of assurance of future performance…Of course, there are a few exceptions (But i never saw a free one with real market test)
ie. just because it worked in the past does not mean it’s going to happen again.
Good bots however, make decisions based on sound technical analysis and high probability patterns based on the price action. At this stage I believe this bot is doing just that (quite well), but you should always monitor any automated system closely and use strict money management to ensure it remains effective as market conditions evolve.
I’d suggest a similar approach, especially if you are new to trading.
Don’t be seduced by the high rates of return on backtesting… anyone can make a bot that confirms past data… the real test is always when it starts going forward. When you find a bot that does well there, then you can start to think about increasing your stake!
The BTCRobot is available via subscription, starting from $19.95 per month for a single instance, which is fine to test.
I actually like the subscription pricing model, as this puts the onus on the developers to keep working to ensure it remains profitable. They want you to stay subscribed, so they work hard to make sure their robot keeps performing in current market conditions. (Never go with free robots, except you have tested them before for years!)
Want to know more?
You can check out the BTCRobot via the link below. You can use one of their hosted trading accounts if you only want to run the robot, but personally I prefer to run these on own Metatrader installation so I can monitor exactly what’s happening. Likewise, if you want to do any trading of your own, you’ll need a standalone account, so I’ve included a link to AVATrader, our preferred broker. They have some great welcome-bonus deals going at present so check that out as well.
Update : This trading software is outdated by now, ensure to read my BTC Robot 2.0 Review to learn more about the next version of this trading software!