Newcomers to the world of online trading are most concerned about how long it will take them to learn how to trade the market. At the beginning making deals seems to be really difficult, because a person does not understand the regularities of Forex and does not know even the theoretical basics. That’s why beginning traders give up their business in just a few weeks after registration at the exchanges. To avoid such a sad end I recommend using Forex trading robots. One of the best bots today is called ELM EA and it produces impressive results.
The ELM EA program is distinguished by its high mathematical expectation. This allows it to demonstrate an innovative approach to Forex analysis and provide users with maximum profit from trades. The algorithm allows to analyze more than 50 ticks in one second. This is an impressive speed, but the program also has its disadvantages, which the developers have yet to eliminate. The main problem is that the ELM EA, despite all its advantages, remains a robot, so it reasons like a machine and not like a human.
Some traders and experts were initially skeptical about the new bot. First of all, ELM EA made claims related to the lack of novelty. However, I can say that this forex robot can be called amazing in the full sense of the word. To be sure of that, just watch the presentation on the manufacturer’s official website elm-ea.com. In addition, you will have the opportunity to order a trial version of the bot in order to test it in person.
The question of automation of traders’ activity began to be discussed quite a long time ago. After all, the presence of programs that help to conclude transactions would greatly simplify the task of those who use Forex. As a result, so-called “trading robots” (or bots) appeared, which are able to work with currency pairs on behalf of their owner.
Many novice traders make the mistake of thinking that the program will do all the necessary operations for them, while they will only calculate profits at the resort. In fact, the effectiveness of the bot depends directly on the settings made by the user. So it is worth choosing a particular robot based on what options are available to the owners.
In terms of the algorithm, there are two types of bots for forex trading: signal and automatic:
- Signal bots. Such programs monitor the situation on the market and give the owner a signal at the moment when the position can be closed particularly profitable. The rest of the actions have to be performed directly by the user.
- Automatic bots. Suitable for fully autonomous use. Good for beginners who need advice and do not yet have enough experience of their own. It is important to keep in mind that such programs usually cost more, but the result is faster.
The main advantage of each of the trading bots is their versatility. They are suitable for almost any task in Forex and make the life of their owners much easier.
What are scalping expet advisors
Depending on what purpose the programs serve, they can also be divided into several groups. The main part of traders use robots for scalping – reducing the time they spend on online exchanges. Such programs give users the opportunity to:
- to use trading as an additional source of income (if you have a main job);
- make transactions from several trading accounts at once;
- to devote time to private life;
- not to lose profits in case they need to step away from the computer for any reason.
Scalper bots perform any trading tasks: they search for currency pairs, make deals and thus bring profit to their owners. I can recommend such programs because they have proven to be excellent even among professional traders with a lot of experience. The ELM EA bot belongs to this category and is considered one of the best in the category in question.
Technical specifications of the ELM EA robot
The ELM EA bot belongs to the category of cross-platform trading programs. The robot is fully automated, which greatly simplifies the management process for users. The program allows you to make one trade at a time, using only safe strategies. You will not find “Martingale algorithms” and other risky approaches here. That’s why I think the bot is great for beginners who are least willing to risk their money. Among the main features of the ELM EA are the following:
- Risk settings make the size of each next lot always the same (regardless of the result of the previous one);
- the broker always sees the virtual and real TP and SL that the algorithm applies;
- The transactions are allowed to enter even with a balance of $ 10, thanks to the clever money management system;
- even with low leverage, because the trading strategy is suitable for small margins.
The ELM EA bot can only be tested in real time. The function of the test run on the history was originally excluded by the developers. However, I can call this feature rather an advantage. Yes, it takes much longer to test in real time. But in the end, the test run shows more accurate results than any test run based on the history. So, you will be sure of the profit that you will eventually make.
Using the ELM EA, you can work with 26 currency pairs. The exact number depends on which version of the program you will be using. The Optimum package gives access to only six currency pairs, while the Pro version allows you to work with all twenty-six.
What profit can be made by using the ELM EA bot
If you use the standard settings of the program, you can get about 20-25% profit from online transactions. This is on the assumption that the leverage is 1:500. If you wish, you will be able to change the settings to more aggressive. In this case it will be possible to get more profit. However, it should not be forgotten that the risks will increase (so it is better not to use such a strategy for beginners).
ELM EA safety parameters
The program contains a special feature that allows you to disable trading in several cases:
- at slippage;
- in the case of very slow execution.
The owner of the bot can set it to a certain speed. Then, in the case of slowdown, participation in trading will also be automatically suspended. In addition, the bot is deactivated if several trades in a row brought the trader losses. This feature is very useful because it does not leave the possibility of losing the deposit, even for beginners.
Important: ELM EA users are given a chance to configure the program so as to limit the level of potential financial losses. Additionally, the developers have added to the bot an algorithm for protection against manipulation by brokers and unforeseen situations in the market. Therefore, I can confidently say that the security settings of the robot reduce the probable risks of Forex trading to minimum values.
Currency pairs in the ELM EA bot
All 26 currency pairs available to the owners of the trading robot are presented in the table below.
If desired, the user can use all 26 currency pairs at once. However, I advise to start with options with a spread of less than 2.5, temporarily excluding all the others. This way it will be possible to make the strategy more profitable. It is also important to remember that to work with currency pairs, you will need to free up memory on your computer. For example, if you want to use all available options, you will need at least 1 GB of free space on a VPS server.
Which brokers are worth working with
Below I will present a list of brokers that are suitable for ELM EA bot owners. However, it is worth remembering that each trader may have his own preferences. So when choosing a broker, you should be guided not only by recommendations, but also by personal experience. The developers who created the bot are of the same opinion. It is no coincidence that the official website of the program does not contain links to any broker. Apparently, the creators of ELM EA are not interested in customers working with a specific person. For them it is much more important to make profit, which the bot brings directly to the trader.
Among the brokers that are best suited to work with the robot, it is worth mentioning:
- Tickmill (with Pro or VIP accounts);
- Hanko trade;
- NDDFX (with a Dma account);
- FBS (with Ecn account).
My review would not be complete without mentioning the brokers that are the worst fit for the ELM EA bot. Such companies include:
- IcMarkets (if trading on the MT5 platform);
ELM EA bot license
You can purchase a license to use the trading robot directly on the forum created for communication of the company’s clients. The platform is used to discuss the most common questions and problems. After purchase the bot will not be tied to the identity of the account owner, account number or broker. The only limitation is the impossibility to use more than ten trading accounts simultaneously. This makes the bot especially convenient for traders: in fact, they can work on a free basis without worrying about formalities.
First-time buyers of the ELM EA program are offered two license options: for 3 or 10 trading accounts. If the trader wants to activate one more account, he/she is able to do so as well. All you need to do is to disable one of the existing accounts and replace it with the desired one. In this way, it is possible to bypass the only restriction imposed by the creators of the bot.
The program ELM EA can rightfully be called one of the most relevant and convenient trading robots for Forex traders. The bot is suitable for MT4 and MT5 platforms. The main advantages of the ELM EA:
- balanced strategy;
- prompt support service;
- A friendly community of traders, where you can always get help;
- strict rules for conducting transactions using algorithms.
Among the disadvantages of the program I can only name the high price of the bot, which is not always affordable to ordinary traders. However, the developers offer to pay for real benefits, so the complex product is worth it. After all, users get a ready-made trading strategy that is guaranteed to work on real trades. To prove their honesty, the creators of the bot are even willing to share their own investment passwords and accounts with clients.
Frequently Asked Questions
- What is a VPS?
In fact, a VPS server is the same as a personal computer that is remotely accessed. You can control it using ordinary mouse and keyboard. Thus the desktop is available round the clock, so it’s possible to trade continuously (for Forex, where everything changes every second, it’s a definite plus). In this case, the owners of VPS monitor the safety of the system and do everything to ensure that the data does not fall into the hands of fraudsters. Also the platforms for trading are often installed on the servers, so traders do not need to download additional software.
- How to buy the ELM EA bot?
You can do this on the official website of the developers. Purchases are made using cryptocurrency. If desired, after registration, the user can take a trial period in order to understand the bot management system and determine which license suits him better. I do not recommend beginners to take a lot of accounts at once. Of course, the program will partially help you cope with them, but you will have to strain a lot more on your own. It is better to start with a minimum number, because if you want, you can always increase it by paying extra for additional accounts when extending the license. At the same time, during the trial period, you will be able to determine whether the format of the ELM EA is suitable for achieving specific goals.
- Where can I get crypto to buy the ELM EA bot?
You will still need cryptocurrency when working on Forex. Therefore, you will have to take care of its purchase one way or another. You can buy digital currency directly on the exchange where you are going to work. However, the secret is to choose the most profitable rate and not to lose on the deal. It is better not to work with single brokers when buying crypto, in order not to risk unnecessarily. Transactions on the exchange are conducted honestly, and you only need to open an account and apply for the purchase of virtual money to make a purchase. After payment, the funds will be credited to your account and can be used for financial transactions.