Tired of spending money on expert advisors and forex trading robots that don’t work? What if you could trade dozens of profitable automated forex trading systems without spending hundreds of dollars? And what if I told you that you could do it for free?
These automated online trading services allow you to evaluate and trade hundreds of trading systems and signals for forex, stocks and commodities. Unlike those expensive EAs and robots that promise extravagant returns but lack real trading results, these trading systems are backed by live trades and real-time forward testing.
The signal providers are compensated through commissions paid by your broker, so in many cases there are no additional fees. If you have a profitable trading system, you can submit your own trading signals and collect commissions and fees from other users’ trading.
You can trade as many systems at a time as your account balance will allow. You can reverse trade unprofitable systems and turn them into profitable ones. With the click of a mouse, you can backtest an entire portfolio of systems. You have full control over lot sizing, number of trades and stop losses.
All of these services are fully automated and require no software. You can start trading with a mini account from several of the largest forex brokers, including FXCM, FXDD and Forex.com.
ZuluTrade is the largest automated forex trading service, with over 1500 signal providers and thousands of live accounts. Although many of those signal providers are inactive or unprofitable, the most profitable ones return an impressive amount of pips, and there are hundreds of profitable systems to trade!
Browsing and analyzing systems is simple. An equity curve graph is conveniently provided, and basic stats including profit, max drawdown, win percentage and number of users are available at a glance. Full trading histories are available, and trades placed on live accounts are indicated as such.
ZuluTrade provides some useful tools for controlling risk, such as the Margin Call-o-meter, which warns you when your account is over-leveraged. Risky signal providers are marked as such. Lot sizes can be limited by system, by currency, or for the entire account.
There are absolutely no fees with ZuluTrade. Supported brokers include FXDD, FXCM, Forex.com and i-TradeFX. A free 30 day demo is available.
Collective2 bills itself as “the trading system authority,” and aims to become the online destination for automated trading systems. This community-oriented, Web 2.0 site boasts slick, innovative features found nowhere else.
Collective2 features the most in-depth statistics of any service we’ve reviewed. Basic and advanced stats, customizable graphs, a dynamic portfolio builder, and live trade histories are available. You can read reviews of trading systems from real traders and track their performance.
More than just forex, Collective2 has trading systems for stocks, futures and options as well. Many systems require a recurring fee to use, but most forex systems allow free autotrading through a participating broker. Currently the only brokers available for free trading are FXCM and Forex.com.
While there are some very good forex systems available for free, as of this writing there are less than 50 profitable forex systems. But Collective2 has raised the bar for automated trading services, and is definitely a site you should check out. Registration is free.
This broker-supported online automated trading service is marketed as FXDD Auto and FXCM Forex System Selector. Both require a separate account with the broker. The interface acts as your trading terminal, and you can easily place manual trades as well as control automated ones.
The trading systems on FX-Auto are hand-picked for profitability, so there are fewer poor-quality trading systems than on other services. Trading systems are sortable by currency, which is helpful in diversifying your portfolio.
The system statistics are basic, but sufficient. FX-Auto does not offer historical trade data for its trading systems though, and the equity curve can only be viewed after a system has been added to your portfolio. Unlike the other services reviewed, FX-Auto does not allow you to place trades from an external trading terminal.