Why Sometimes We Need Forex Expert Advisors
In case you were not aware, an Forex Expert Advisor (or EA) is software that conducts trades automatically based on a particular strategy. More often than not this software will be written to use on MetaTrader4 (MT4) which is the most popular Forex trading platform in the world.
A Forex expert advisor isn’t going to make you a millionaire overnight but it is going to help you collect some decent pips off the Forex Market fairly easily. You see the expert advisors are created by experienced traders who have been trading the market for many years. Through their years of trading experience and time spent learning how the market functions they have eventually devised their own specific trading plans, which are making them consistent profits. I’m sure if you are dedicated and determined enough you too could come up with your own profitable system after a few years of experience trading and learning the markets. It will take you a while and cost you a fair bit of dough in the process, but in the end it will be well worth the effort, as you will be educated enough to create your very own expert advisor.
Now before you go out and part with Your Hard Earned Money here a few key principles to consider when looking for The Best Forex Expert Advisor:
- Firstly always make sure that the seller of the EA is fully legitimate, there are a lot of scammers out there and you don’t want to fall prey to these vultures. The best way to see if the site is legit is to look for an email contact, most likely if there is no email contact then the site is a scam and should be avoided.
- Look for a trading system that suits your trading personality and personal requirements. You may want an aggressive strategy with a moderate level of risk involved or you may want to trade with a conservative strategy with minimal drawdown. It is entirely up to you so make sure you do your research and look around to make comparisons of different systems to see which one is best suited for you and your situation.
- Always look for proof – If a Forex Expert Advisor is profitable then the creators of the EA should have no trouble in trading it on live real money accounts, and they will post these results up onto their websites on a regular basis. So when finding a expert advisor always make sure you look for live forward test statements, these statements are conducted in real time and are the closest things to letting you know how the EA will perform in actual market conditions. **Do Not Purchase any Expert Advisor that doesn’t provide Forward test Statements **
- Lastly I believe it is absolutely essential that the seller of the EA is the creator of the EA and offers regular ongoing after sales support about his product. Ideally the site should contain some sort of a Forum, Live chat support or email support. By offering after sales support it lets you know that the seller is dedicated to making his system work for himself and others and is serious about helping people make money off the Forex Market. It also lets you know that you are in good hands as you will receive regular updates and will have prompt answers to your inquires if you shall encounter any problems.
There are Expert Advisors that use scalping techniques and others which use more long term strategies. If you want my personal preference I like using an EA that can do both. When the market is going sideways it is the best time to scalp and get a few pips here and there.
The best Forex Expert Advisor will recommend the best brokers to use for their software after purchasing. Finding the right broker can be the difference between success and failure in Forex. By minimizing the spreads your profit potential will jump off the charts.
You also want an Expert Advisor for Forex that will let you trade multiple currency pairs. Some currency pairs only with certain strategies so it is best to try them all out and see for yourself.
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