Expert advisors, do they really work, or is it a waste of time and money? Forex Expert Advisors, also known as Forex Robots or EA, is software that works as a 100% Automated Forex Trading System and executes trades on the market 24/5 week. Most of the popular forex robots are offered via the MetaTrader 4 (MT4) platform. Forex EA provides an exciting way of earning profits in the online Forex market. Current Automatic trading technologies have made trading more manageable, less risky, and increase the chances of better performances. Yes, we believe Forex robots work (not just believe, with the experience they really work), but only if you follow some rules that apply to automated trading.
ARE EXPERT ADVISORS EFFECTIVE?
Have you ever calculate how much time you spend trading forex? Let’s say you spend around 2 hours daily on trading. That is 40 hours monthly and about 500 hours annually. An average manual forex account has a $2500 deposit. So even you make 100% per year, you will make $5 per hour. Statistics show that over 78% of forex traders lose money, so you could end up in this group of losers.
- Read More 8 Reasons FOREX traders lose money
There are many strategies that work well, as long as you don’t end up making the mistakes in the above post. Forex Expert Advisors can easily avoid most of those mistakes.
How to Identify FOREX EA Scams
This is the million-dollar question. If you think that software you bought for a few hundred bucks will make you million dollars rich, we suggest you read this.
You are probably considering purchasing a money-making robot to collect the cash and buy a cool sports car. Well, If it is that easy, wouldn’t everyone be doing this? Many EA Sellers claim to have the holy grail, and this is simply a lie.
- Read More How to Identify FOREX EA Scams
So before considering to start using EA, make sure you understand how they work and how to monitor/manage them. The EA on our other website is no different. We believe that most EA out there is, in fact, profitable as long as its users keep monitoring your account as well as the markets.
How to make sure EA is Working correctly?
If you want to learn if a forex robot is as effective as you think, check some reviews. First, Ensure you installed the EA correctly.
Ensure these reviews are authentic since some Forex EA review websites only promote their product. The most effective way to see if the EA works is to test the EA on a demo account(you can’t trust strategy tester). Observe what the EA does and make sure that EA work as a seller advertised. After all, its robot and can’t think like a human (for now).
HOW TO BACKTEST AN EXPERT ADVISOR?
Many traders wonder how to backtest an expert advisor. For this specific question, we have another post where we outline a step by step tutorial on how to run a backtest.
WHICH PLATFORM SHOULD I USE?
Most Forex traders know the Metatrader 4, Metatrader 5, and Ctrader as trading platforms. For these trading platforms, you can find robots. Important to know is that each platform has its own programming language (syntax). This means that your robot for MT4 will not run on an MT5 platform. Since the Metatrader 4 platform is still and by far the most popular trading platform.
So the CONCLUSION is; After trying hundreds of Forex expert advisors, I concluded that it certainly has worked for me.
Most of the time, it’s not the EA that fails; it’s our greed
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