Discovering the Right Forex Expert Adviser
Expert advisers, or Forex robots as they're often called, abound in number around the foreign monetary exchange markets. Obviously, most don't work well, but a few do. Once you've done all your research and found a training program that works for you and you have plan to trade in the marketplace, you will likely need to purchase an EA soon if not immediately.
A good place to start is to look at the quality of each system you are considering. Look for system reviews written by other traders (not scammers who pay other people to write reviews and post them for a price) or Forex trade publications with a good reputation that have articles in which systems have been reviewed. Find several EAs that you like that are trading the same currency pairs you are trading or expect to trade, and then start the detailed comparisons.
If one of your choices claims to make money regardless of the currency pairs traded, discard that immediately. One program will not work for every pair. Many programs won't even work on one currency pair. For those, the serious contenders start looking at their figures. Look at the performance ratings over the past several years. If the program has continuously made a profit overall throughout the period with little drawdown, then that software is worthy of further consideration.
Once you have eliminated any losers, look next at the remaining EA's money management program. Look for a system that has had less than 30% drawdown over the considered timeframe. Also, see what the success rate of the program has been. If it’s below 80%, see if it has stop-loss systems built in. If a program has a success rate below 80% and doesn't include some type of algorithm to minimize losses, throw it away, too.
Finally, of the left behind contenders, find those that offer a demo account for you to try the software. Reputable EAs with good results will not be hesitant to show you their capabilities at all. If you run across a system that doesn't offer a demo version, that doesn't always mean it's bad. But take benefit of those with a demo account first. That way, you'll at least know which works or doesn't work for you before you invest in yet another program.
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