Mar 16, 2020
Forex expert advisors are computer programs that are designed to auto trade your account. In fact, they can be set to run 24 hours a day for 7 days a week. They can really produce some decent profits, or if you get a hold of a bad one, you'll quickly "blow up" a live forex account if you don't watch it.
However, isn't the purpose of an auto trading ea (expert advisor) supposed to get you off of your computer and enjoying your profits? I guess that's what most advisor programmers would have you believe.
In fact, there are only a handful of robots out there that are profitable. Here is a list of tips and characteristics to look for in any robot you may choose to run on either a demo account or a live account.
1. First and foremost the program should be tested on a live trading account, using "real" money. Too many of them are only back-tested. Well, as you already know, hindsight is always 20/20, so it's easy to design an EA that would have been profitable in the past. But the truth remains that it's impossible to predict the future.
That's why any expert advisor you choose should be thoroughly tested. There is currently one on the market that has over a 95% win ratio and the programmers are posting their trading data live in real time on the site. They started with £5,000 and as of the writing of this article, the account was up to £70,000 plus. And that was only after 70 days or so. If you run across this package, you'll quickly see the value in this type of FX auto trading.
2. Choose software that has over 80% success rate. This will help you to minimise your losses. The bottom line of this money management technique is that you win way more trades than you lose. And some of them even have built in loss protection that will limit your losses and let your profits run. This is really the setting that allows you to set and forget your software.
3. Scalping FX markets can really help to add up some profits real quick. This is where the forex auto trading system makes multiple trades throughout the day just taking 15 or 20 pips here and there. In some cases you can rack up 100 pips per day fairly easily. The amount of profit this adds up to depends on the level of margin you're trading with.
Well, there you have it. Those three items to look for will really help you sort through all the hype. But don't be afraid of hype. Think about it, if there is a robot that has some pretty hyped up claims, but they can be backed up with real time trading results, you should expect some amount of hype to be associated with it.
Think if you were the one to program this auto trading software. Wouldn't you really want everyone to know? How much do you think you would sell it for? £1,000, £5,000?
Well, you'd be surprised to find out that these programs really don't cost much at all. In fact, you can pick up a really good product for under £200 in most cases. And you usually get free lifetime updates as the developers modify the software.
A high-class foreign currency exchange managed trading group will create phenomenal return on investment however large the expenses are and varieties of accounts, so they are a superb investment.
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