With increasing popularity, Forex Expert Advisors have become a must have for traders. There are two ways in which to trade the foreign exchange, the first is basically, but this has become an outdated and old school way with the creation of specialized robots and software like Forex Expert Advisors. Some Forex traders are diehard believers that the only right way to trade is to trade manually. Traders with this mind believe that by trading manually that this is the only way to learn every aspect of the vast foreign currency indications, dealings, and decisions. Although there is a vast amount of traders who are employing the aid of Forex expert advisors which may lead to the most probable Forex scenarios, price trends and much more with the least possibility for error.
Forex Expert Advisors are trading software that provide the user with automatic facilitation of Forex trading by dealing with the most frequent tasks of backend data testing, Forex data trend analysis, and also the provisions of trading signals and indicators that would suggest to the investor to go forth or hold the selling or buying of the given currency pair that is being traded. One of the most effective trading strategies has been founded by the use of Forex Expert Advisors. The use and integration of these advisors has worked perfectly within the parameters of MetaTrader 4. For individuals who are unaware, MetaTrader is the most commonly used trading platform for foreign exchange…
Source by Thomas Henley
You will see lots of cheap Forex Robots and the laughably named Forex Expert Advisor's sold online and they all claim, to make better profits than the world's best fund managers but the reality is they all lose, for one simple reason which is enclosed.
If you think about it, they are offering you a life of financial freedom for paying just a couple of hundred dollars or less; it looks to good to be true and of course it is. They all lose, because none of them have ever made any long term profits.
How can you call yourself an expert at making money, if you have never made any?
If you look at the track records these automated software packages present, all you get are simulations going backwards, knowing the closing prices and that's easy anyone could be a billionaire, if they know tomorrows price today but that's not the real world of trading! Sure you get some that claim their figures are real but when do you ever see an audit by a third party? Never and you have to rely on figures, from the person selling the system.
If you really could get rich, with no effort and for spending just a few hundred dollars, the whole world would be trading and no one would bother to work.
Forex trading can be learned by anyone but you need to make an effort and learn the basics and the skills needed to succeed; This is what all successful traders do and you need to do too.
If you do make an effort and learn the right skills, no other business can reward you so highly as…
If you are wondering if forex expert advisor trading really works then you may have seen many of the ads promoting expert Advisors making some pretty wild claims about the returns they are getting. You may be asking yourself are these results for real or is this just a bunch of sales hype to get you to buy their products?
I was asking the same questions so I did some research and found the most highly rated forex expert advisor trading program I could find and put it to the test. With the way it was being advertised I was expecting to find some catch but since it did not cost much and had a 60 day guarantee I decided it was worth a try.
After I got it set up it started making trades that afternoon and did make some winning trades and came out ahead. The next week it produced about 80% winning trades. Since then I have not recalculated but it's done even better in the past month and is probably closer to 90% winning trades now. It typically makes 2-5 trades every day and almost always makes a profit every day.
I see it advertising that it can double accounts every month and from what I have seen that could have been possible but that would have been trading larger than sizes I have it set to trade. Being a conservative trader I am keeping my lot size down to a level that I feel is safe but still high enough that I have been able to make a nice income.
Besides consistent profits one of the major advantages to forex expert advisor trading is I do not have to…
Source by M Wilson
If you want to join those people who tested that Forex trading is the best means to get your most long for cash then you must probably hear about 'Forex expert advisor'. No please do not think that you'll actually hire the service of a real person since this is an actual piece of software that will do the task of trading Forex market for your personal needs. In view of this, it will save you the trouble of not having any knowledge or experience about the issue since the robot is specifically programmed to do everything that you are actually expected to do. The task would even consist of opening and closing trades and it may even decide if the trade is actually making you money.
If you are thinking how the process can be possible then you will be obliged to run a metatrader platform otherwise (MT4) since this is what most brokers would support though you still need to check the data for verification. After that, you can now begin to affix the software while you try to leave your computer on power mode while raising your eyes to see money coming into your way. Fine, the last part would not always work the same way since it will highly depend on what Forex expert advisor you chose. Be extra wary about scams given there are plenty of these in the internet that would do nothing but drain your account before you actually know what the real deal is.
With this, what are the considerations that we have to take in looking for a good Forex expert advisor? First of all,…
Source by John Callingham
If you see a system calling itself a Forex Expert Advisor it's likely to lose money quickly though merchants buy them because they believe 3 myths enclosed. If you fall for these myths, you will lose too – let's take a look at them.
Cheap Forex Expert Advisors and Robots claim better track records than the world's best traders and these super traders get paid millions in salaries, so why have these traders not been replaced by robots? Their employers could save millions in wages but no serious trader would use a cheap Forex Expert Advisor, because it's obvious they do not work.
The myths that traders believe which see them buy these systems are:
1. The track Records Presented will Repeat
They take the track records as real evidence of future gains but of course no Expert Advisor ever has a real track record of gains in the market which has been independently audited.
All you get are simulations going backwards (knowing the closing prices) or figures from the vendor direct which are not independently checked. The claim is financial freedom for the cost of a night out, it looks to good to be true and it is.
2. They Believe they Can Trade with Low Drawdown
I have seen systems claim 300% annual gains or more, with less than 1% drawdown which is laughable and any experienced Forex trader will tell you this is not true.
If you trade on leverage, you will have drawdown – Period.
No trader has ever made 300% annually and had less than 1% drawdown in the…
There are many EAs available to forex traders. It’s not just a matter of money but also one of your limited time which means that you need to select the best to try out for yourself. So how do you know where to start? In this article I’ll show you the important criteria that you every good forex bot needs to measure up against and then you’ll be able to determine what is the best forex expert advisor for yourself.
The vast majority of bots are only good for EURUSD. Now given that this is the currency pair that has the most volume and liquidity then this is no bad thing. You may not even be looking for opportunities elsewhere.
A few EAs (some of which are excellent) feature support for multiple currencies. Usually it is EURUSD plus one or two other majors.
When a bot has a “low drawdown”, it means that you are making many small but profitable trades that all add up to a nicer, bigger profit.
The opposite of this would be an EA that makes widely swinging results, some profits and some losses, both big and small. This is way too risky and is no way to trade so avoid robots with high drawdowns.
Any robot worth its salt will show some level of backtesting data. Normally these backtests are run through Metatrader and a nice report is made showing you various data.
A few bots these days are now starting to offer live data as proof of how good they are. This is superior to backtest results because a bot can be tweaked many times until it shows a…
Source by Chad McGinity
Forex expert advisers or
robots are computer programs designed to automate the process of trading the foreign exchange market. Forex robots are trained to trade on the basis of specific
systems and strategies (which are a combination of rules and indicators the trader or the developer of the expert advisor is willing to base his trading decision upon if he were to trade manually).
market could be very tedious and challenging: You've got your rules for taking a buy or sell decision, and you are sitted there with your eyes glued to your computer watching the indicators to get the perfect setup, and that did not ' t happen for hours. So you decided to take a short break to stretch your limbs or take some tea in a short moment, but alas! you returned to find out you're late-you've just missed the entry point. Even when we catch the right moment, as rational animals, we sometimes yield to the tempation to bend the rules when the ride is not being smooth, but at the end of the day, you find out your emotion has just robbed you of the right decision.
In view of these traders began to turn to
expert advisers or robots, as some will put it, to beat emotions, stess and waste of time. Today, there are as many expert advisers as there are
systems and strategies. But the question is do they really solve our problems? I have tried a number of
robots; some purchased from vendors, some taken from friends and some found in the…
Source by Taiwo Oluwadahunsola
If you are looking for the best Forex Expert Advisor, you should check out the Turtle FX trading system which is from a true trading great and the rules it uses, have made hundreds of millions of dollars in real time trading – Let's look at our best Forex Expert Advisor in more detail.
Multi millionaire trading legend Richard Dennis, devised the rules of the Turtle robot and he taught them to a group of people who had never traded before and then set them up with trading accounts. His aim was simply to show that anyone could win at trading if they had the right system and confidence in it and they proved him right by making $ 400 million dollars. The story was featured heavily in the international press and is outlined in the investment classic book – Market Wizards.
The rules have now been programmed into the new Turtle Forex EA and traders can seek triple digit gains on a risk of just 2% per trade. You can of course adjust the risk parameters if you so wish. Another advantage of the system is – you can download all the rules and logic of the system, BEFORE you purchase it, so you will know how and why it works.
Most Forex Expert Advisors, present unrealistic track records based on back testing or figures given to you by the vendor which have not been checked by outside sources. The reason they have no independent verification is simple – they do not produce the gains they claim and rather than being supervised by a trader, they are done by computer…
Is not it amazing that from just the two variables of price and time, there have been thousands of Forex trading indicators and millions of Forex
created? These days, literally anyone can develop their own Forex
from scratch, simply by using the free functionality that Metatrader 4 offers. That's why you can find a flood of both free and paid Forex robot traders being published in the various forums, discussion groups and websites online.
Downloading and using a free FX trading system may seem like a good idea, after all you have not paid anything for it, so there's no risk right? Sadly, when it comes to free Forex robot traders, they are almost guaranteed to cost you a lot more than paid Forex expert advisers in the long run. By the end of this article, you will understand just why you're much better off forgetting about free forex robot traders and investing some money into getting a good FX trading system instead.
At first glance, free Forex
seem like a good way to save a few hundred dollars and still profit from the Forex markets. After all, all Forex
are the same, right? Wrong. At best, free Forex robot traders are poorly designed and poorly tested. Most of them are just thrown together with a few popular indicators like the moving average, MACD, ADX and RSI, and are strictly tested over any kind of meaningful period. At worst, free Forex robot traders may be a sinister attempt by the…
Source by Thad B
Forex expert advisors are one of the most profitable trading techniques at the moment but you may be thinking how is it possible to make money without investing a single penny? Before I explain how that's possible (and how many people are making a fortune with it), let me explain what a Forex expert advisor is.
A Forex expert advisor is a service that provides Forex signals. Effectively a subscriber signs up to such a service in exchange for being alerted (essentially) immediately of any trades executed by the expert advisor. The logic being that if the EA is very profitable then other trader will want to copy its trade, and pay some money for the privilege.
signal providers will even go a step further. They will give you an expert advisor in a platform such as MetaTrader that receives the signals and places the trades on your behalf. So your trading is completely automated. You have to be very comfortable with someone else's signs trading with your money without any supervision supervision from your side, of course!
So how are you going to make $ 50,000 a month?
There's a couple of easy ways. The first one is to setup a signals service that feeds into Forex expert advisors. People will pay you a monthly subscription to receive your trade alerts. From a technical standpoint, it's quite simple too. All you have to do is a run a Forex expert advisor which feeds the signals to a signal distribution website (or server).
Subscription fees are…
by Alberto Pau