Forex Expert Advisors – Do They Really Work
An expert advisor is a highly sophisticated software tool for trading the Forex Market. They are constructed according to a strict set of rules and parameters, and are designed to easily embed into your trading platform to execute trades for you. Most Forex EA’s can be completely automated while others are there to use at your own discretion, it is entirely upto you how you wish to use them and benefit from their distinct features.
You see the reason why most traders fail within the Forex Market is because they constantly give in to their emotions when trading, and make decisions based on fear, greed or to chase losses. Inconsistency is another key factor limiting most traders to make it big in the world of Forex, and the reason is because the majority of traders find it extremely difficult to adhere to their trading plan; in turn costing them a lot of money in crucial situations. Now with a good Forex expert advisor emotions and inconsistency can be completely removed and trading can be executed on a completely logical basis.
The expert advisor has a trading plan, and because it is a trading robot it will adhere to its plan indefinitely, without being influenced by any outside factors i.e emotions, stresses, tiredness etc. The Expert Advisor watches the market 24 hours a day for you and will execute trades based upon its predefined parameters. Unlike a human, it is also capable of monitoring indicators, support and resistance levels, and many other factors in multiple timeframes and making immediate decisions.
Now there are a variety of Expert Advisors available on the market today, and to be quite honest, most of them are completely useless and should be seriously avoided. The internet is full of scammers and I’m afraid the market for Forex expert advisors is no exception, it is heavily saturated with many of them. The scam websites usually have extremely hyped up sales pages that claim to offer unbelievable results and are fairly easy to pick out. They claim to make you millions off the Forex Market, however their test results are all backtest statements, which amazingly have no losing trades, come on not a single losing trade, they must have found the Holy Grail! Just remember if something seems too good to be true, it usually is, so do yourself a favor and stay well away from these types of sites and save your money.
However amongst all these vultures there are a few legitimate expert advisors available on the market, and they can help you earn a decent income off the Forex Market if used properly. When searching for a good expert advisor for Forex trading, there are few key things to consider and look for to ensure you do not get scammed out of your money. Firstly always look for contact details, make sure the seller has an email address and don’t hesitate to contact the seller and ask about any queries you have on their products. If the seller is fully legit they won’t hesitate to answer any questions and even elaborate on their trading systems without pushing for a sale.
Next, always look for Live Forward test statements, if the seller thinks his system is profitable then they should obviously be using it to trade with there own money right? And they shouldn’t have any problems in showing you the actual results of their trades. Forward test results are conducted with real money in live market conditions; therefore they are the closest things to letting you know how the expert advisor will perform in actual market conditions. You should NEVER purchase any expert advisor that doesn’t provide live forward test statements.
Lastly before purchasing any expert advisor please do your research and find out exactly how the system works and operates, find out if it is suited to your trading style and if it has good money management and risk management. Don’t go out and buy the first expert advisor you see, shop around and make comparisons, contact the sellers and get all your questions answered before you make any final decisions.
Therefore if you’re looking to simplify your daily trading routine by obtaining a Forex expert advisor then follow the simple rules above and you shall easily find a profitable EA which will definitely offer you a successful trading experience.
It is no secret that in order to succeed in the world of Forex Trading You must follow a good trading system, adhere to strict money management techniques, and remain disciplined. An Expert Advisor can seriously simplify the process and get you well on your way. If you wish to automate your Forex Trading Decisions by using a Forex Expert Advisor then check out this Collection of The best Expert Advisors available for Forex Trading.