If you are searching for the Best Forex EA, you already know the importance of having a reliable Forex Expert Advisor. Most Forex robot developers guarantee great outcomes, however the market is always moving, and Forex is particularly helpless before worldwide occasions, so guaranteed outcomes may not work out as intended.
They will tell you that their EA has made them thousands of pips without them having to do a thing. But unless they show you account statements that are audited by a highly reputable, third-party accounting firm, take it with a grain of salt.
Be careful about any Forex EA developer that makes and ensures about huge profits.
The ‘best’ Forex EA is one that:
- Has clear, public, transparent results – both good and bad.
- Educates you – with no conflict of interest – on proper account management and risk management.
- Has no preference on a broker that you use for trading.
- Provides signals that fit in with your trading style.
Check a Forex EA web site to see their trade history. Confirm a cross section of those trades through your broker’s online platform – do the entry and exit prices and dates/times match what really happened in the market?
Results could be fictitious. Are there too many winning trades, and only a few losing ones? If so, this could highlight that the data is false.
Check back with the provider every few weeks – are their results being updated? Has any data been changed (e.g. an existing losing trade is now removed from the site)?
Education and Conflict
It is not enough to choose a Forex EA that makes a profit. Do they include details on how to trade?
It is always your responsibility to learn the Forex market, and understand trading – as well as the risks associated with it. However, a good Forex EA will provide clear guidance on areas including:
- Account balances
- When to enter / exit trades
Avoid Forex EA offering free trades and/or requiring a specific broker be used. This typically means the Forex EA is incentivised (paid) by the broker to induce you to trade badly, and lose money to the broker (this is how the EA developer then gets paid a commission, in turn, from the broker).
Your Trading Style
This is subjective. If you have had success day trading over small timeframes, congratulations. Use a Forex EA that follows your approach and trading strategy.
If you’re not going to be at a computer during key market hours, or a Forex EA requires you to make quick trades, then they’re probably not for you.
In short – ‘best’ is both an objective and subjective question.
Look at the many options available for traders using DaxRobot.
Try a Free Demo Account at: DaxRobot.com, and see how it is.
To be a successful trader its required to get in touch with successful traders world wide who are really making profit.
Please do your part and share this information with your friends! Also, be sure to read about the Best Automated Trading Software.