There are hundreds of sites online promising you a working and profitable strategy for Forex trading. The problem with most of these strategy providers is, as we know, they just give a brief description of each strategy, with little legitimate proof that they work. Most of them are utterly scams and rip-off!
They will tell you that their Forex strategy has made them thousands of pips without them having to do a thing.
We’re not saying it’s impossible, 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.
Choosing the best Forex strategy for you requires that you know what you are looking for; what time frame, time zone, preferred instruments and indicators you will be trading.
Your risk management profile is as important as your trading appeal (scalping/short-term intraday/long-term).
Best EA Forex Strategy
GPS Forex Robot is a Forex trading robot that provides software for traders who specialize in the Forex markets.
The software cost $149 and it was developed by experienced trading experts, see here.
The fascinating part about this bot is its strategy to increase trade contract sizes. When the EA reverses a trade, it raises steeply the trade contract size – from 5 to 9 times. According to Larsen, a reverse strategy allows fast compensation for losses incurred. Say the robot buys EURUSD and suffers a loss. As a result, it will immediately open a reverse trade (sell) – a strategy known as stop-and-reverse.
There is a 9 years performance result on myfxbook which provides us with further insight about this EA strategy, look here.
Advice for profitable Forex strategy
DO NOT be fooled by their flashy advertising and promises of higher returns!
What would be best is if YOU create the strategy yourself. We won’t lie – it ain’t particularly easy and you may have to spend some time figuring it out.
We highly encourage you to learn and understand all aspects of whatever Forex strategy that you plan to use.
If the strategy is centered around moving averages, make sure you know if it uses simplified or exponential moving averages and how many bars it covers.
If it uses Stochastic, make sure you know what settings are used to generate the signals.
Remember, this is your hard-earned money that you’re entrusting to a vendor.
Once you know the ins and the outs of the strategy, then you can start loading it on the terminal!
Installing a trading system
The alternative to creating a trading strategy, many people choose to install an automated trading system.
When comparing and considering a Forex EA, the first item we look for is the ability to find a verified result, and the second thing we look at are the many options available for strategy providers, see here.
This is particularly useful if you like trading multiple pairs or if you just don’t have the time to be in front of your computer to trade.