Not to mention, the obvious lack of trading emotions. More on that next. What are the Benefits of Forex EAs? By this point, you know that forex EAs allow you to trade forex without you having to do a thing. Beneficial for Inexperienced Traders As we mentioned, one of the biggest benefits of using an EA to trade is that investors have access to a massive global forex market.
Consequently, this avoids the need to learn how to trade and read price charts and technical data. It is, for this reason, that the process can be very time-consuming. After all, spending months on-end learning how to trade from scratch is a very demanding task. The best forex EAs will enable you to skip the need to understand price trends, charts and indicators.
Whilst the 9 hours you spend putting your strategy into action might be profitable — envisage how much profit you could potentially gain if you could research 24 hours every day? It can also act an addition to a full-time trading strategy. No Trading Emotions The majority of experienced traders are only too aware of the three trading emotions: hope, greed and fear. Letting the trading emotions run away with you can lead to irrational trading decisions. One of the many advantages of using a product like this is that they are logical and exact by design — making trading decisions and running numbers with no fear, hope or greed at all.
The software is programmed to follow theoretical conditions. This means the EA is able to perform an infinite amount of research, without you having to do a thing. A large number of well-seasoned traders focus their attention on a small number of asset classes.
It would be virtually impossible to effectively research a large number of assets and become successful. Imperatively, integrating such asset diversification manually is a very challenging process to master. Furthermore, forex EAs are not limited in the same way human traders are.
Some forex EA providers work on a commission-based structure. As a result, the platform will take a pre-decided commission in the form of a percentage from each successful trade made on your behalf. One of the good things about this kind of commission structure is that the EA platform will only make a profit when your trades are successful.
Meta-Trader Software In the majority of cases, you will just need to pay a one-off fee to obtain a forex EA in the form of software. The platform emails an activation link to you. In the case of a flat fee product, there will be no commission as you own the underlying product. Are Forex EAs Safe to use? The chances are these sites are bogus. Any provider offering such far fetched results is almost certainly trying their luck on innocent traders.
Joining a platform offering a free trial period or money-back guarantee is a great idea in this respect. Proceed with mindfulness, not least because knowing that forex EA scammers are out there can save traders getting stung for thousands of dollars. There will always be unscrupulous websites just waiting to take advantage.
With that mind, we would suggest making the following considerations prior to purchasing a forex EA. After all, anyone willing can set up a website offering the moon on a stick. If the forex EA platform you are looking at is promising huge monthly profits with low risk — that should raise alarm bells.
Forex EA trading demo accounts are a sensible option for experienced and new traders alike. This way, you can test automated signals and filter adjustments. These stats illustrate how the forex EA performs over a period of time. A genuine platform will provide access to all of this useful information, to prove they are legitimate and not just good at marketing.
Some forex EA providers specify a minimum deposit amount before letting you access the EA system. If the provider offers clients a money-back guarantee, that is a positive sign. How Much Automation do you Want?
As such, you should consider how hands-on you would like to be in the trading process. Would you like to have a certain amount of control? Some traders favour using the forex EA to execute forex market research, but then manually enter buy and sell positions themselves. Perhaps you would prefer to put in the money and let the EA do all of the work? This means that you can make the most of an end-to-end service, doing absolutely nothing.
What Payment Options are Available? On the subject of payment options, all forex EA platforms are different. For example, some might only accept cryptocurrencies or PayPal. Is There a Redemption Period?
Being unable to access your funds can be a real chink in the armour. Some forex EAs trade all currency pairs under the sun. Whereas others specialise in a set few, or even in just one. This is especially important information with regards to where your precious money is being invested. Baring in mind that you will be risking your hard-earned money, we would suggest reading through the following points.
Are There Order Size Limitations? The best forex EAs will perform the same regardless of these factors. Are Live Trading Results Available? The best platforms provide real-time trading results, because simulated results can be controlled.
Simulated trading is unable to show liquidity, which is crucial for live forex trading. But, it is going to give you a good idea of how the EA software works in different market conditions. This includes metrics like high volatility and economical changes. The best forex EAs are backtested using a variety of market conditions and currency pairs. These backtests usually show potential wins and losses, min and max drawdown, and risk to reward ratio.
Some forex brokers will be willing to do this test for you. Drawdown is the difference between the nearest low price point and the high point. The contrast between the balance of your trading account shows the lost profit from lost trades. It is entirely down to personal choice. This information will be available for both trade by trade, and consecutive. If so, we are now going to explain how to sign up to a forex EA provider to get you started on the right track.
Step 2: Decide on Your Trading Preferences Some forex EAs offer a selection of trading possibilities such as different assets, take profit and stop-loss options. If you are inexperienced in the forex market, then a fully automated EA will probably be the best route for you. By letting the EA do all of the work you can start trading right away. You should know that most EA has an upward equity curve. Still, keep in mind that the EA is most likely useless if the drawdown figures are also high.
Most traders overlook drawdown figures, but you need to avoid any EA with high drawdown rates. You can easily recognize this on EA that uses martingale strategy. Long open trades strategies Many traders prefer long-term trading strategies, so this point does not seem fishy initially, making it easy to fool people.
Long term trades certainly have their benefits. However, only if the period is confined to a few days or months. No matter how adequate backtesting results they show, it is always the best choice to avoid this EA. Scalping strategies The number of people using them indicates how popular is scalping strategies.
However, if you have low spread and very low latency, these EA works like a charm. Most traders depend on test results to know if a robot is useful or not. This is why you may see scalping strategies working on one broker but failing on another one. Unrealistic marketing messages Some FOREX EA sellers promise things that are too good to be true, Such as high percentage growth returns like profit screenshots of millions of dollars.
You need to know that making returns is not easy in forex trading, even if you are experienced and lucky. If an EA Seller is claiming high returns, you need to steer clear of it. If EA can make a profit upward of millions of dollars, why do they sell them? It is a platform for the FOREX trader community where traders can analyze their trading accounts and share their trades and results.
This page comprises every detail about the trading of the specific EA, from deposits, balance, drawdown, gain, equity, withdrawal, profit, last update time, and more. If you analyze the chart carefully, then you can understand if the account is genuine or it is a scam, such as: Verification You can trust the chart if the data is verified, but anything that is not verified is not reliable.
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