It's a dream of many to find the perfect computerized forex trading system that guarantees profits and requires little input from the trader themselves. Whilst there are many Forex EAs and Expert Advisor Builders available, there are a few burning questions which need to be answered.
What is an Expert Advisor
As the name implies, a forex expert advisor goes beyond mere testing of forex systems to actually apply them in real time to make real trades with live market data. When the programmed forex EA generates a buy or a sell signal, the platform automatically places the trade. These systems have been widely used by institutional traders for many years in all ﬁnancial markets. In recent years Forex EAs has become much more popular with private traders, particularly because it does not require any coding skills to create, run and optimize an automated forex trading system.
Assuming the forex expert advisor is well designed, it is backtested, and its performance is monitored, programmed trading has some obvious advantages:
Never miss an opportunity: a forex EA can work 24/7.
No emotion, full discipline: an Expert Advisor take the emotion out of forex trading as long as you’re disciplined enough to let the system work even when you believe the rules don’t apply under current conditions.
You develop a clear, unambiguous set of trading rules that can be expressed in programming code.
You have the time and expertise to translate the rules into a program and backtest it, or to use an advanced Expert Advisor Builder to do that. Then auto-trading is the best way to execute that forex system.
Those conditions don’t apply to most of us, so the way most of us would exercise this option is via the retail forex trading. Many forex brokers offer a wide variety of trading systems as part of their offerings. There’s nothing wrong with trying these, especially if they allow you to paper trade them for a while to see for yourself how they work.
1. Expert Advisors are generally designed to work in speciﬁc kinds of environments, typically either trending or range-bound markets, but not both. Before choosing a forex EA, be clear on what kind of markets and conditions it’s designed for. A legitimate vendor will provide clear information on what kind of conditions the expert advisor is designed for, its performance and length of track record, likely proﬁt and maximum drawdown, and so on.
2. As with any business proposal, if forex EAs profitability sounds too good to be true, chances are that it is. If the returns seem outsized and the price very low, well, I hope they let you paper trade it ﬁrst or start with very small amounts at risk. Otherwise, move on.
3. You want to see as long a track record as possible and understand what the market conditions were during the sample period. For example, in a time of growth and rising rates, expert advisors that buy carry trades will work well as risk currencies are favored. However, during global downturns, these forex EAs will suffer.
4. Typically, the higher the returns claimed, the higher the risk of loss. If a system vendor claims both high returns and high maximum drawdown, that’s a sign of honesty. If vendors claim high returns without a correspondingly high-risk level, then be suspicious. There are many online trader forums and websites dedicated to the auto-trading; there are legitimate EA builder providers and there are scams, so four caveats are in order.
ROBO ADVISOR 007 is the only online generator or expert advisor builder for automated forex trading systems. With Robo Advisor 007 you can automate any forex strategy for MetaTrader 5 comfortably and reliably and use them as Expert Advisors (EA). You do not need to know any advanced programming languages since the EA generator is smart enough to do all the coding for you. The core of the program is an advanced backtesting algorithm, similar to that in the MetaTrader's Strategy Tester, but much faster. The program is so fast that it can create and backtest strategies automatically.
Robo Advisor 007 has several core components:
The Generator - The Generator creates and tests strategies automatically. The Generator stores the best strategies in the Collection. When you generate a strategy you can export it as an Expert Advisor or send it to the Editor for review and tuning.
The Collection - When you use the Generator, the program collects the profitable strategies in a collection. You can sort the collected strategies by a specific statistical parameter and send them to the Editor for review or export. You can also export the complete collection for later revalidation and use.
The Editor - With the Editor, you can create and edit strategies by setting indicators and parameters. When you edit the strategy the program calculates the backtest on historical data, shows the most important stats and draws the balance and indicator curves on a chart. Since Robo Advisor backtests is so fast you can tune your strategies as you look at their charts. When you find a strategy to your liking you can export it as an Expert Advisor.
The Report - When a strategy is in the Editor you can go to Report to see extensive information about its backtest results. The Report page contains the full statistical information, charts, and trade Journal from the historical test.
Exporting Expert Advisors - You can export your Expert Advisors for use in MetaTrader. The exported experts use only standard MT indicators, which makes it very easy to use the experts in MT or to upload the files to a VPS. You can confirm the proper work of the experts with the MetaTrader Strategy Tester (in MT go to View → Strategy Tester) and with a demo test on unknown data. If your tests are good, you can use your experts for real trading.
The idea of Robo Advisor 007 is that a forex expert advisor builder with a good backtest and a corresponding forward demo test 'may' bring a real profit. Please be extremely careful when trading with real money and always consider your risks.
Why Robo-Advisor is the best forex strategy builder
Here are some features:
Lightning-fast backtests: Tests your strategies against historical data and shows you the results in the blink of an eye.
Excellent Code Without Coding: Lets you create Expert Advisors without writing a single line of code. Yet the exported Expert code is clean and easy to read and modify.
One-click Expert Generation: Allows you to generate strategies for every market. Select the currency and time frame - the app will do the rest for you.
Experts That Make Sense: Enables you to create only logically sound strategies by using a predefined strategy structure and trading rules.
Rock Solid Indicators: Relies only on the standard MetaTrader indicators you know and love. Using the MetaTrader indicators makes Robo Advisor 007 extremely fast and reliable.
Robustness Testing: Benefits from a state of the art technology for Expert Advisor robustness testing: Monte Carlo simulations and Multi-Market testing.
Understanding how Forex EAs works correctly is important, but if you want some help, sign up and our trainers can provide you the right guidance to get started. Play around in a free trial account and generate Forex EAs in a few clicks, without writing codes.