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 that need to be answered.
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:
Continue reading for more information or start playing around with 14-Days Trial account and notice how Forex EAs Generator works.
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.
However, the best option is to build your own Forex Expert Advisor. Here is how to automatically create them in a couple of clicks, WITHOUT writing codes.
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 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.
Here are some features:
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.