The Expert Advisor is a very sophisticated trading software tool.  Each one is built upon a specific set of rules, sits on your trading platform and executes your trades.  Actually, it is a robot.

Most forex traders fail because they fall prey to the human emotions of fear and greed.  However, trading with an Expert Advisor removes these emotions so that trading can be executed on a purely logical basis.
So often a trader will hold on to a trade in an effort to grab that last pip of profit even when his/her logical mind says to exit.  Conversely, many times a trade is exited prematurely out of fear, leaving profits on the table.  The Expert Advisor has a plan, sticks to it without regard to outside influences, and does this 24 hours a day during market hours.

The Expert Advisor watches the market for you and will execute trades based upon predefined parameters.  Unlike a human, it is also capable of monitoring indicators, support and resistance levels, and many other factors in multiple timeframes and making immediate decisions.

There are a variety of Expert Advisors available today, at just about any price you could name.  Some are currency and/or timeframe specific, others are not.  There are some that try to predict trends and others that go with them.  Some are low risk (1-3%) while others recommend 2-4%, but most are adjustable.  Some close out trades only when a net profit is achieved, holding tight through a drawdown, whereas others will utilitze a stop loss.

There are many questions to be researched and answers to be considered before buying an Expert Advisor.  It’s also important to be sure the EA will run on your trading platform, that you can run multiple EA’s on one account, and that it can be used with a mini account, if that is your account type.
Before purchasing your Expert Advisor, there’s one more point to consider.  When trading with an EA, it makes your trading decisions, and it resides on your computer.  Once a trade is initiated, the trade is in the hands of your broker.  If the power goes out in your area, or if your computer dies, you will have an unmanaged open trade.

If you are located in an area that is prone to power failures, you might want to consider opening a VPS (virtual private server) account and loading your trading software on it.  That way, your platform will continue to run without you monitoring it, and it can be accessed from any location.
More and more traders are relying on Expert Advisors to do their trading.  Do some research, get all your questions answered, and you should have a very successful trading experience.

Is there any forex expert advisor that really works?

In the past I have used some forex expert advisors that really did not work. I have already written a review about one forex expert advisor like that on this site. I would like to know if you guys are using any expert advisors that really work. This information will also be useful for other forex traders also. So please come and discuss about any expert advisor that you have used in the past or using currently and how it has worked or working. So please come and discuss. I will write my experiances also about the expert advisors I have used.

Things To Watch Before You Buy An Expert Adviser

There are many expert advisors available on the internet which tell you they are very good and they make you a lot of money if you use them. But you don’t know if it is real or not. The following are some of the things that will help you to decide whether you want to buy it or not.

Are they providing proof of their results:
The first thing you need to check before you want to buy an expert advisor is whether any proof of the results is presented or not. If any results are presented check the results to make sure that they are not made up using some kind of software like photoshop etc.

Are they hypothetical/actual:
If any results are provided by the forex expert advisor manufacturers check if the results are hypothetical or actual. Hypothetical results are the results that the expert advisor is run for some period in the past and the results are provided.
Actual results are the results that the expert advisor is run on live trading for some time and the results are provided.

If they are providing only hypothetical results – no good
If only hypothetical results are provided and no real data is provided that means its of no good. Moreover if the hypothetical results are presented only for old years but the latest ones you better not to buy that.

If real – for how many months of latest data they are providing
If actual results are presented look for at least the last 3 months of the results. Some of the expert advisors give you to a username and password to a demo account which can be presented on the web. You can login to that demo account and see how the trades are going. If it is going good it is a very good expert advisor.

Go to web – look for reviews of that robot, check what people are saying about it
Go to google or any of your favorite search engine and search for the expert advisor reviews. When you search look for the forum results. Some of the reviews are developed by the expert advisor manufacturers itself, saying that they are someone else, and they say that the expert advisor is very good and it can make you a lot of money. But if you see for forum results, which have a lot of replies for that post, you can go through different replies and look for what people are saying and you can decide.

Check if it works only for some brokers or all brokers.
Some of the expert advisors work for only some broker platforms. For example there is one expert advisor I know, which is “Extreme EURGBP Scalping”. It works only for some brokers as it requires a maximum spread of 3 pips and only some brokers will provide that.

Check if it works only on some GMT timings.
Some of the expert advisors work only in some specific GMT timings. For example the above scalping expert advisor will work only in Asian market timings as the forex market movements are really very low in those timings.

Check if it can be backtested or not, if not don’t buy it.
Check if the expert advisor can be backtested if you buy it. If you can not backtest that and if the expert advisor manufacturer says that you can directly use it on live trading, you better not to buy it.

Check for what currency pairs it works
Check for what currency pairs it works. If the information is not provided on the web by the EA developer you may think that it will work for all the currency pairs. But in real it may work for only some. If this information is not provided send an email to the EA developers asking them for the information about currency pairs.

After you buy the Expert Advisor
Backtest it properly before you use it in your real trading
Back test it properly for different time periods to make sure that it is working fine for different time periods.
For example you can backtest it for years like
2001 Jan 1st – 2001 Dec 1st
2002 Jan 1st – 2002 Dec 1st
2003 Jan 1st – 2003 Dec 1st etc