Trading advisors who trade without the participation of a trader, are far from new tool. According to https://fxbotreview.com/, the advantages of using a trading expert are obvious: the trading process is not affected by the emotions and psychological state of the trader, it frees up time for technical and fundamental analysis of the market situation. The choice a really profitable trading advisor is not so simple. Now you can find on the market a lot of successful trading robots that show excellent results at a certain distance (at least 1 year). Learn more from the Forex EA Review below.
Types of trading experts
Depending on the time parameters of strategies, Expert Advisors can be used for short-term, medium-term and long-term trading, which are scalping and pipsing Expert Advisors, and medium-term robots.
According to the method of market analysis, there are groups of indicator and non-indicator advisors. You can download Forex EA of the first type to receive signals using technical indicators, and advisors of the second type rely on trading patterns or graphical models.
A separate group consists of neural type advisors based on the properties of neural networks. Such advisors are able to predict market behavior and self-study.
The last group is considered the most reliable. It is represented by trend advisors.
Knowledge of the types of trading robots will help novice speculators to correctly approach the definition of a suitable trading strategy.
Criteria for choosing a Trading Advisor
To choose your Best Forex EA’s, you need to first decide on a working strategy and choose an adviser for this strategy. It is desirable that the adviser is free from binding to a specific broker This may mean that the seller earns more from the broker’s attracted clients than from the adviser itself. Although there are exceptions.
It is also not superfluous to contact the seller of the expert. Learn from the correspondence with the seller the actual trading results of the adviser, as well as whether the seller is a developer. If the developer is engaged in the sale himself, you can determine the degree of his professionalism. The seller, who has nothing to hide, provides all the information about the work of the adviser without unnecessary questions and sends access to monitoring the real account on which the strategy is being tested.
The life of the real account should be at least 6 months. Too high profitability (above 20%) may indicate that the adviser’s algorithm is set up for aggressive trading in violation of the rules of money management. Some advisors have a history of participating in contests and competitions. This makes it possible to get acquainted with the public results of the adviser’s work.
You can learn more details on https://fxbotreview.com/cat/metatrader-4/. The profitability of the Expert Advisor depends on many factors and the actual result can only be shown by testing the expert. At the same time, testing should be carried out using the maximum number of modes, from stress testing.
You should not miss offers from developers-traders who can provide statistics of real trading accounts through independent monitoring. The life of the trading account must be at least 3-6 months.