The web is now full of commercial expert advisors, most of them are scam, and a very few of them worth its cost!
If you need to have one you may get confused as every expert advisor author tells that he owns the best and the only real profitable one in the world, this may be true, but you can not depend on those marketing expressions unless you confirmed that by your self!
A few steps can be followed to ensure that you will pay for what you really need and not for some thing unsatisfying for you:
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[li]Never buy a Forex Robot not providing a refund policy.
[/li][li]Newly launched Forex robots a better than older widely used ones, as the more a Forex robot is being used by many customers, the more the market moves against the positions it performs.
[/li][li]Backtests for the Forex robot are very important rating item, it can give an idea about how its performance could be in the past even before its launch date, performing a backtest for a Forex robot by yourself is a complicated process, but there are websites publishing such backtests for different Forex robots like: reviewforexrobots.com but the backtests alone aren’t enough to rate a Forex robot.
[/li][li]Live performance, where you can watch the Forex robot running live on a metatrader account which could be a demo or a real one, real account live performance for a Forex robot is more truthful than if it was running on a demo account, many review systems are also providing such live performance preview which are myfxbook verified, reviewforexrobots.com is one of them.
[/li][li]You should preview the comments and the opinions of the previous Forex robot users on its performance and if it really made profits for them or not, more over you need to assure that it’s not an imitated one for another real original Forex robot.
[/li][li]If you decided to buy a Forex robot, you should try it first on a demo account and watch its performance before using it on a real one.
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It’s also good to check out sites that run an array of forward tests to get an idea of how they compare.
Forexfbi has a great little comparison table with a bunch of popular commercial ones.
Hi All,
Also remember if you are going to use an EA you cant switch your PC off, and you need to stop Windows updates as they will shut your PC down and tell your hard drive never to go to sleep, as the EA will stop working when your computer sleeps or shuts down.
Likewise you can’t change chart timeframes while the EA is running or try re-compiling your code, as all will stop the EA.
I use a dedicated PC that only runs my EA and nothing else, it has a UPS which also supplies the modem/router and is connected by cable not WiFi for security.
I suggest you run your EA for at least a month in a demo account to find any bugs and it has to put a stop loss in the market when opening a trade just incase you are disconnected from your broker for any reason.
If you are writing your own EA I recommend you only trade on bar Opens, include a maximum lot size limit and backtest to death. Also I recommend the book “Expert Advisor Programming” by Andrew R Young, as a good resource.
Regards, Trader009.
Its very tough to find a good EA and it takes a lot of time to find one.I was very fortunate to have found TFOT robot which is one of the best EA in the market.
hi, Keith:
I am looking for a working EA as well. You say TFOT is working great for you. Can you post some of its trades here? Also is there anything important to know before buying TFOT? THX
try using camforex for reviews.softwares such as fx power striker and fx power conservative are worth taking a shot, just by looking at their growth(pips) and client reviews.
I think this could be a very good ea: sharp ratio is over 5, profitable on over 32 pairs. swing ea
Hi Jack_Spear, i agree with your 6 tips to find the most profitable expert advisor. I not have any experience to buy an EA but i will consider your tips. Thanks alot.