How to find the most profitable Expert Advisor?
-
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:
[:5tkn9itg]Never buy a Forex Robot not providing a refund policy.[/
5tkn9itg]
[:5tkn9itg]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.[/5tkn9itg]
[:5tkn9itg]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: Forex Robots Review, but the backtests alone aren't enough to rate a Forex robot.[/5tkn9itg]
[:5tkn9itg]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, Forex Robots Review is one of them.[/5tkn9itg]
[:5tkn9itg]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.[/5tkn9itg]
[:5tkn9itg]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.[/5tkn9itg][/list
5tkn9itg] -
But why pay for an EA? Especially as you've so clearly outlined the pitfalls?
Surely much better to build your own using the truly excellent fxdreema! And you needn't be stuck for trading ideas! There are many publications and much on the web to get you started.
So, go on - don't buy: build!
P.S. Have you some link with the Forex Robots Review web site you seem to be promoting?
-
Be extremely suspicious if the EA has small SL/TP, uses trailing stop (or similar) with small SL or calculates pips distance traveled in certain seconds. Why? Because the backtester is not 100% correct in M1, and by using some kinds of trailing stop the EA can produce amazing results by exploiting the backtester's disadvantages.
-
Fxdreema - could you say what you think a small SL/TP might be?
Also, if using M5 or above timescale, would you say the backtester is 100% correct?
Many thanks.
-
__But why pay for an EA? Especially as you've so clearly outlined the pitfalls?
Surely much better to build your own using the truly excellent fxdreema! And you needn't be stuck for trading ideas! There are many publications and much on the web to get you started.
So, go on - don't buy: build!
P.S. Have you some link with the Forex Robots Review web site you seem to be promoting?[/quote:nopbly1y]
Of course you are right, but if you have no time, lake some experience and own some extra cash, you may prefer to buy an EA instead of building, and that's why you should be cautious if you took that decision!
For the website, I really know one of its moderators but this is not a reason to promote it in my opinion, I just wanted to fill out the post well and I can provide more dependable EAs review systems on the web, but I preferred not to add them as this might be considered spamming or something!
-
__Be extremely suspicious if the EA has small SL/TP, uses trailing stop (or similar) with small SL or calculates pips distance traveled in certain seconds. Why? Because the backtester is not 100% correct in M1, and by using some kinds of trailing stop the EA can produce amazing results by exploiting the backtester's disadvantages.[/quote:kshmb7y3]
That's right and very logic too
-
Of course you are right, but if you have no time, lake some experience and own some extra cash, you may prefer to buy an EA instead of building, and that's why you should be cautious if you took that decision!
I think that you should never purchase an EA where the author won't allow you to see the source code. It is SO important to use good money management that you should not ever leave this to anyone else to decide. Its really easy to loose money; so hard to make it!
