Forex expert advisors (EA) are automated forex trading systems that allow the traders to set the parameters of the systems, which enables them to trade automatically without human intervention. They can run 27/4.

The parameters allow forex expert advisors to “know” the best time to buy or sell a currency pair. The forex expert advisor has got a built-in capacity to automatically trade the opening and closing positions in the forex market, exactly on behalf of the traders.

There are so many forex applications on the internet nowadays which means selecting the right forex expert advisors can be a daunting task. Although they are all different, the EA’s all basically offer the same thing – that is to seek out profitable currency trades and then execute them based upon their particular design specifications with minimal user involvement.

When you are in the process of selecting the forex expert advisor you need to look for forward test statements, or better still, live forward test statements. Live forward tests are performed on actual accounts in real time and will help you predict how the system will perform in actual live market conditions. The profitability of forex expert advisors can be seen with forward test statements and are the most important things to look for before choosing your EA.

It is also a good idea to evaluate forex expert advisors in a free trial, with a money back guarantee or with a remote log in. If the vendor of the EA system does not offer a free trial or a remote demo log in, you should be concerned about the authenticity of that EA company.

The ever rising popularity of forex expert advisors has caused the production of some substandard systems. Certain EA manufacturers promise get-rich-quick schemes. These are most probably a scam and a potential danger that you should know about. Far from all trading forex expert advisors are efficient and the currency markets can be highly volatile. With so many EA’s on the market, finding reliable and good ones can be difficult. Doing a lot of research before purchasing a forex expert advisor is of paramount importance.

Also watch out for forex expert advisors which advertise that there is one solution which works well for all currency pairs. There are certain EA’s that are perform well for certain currency pairs, but not for all. So when you choose your EA allow it to remain with the optimal currency pair. Then evaluate the performance for the last few years. If this shows continuous profits month after month with an acceptable drawdown to you, then it is likely that the forex expert advisor is a good choice for you.

When it comes to the numbers, a good measure is less than 30 percent drawdown over a period of five years. Check too if the forex expert advisor employs a stop loss. Trading systems need to have an accuracy of at least 80 percent to not contain a stop loss. Good reliable expert advisors inform you of their statistics, so make use of this information before purchasing your EA.

Finally, good reputable forex expert advisors should have an easily contactable after sales service. You can make some initial enquiries to ensure that this is the case and to make sure that you will get a reply from an e-mail, live chat support, forum or phone call. Doing this will ascertain whether the EA company is authentic.

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