What to look for when buying a Forex Trading EA

The retail currency market has exploded in the last 15 years with more and more people attracted to the market with promises of wealth from automated Forex trading courses, robots or EA. If the EA (Expert Advisors) really work is a topic for another topic; but in summary, suppose there are some very good ones out there. In this article we will cover what to look for when buying a forex trading EA, this will also help you eliminate the good from the bad.

The first thing you want to see is the results and the results of a third-party source such as MT4i or MyFXBooks should be verified. Do not take the floor of a list of operations written by the seller that shows the winning operations; Anyone can scroll through the previous graphics and choose input and output levels and call them winning trades. Comply with nothing less than verified results or access to an investor password so you can see the live account exchange with your own eyes.

Once you have access to the results of the EA you are investigating, it is time to analyze them closely and break down the history. Initially, you should look for the amount of operations that this robot is exercising in one day, what you do not want is to perform several operations in the same currency pair. This is an attempt by the trader to manipulate the results by increasing the daily intake of nugget. For example, there could be a good winning transaction in the GBP / USD pair, but it only has a target profit of 10 pips. The robot will open multiple tickets in this exchange to make the pip count look exceptional. If an exchange of 10 pips has opened 10 tickets, it will record a profit of 100 pips for that day when, in fact, it has risked 10 times its margin to obtain those results. NOT WELL!

Once you have established that the result table is genuine and deserves more due diligence, then it is time to look at the provider. Find out who is behind the EA and if they have a business history or background. Look for the contact details and see if you can get the sale to ask questions and find out what support they offer.

Some forex EAs require a lot of configuration manipulation, it is important to find out before purchase and if the supplier will offer support with this, if so, for how long. The last thing you should look at is the price, nobody is going to give a good forex EA for $ 150. If you expect to see returns of 30% or more monthly, then you should expect to pay no less than $ 1000 for the software.