What's The Big Deal With Expert Advisors (EAs)?

Currency Trading

What's The Big Deal With Expert Advisors (EAs)?

What's The Big Deal With Expert Advisors (EAs)?

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Written by Ash Naeck

Sunday, 18 October 2009 08:39

If you are familiar with Forex, I bet this is one of those questions that got your brain juices running.

by AshNaeck

If you are familiar with Forex, I bet this is one of those questions that got your brain juices running.

My early days of trading were spent searching the net for the best Expert Advisor out there. I got caught up in this never ending search for the "holy-grail" trading system and believe me I wasted a lot of time and money in the process. I wish I could go back in time and change some of the decisions I made but you learn from your mistakes and as long as you do not repeat those same mistakes again you are on the right track.

What makes Expert Advisors so attractive?

These are the main points why traders use EA's:

- System is on autopilot

- No thinking involved

- Free up more time

- Less stress

- Easy to use

- No experience required

- Help documents available

As a trader, those are the benefits you will be exposed to having an Expert Advisor trading on auto-pilot. Those are great features indeed but not so great when you take into account the negative side of it. The fact is that more that often Expert Advisors do not deliver on their original promise leaving your trading capital in ruin.

If you've already done some research I doubt you will be surprised if I told you that there are thousands of automated currency providers on the net. They all seem to perform extremely well when you have a look at their performance page. Here are some of their most common sales pitches:

- Make money on autopilot - No experience required

- No experience needed- start making money in minutes

- Make a ton of Money with no experience

- Robot with 100% success rate turns $100 to $1000 in a month

If all these were true we would all be filthy rich by now and I wouldn't have spent thousands of dollars on useless Expert Advisors that do not work. The reality is that most of those expert advisors are in plain English B.S. The chance of you losing money is much higher than you making money.

I do hope you are lucky enough to have come across this article before making any hasty decisions in purchasing a Forex Robot that promises to make you 500%+ return a month. If such a robot existed all the major banks and financial institutions would sack their FX traders and use those systems instead. They will save a colossal amount of money on man power and on top of it all will be making astounding returns every month.

However, that is not the case. Banks and major financial institutions rely solely on their human minds (traders) to make money day in and day out on the market, not on the so called Robot traders. Those major institutions understand the fact that market conditions are not always in harmony and that price is highly unpredictable.

Forex robots are many a time designed my mathematicians or engineers who believe they cracked the code to Forex trading. Well no offence to them but if they have already cracked the code, why am I still not profitable. You see the nature of the Forex market is such that changes in market conditions cannot be predicted. This is due to news, catastrophes, political changes etc Do you believe those robots can take all those changes into account?

Below are the points to consider when looking for a Forex Robot:

- Is the developer a successful Forex Trader (make sure he is well-known and has authority in the Forex arena)

- How long has the system been in use? (at least 2 years)

- How long has the system been in use?(2 years minimum)

Potential monthly return

- Maximum draw-downs on each trade.

If all the above questions check out okay then you got yourself a winner.

I have spent a large sum of money over the years trying all sorts of Forex robots. The result was that I lost as much hair as I lost money! Quite frankly, I was quite disgusted with all those Experts advisors until the day I came across a guy named Ashkan Bolour.

At this point I had no clue who this guy was, so after some research I came to know that he was a highly respected and successful Forex trader. He had featured in many trading shows and books and was a veteran money manager. He had an automated system that had good reviews and which seemed fairly priced. So I decided to give it a shot.

All my skepticism was left behind when I started seeing the power of his system. My profits were consistent and my account was growing gradually. The returns were realistic and the draw-downs low. If you are looking for a good system with decent monthly returns, do yourself a favor and try Ashkan Bolour's system, the FXprofit Mountain. You may fall in love with this robot.

About the Author:

To learn more about FXprofit Mountain and its amazing results go to the Forex Expert Advisors section of Forex Trading Domain for a review of all the Forex Systems that actually work!

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