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Introduction to Trading Forex Professional EA

20 May 2020, 17:26

Michela Russo

2 345

I often get the question, which is the best EA?

or, which EA do you recommend?

I write this article to answer your question and give you much more!

In fact, the answer changes, as you have preferences and you definitely want a certain type of EA instead of another -> Aggressive or conservative, risky etc ...

First and foremost, you must have an MT4 and also a reliable broker with good trading conditions. I would like to recommend you to register here and download the MT4: http://bit.ly/bestbroke

Another excellent broker is: http://bit.ly/broktic

Remember that EA MT5, wrote MT5 in the title, and all the others, only work on MT4

For now, I have created 3 types of EA

Each type of EA has its advantages and disadvantages, below I will list the types and their characteristics

Table of Content

“Crazy Pro” EA

this is the most aggressive category, these EAs open trades very frequently, this involves high risks and potential high profits (or loss)

Pro

Large number of trades
high profit potential in a short time
100% customizable, you can edit and improve the strategy from the settings you can also adapt it for other pairs and timeframes
Low initial capital (also from 100 usd)
Each EA contains multiple strategies, selectable at the top
Real Account Tracking

Cons

Large number of trades (can also be a disadvantage)
high risk, you can lose part or all of your capital quickly
Aren’t set and forget -> it is important to work on EAs for testing and demo

Tips

The main suggestion is to use this type of EA in a separate account from your main account
Withdraw profits often (even once a week)
Use only money you can lose

Recommended robots in this category:

"Scalper Pro" EA

this is another aggressive category, but these EAs open trades only during set file times, These EAs carry a Medium-high risks and potential Medium-high profits (or loss)

Pro

high profit potential in a short time
100% customizable, you can edit and improve the strategy from the settings you can also adapt it for other pairs and timeframes
Fix Virtual Stop Loss and Virtual Take Profit
Low initial capital (also from 100 usd)
Each EA contains multiple set files, for each recommended pairs, remember to ask the author before starting
the operations are multiple, but the lot is never increased
Possibility of backtesting from 2018-2019 to today -> Backtest tutorial: https://www.mql5.com/en/blogs/post/735144
Real Account Tracking

Cons

Multiple orders at the same time
medium-high risk, you can lose part or all of your capital, if you don't use adequate risk
Aren’t set and forget -> it is important to work on EAs for testing and demo

Tips

Withdraw profits often (even once a month)
Use only money you can lose
Always keep the platform open 24 hours at day, recommended Vps provider: https://bit.ly/chocovps 1 minut tutorial which explains how to connect to the VPS https://youtu.be/Km6EpWBVBGE

Recommended robots in this category:

Dragon Scalper Pro

Link: https://www.mql5.com/en/market/product/45197

Shark Scalper Pro

Link: https://www.mql5.com/en/market/product/45892

Eagle Scalper Pro

Link: https://www.mql5.com/en/market/product/46147

You can find all my EAs and live signals here: https://www.mql5.com/en/users/michelarusso80/seller

"Trader Pro" EA

this is a Conservative category, these EAs open trades only when certain conditions of the strategy coincide, about 1-3 trades per day (but it varies from EA to EA obviously), These EAs carry a Low risks and potential low-medium profits (no more than 5-10% at month)

in most cases the stop loss is set in cash

Pro

Low Risk
Set and forget -> little maintenance is needed, only monitoring, the strategy is already defined -> no need set files
Fix Stop Loss in money and Virtual Take Profit
Emergency closures
They are my favourites
Easy to set up multiple EAs in 1 account
Low sensitivity to spreads, slippage and market conditions
Possibility of backtesting from 2003 to Today -> Backtest tutorial: https://www.mql5.com/en/blogs/post/735144
Real Account Tracking
Real Account Tracking with multiple EA Combinations

Cons

high initial capital (usually 2000 or more)
Multiple orders at the same time
Patience needed, medium-long term investment
Some internal settings cannot be changed -> the strategy is secret to the user

Tips

Calculate your risk when setting up the robot
Enable "Sqrt lot" if your capital is greater than 8000 usd or equivalent
Always keep the platform open 24 hours at day, recommended Vps provider: https://bit.ly/chocovps 1 minut tutorial which explains how to connect to the VPS https://youtu.be/Km6EpWBVBGE