Dear MqL community,
I am fairly new to EA trading.
The problem I've encountered is to choose an EA that will suit my needs.
Is there perhaps an App that can help you choose an EA ??
That's a difficult task.
There is no app and no independent review page for expert advisors.
1st rule: Never ever believe in any backtests! We have a lot of backtest heroes in the TopTen EA's which struggle completely in live market conditions.
2nd rule: Watch out for real accounts traded by this EA. This can be published by the author itself or any of his customers.
3rd rule: Ask yourself one question: If you would develop a perfectly working fully automated trading system with the "i get rich guarantee". Would you ever sell this masterpiece???
Hope this helps to navigate through this marketing jungle.
Thanks - your advice is much appreciated!
I had a look at many EA's and yes I agree - if you had a "get rich guarantee" why would you sell it......?
That's what led me to FXCM which I've known for years to be an upstanding honest trading house,
which then led me to believe that their EA's should at least be above board, but yes I am battling to
find one that will suit my criteria..
Thanks once again for your advice!
FXCM offers some free EAs that sometimes make money. They include different styles and you can manage them to make money but you cannot leave them alone to trade without supervision.
Check them out and use them on a DEMO account first.
These EAs ONLY work on an FMCM demo or live account.
how did you go finding an EA? any luck? Remember never believe what you read and always demo demo demo!
best of luck