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Choosing an EA

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Henry7008
19
Henry7008 2016.09.28 16:00 

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 ?? 

Daniel Stein
24777
Daniel Stein 2016.09.28 17:18  
Henry7008:

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. 

Henry7008
19
Henry7008 2016.09.29 18:38  
Daniel Stein:

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. 

Hi Daniel,

 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!

Michael Maggi
1404
Michael Maggi 2016.09.30 10:35  

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.

Good luck.

Henry7008
19
Henry7008 2016.10.17 09:54  
Michael Maggi:

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.

Good luck.

Thanks Michael - I will try it like that
Michael
250
Michael 2016.12.07 10:09  

Hello Henry

 

how did you go finding an EA? any luck? Remember never believe what you read and always demo demo demo!

 

best of luck 

Achmad Armawijaya
229
Achmad Armawijaya 2016.12.09 09:09  
1. Start selecting the best trading robot based on best reviews
What will people who already wear expert advisor was very helpful, it could be an early consideration we chose the best trading robots. Before buying a trading robot, check the reviews or reviews of other users. Is his reviews mostly good or mostly bad. Please consider yourself which you think best.


2. Perform a back test or view the results of backtesting seller
Backtest is a test that is based on historical currency charts that are already running. We can run the robot to perform a test based on the history chart of one year ago. So backtest can help us know the results of trading robot quickly. Not need to wait the results up to 1 year.


3. View the live test results provided by the seller expert advisor
If the seller only provides the trading robot backtest results alone, then do not take anything for granted. Because sometimes backtest results may differ from the results of the live test. Usually the seller will provide live results of tests on the publication in myfxbook. By displaying the type of broker, initial capital, profit, floating, drowdown and others. Best expert advisor will certainly show you a pretty good profit, minimal loss, and minimal drowdown.


4. Adjust the type of brokerage and type of account
Sometimes a robot that does not fit and do not fit with the broker that we are using. Whether it was due to differences in spreads, requotes, as well as leverage. Look for a trading robot that is suitable for all brokers and also suitable for all types of accounts. At least you have to get a trading robot that fits with your broker.


5. Giving money back guarante
Look for sellers trading robot which provides a money back guarantee in jangla long time. This can minimize our concerns will be troubled robot trading or fraud. If it is money back guarantee. Definitely sellers are very confident with the products they sell.
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