In Step #2 of this Introductory Guide I introduced you to Expert Advisors (EAs, Robots). This automated form of Forex trading is my primary focus on this Blog.
Of all the systems listed under the "Auto Trading Systems" section of the blog menu bar, I have only had the opportunity to test FapTurbo, Forex MegaDroid, IvyBot & Alpari Systematic so far. Please help me by giving your feedback (and ideally links to your live trading results) of systems that you have had good experience with.
The most important thing I have learned so far is that you need to be very patient with your EA. Make it your quest to discover the best settings and set them early-on while testing it in your 60-day trial-period. Patience is truly required with this game. Consider this a long-term investment; there is no quick (and legal) trustworthy money-making scheme! If your EA has not performed well in 3 weeks, check your settings or change your broker. Again: Only open demo accounts while testing!
Please don't be discouraged if you need to change Brokers! Changing brokers sounded like such a mission for me when I started, but it's as easy as 123 (while trading demo accounts off course)... Choose a broker and download and install Metatrader, open a new demo account & set-up your EA. It will take at most 20 mins of your time. Changing brokers after you went live is a whole different story, so do it while you're demoing! Once you have found the right combination of EA, Settings & Broker, leave it running until you have at least 50 trades to get a good indication of your profit/loss factor. When you're comfortable with it, take the plunge and go live! If your EA has performed badly no matter what you've tried and you have spent the 60 days testing it, consider getting a refund. You can always re-purchase it later if the system has been improved, or you can purchase another one, there are a few good ones so don't be too scared to ask for a refund if you're convinced your system does not perform well.
A good idea might be to run your EA on different Broker accounts at the same time. This way you can see how your EA performs differently on each account (and believe me they do!). Once you go live with real money have your EA run on a live & demo account with the same broker & settings side-by-side on two MetaTrader platforms. This way you can see the difference between performance on live & demo accounts. You can also test new settings on the demo account while the live account is running the "safe & proven" settings. Once, after some time, you achieve better results with your "experimental" demo setup, move your settings over to the live account, and repeat the process.
Another piece of good advice is to join as many communities/forums as you can. Do your research and find the best communities that will give you all the information you need to become a successful auto-trader. There are plenty of free forums & newsletters you can join for good advice.
If all this information is a little overwhelming, don't worry too much! Read this guide a few times until you are comfortable with the various aspects of auto-trading. You have all the time in the world, Forex isn't going anywhere so be patient and take it one step at a time... When you purchase an EA, you also receive very informative set-up guides in the form of PDF documents and training videos that will take you through the process step-by-step, from downloading & installing MetaTrader to opening a demo account and setting up and configuring your EA.
Note #1: Currently the top two systems I would recommend is FapTurbo & Forex MegaDroid as I'm experiencing very good results with them. If you find that these systems just don't perform well for you, consider getting expert advice in the form of membership websites that you can join to get tips from some of the top auto-traders. You can find more info on this under the "Articles" section on the blog menu bar where I write about specific services available for each EA.
Note #2: Don't confuse the term Expert Advisor, with "expert advice". Expert Advisor (EA, Forex Robot) is the name given to systems/add-ons to the MetaTrader platform that help you trade or trade automatically for you. You can access your EA under the "Expert Advisors" section on the "Navigator" pane in MetaTrader. When I refer to EA in my articles, I refer to your EA system. Expert advice, on the other hand, is basically joining a trusted website/community/guide that gives you good trustworthy advice on how to set-up your Expert Advisor for best performance ;)
Of all the systems listed under the "Auto Trading Systems" section of the blog menu bar, I have only had the opportunity to test FapTurbo, Forex MegaDroid, IvyBot & Alpari Systematic so far. Please help me by giving your feedback (and ideally links to your live trading results) of systems that you have had good experience with.
The most important thing I have learned so far is that you need to be very patient with your EA. Make it your quest to discover the best settings and set them early-on while testing it in your 60-day trial-period. Patience is truly required with this game. Consider this a long-term investment; there is no quick (and legal) trustworthy money-making scheme! If your EA has not performed well in 3 weeks, check your settings or change your broker. Again: Only open demo accounts while testing!
Please don't be discouraged if you need to change Brokers! Changing brokers sounded like such a mission for me when I started, but it's as easy as 123 (while trading demo accounts off course)... Choose a broker and download and install Metatrader, open a new demo account & set-up your EA. It will take at most 20 mins of your time. Changing brokers after you went live is a whole different story, so do it while you're demoing! Once you have found the right combination of EA, Settings & Broker, leave it running until you have at least 50 trades to get a good indication of your profit/loss factor. When you're comfortable with it, take the plunge and go live! If your EA has performed badly no matter what you've tried and you have spent the 60 days testing it, consider getting a refund. You can always re-purchase it later if the system has been improved, or you can purchase another one, there are a few good ones so don't be too scared to ask for a refund if you're convinced your system does not perform well.
A good idea might be to run your EA on different Broker accounts at the same time. This way you can see how your EA performs differently on each account (and believe me they do!). Once you go live with real money have your EA run on a live & demo account with the same broker & settings side-by-side on two MetaTrader platforms. This way you can see the difference between performance on live & demo accounts. You can also test new settings on the demo account while the live account is running the "safe & proven" settings. Once, after some time, you achieve better results with your "experimental" demo setup, move your settings over to the live account, and repeat the process.
Another piece of good advice is to join as many communities/forums as you can. Do your research and find the best communities that will give you all the information you need to become a successful auto-trader. There are plenty of free forums & newsletters you can join for good advice.
If all this information is a little overwhelming, don't worry too much! Read this guide a few times until you are comfortable with the various aspects of auto-trading. You have all the time in the world, Forex isn't going anywhere so be patient and take it one step at a time... When you purchase an EA, you also receive very informative set-up guides in the form of PDF documents and training videos that will take you through the process step-by-step, from downloading & installing MetaTrader to opening a demo account and setting up and configuring your EA.
Note #1: Currently the top two systems I would recommend is FapTurbo & Forex MegaDroid as I'm experiencing very good results with them. If you find that these systems just don't perform well for you, consider getting expert advice in the form of membership websites that you can join to get tips from some of the top auto-traders. You can find more info on this under the "Articles" section on the blog menu bar where I write about specific services available for each EA.
Note #2: Don't confuse the term Expert Advisor, with "expert advice". Expert Advisor (EA, Forex Robot) is the name given to systems/add-ons to the MetaTrader platform that help you trade or trade automatically for you. You can access your EA under the "Expert Advisors" section on the "Navigator" pane in MetaTrader. When I refer to EA in my articles, I refer to your EA system. Expert advice, on the other hand, is basically joining a trusted website/community/guide that gives you good trustworthy advice on how to set-up your Expert Advisor for best performance ;)
I encourage you to post comments, with your help we can find the best systems out there. If you liked this article, Digg, Buzz or Tweet it!
