Forex Trading Advisors are automated programs built into the trading platform that simplify trading and save time for the trader. In other words, instead of sitting at the monitor for hours and waiting for the simultaneous coincidence of 3 technical indicators, it is enough to install an adviser who will automatically open a position with a strong signal. The ideal option is to write your own Forex trading advisor, but for this, for example, for MT 4 you need to know the basics of the MQL 4 programming language. You can download the program for free and you can buy it, but even the purchase will not guarantee a steady income.
Forex trading advisors: how to choose the best
Advisors are scalping, trend, Martingale, arbitrage, indicator and indicatorless (working on patterns and shapes) – the principle of choice depends on your preferred trading tactics. General recommendations for choosing a trading advisor:
- a properly configured Forex trading advisor must open at least 75-80% of profitable transactions;
- Ask for a statement (trading history with the help of an adviser for the last year). If the second party (for example, the seller) refuses to monitor the advisor on a real account, you cannot buy the program. True, this data is faked;
- Ask for an expert back test or test it yourself by downloading the appropriate program (for example, Welth – Lab). The testing period is at least 3 months (at least 200 transactions in different conditions). Alas, backtest graphics are also faked by vendors;
- specify the terms of trade. Universal trading advisors, as well as strategies, do not exist. Some program gives accurate signals on the nightly flat, some successfully opens positions in volatile markets at the time of news release, etc. Test the advisor in different market conditions to determine the moments of the greatest number of profitable transactions (it will take from a week to a month);
- calculate the payback (for the paid version), find reviews.
Some trade advisors can take part in competitions and contests or be tested on independent monitoring sites. An example of an interesting site is myfxbook.com/ru.
And even these recommendations will not give a 100% guarantee that Forex trading advisors will meet expectations. If even paid advisors would give a big profit, there would be no losing trades. Because our advice: do not rush to install paid programs! Download free versions, check their work on a demo account in different conditions and develop something different from them.
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