How to choose an inexpensive Expert Advisor. 4 important steps
Trading on the currency market is a rather costly endeavor. And now we are not talking about money, but about time and nerves. Not everyone can devote a lot of time to trading, not everyone can cope with emotions, seeing the growing or decreasing deposit. And this is where a person comes to the rescue trading robots.
However, this is not without its difficulties. The fact is that high-quality profitable robots are not on the road, so to speak, and their cost is not affordable for everyone. And even if they are affordable, there will be many willing to risk their money buying an expensive advisor? So, let's choose an inexpensive trading advisor correctly.
Step 1: Choose the type of trading robot
Each Expert Advisor, whether it is free or very expensive, works according to a well-defined algorithm, which is based on one of the trading methods. It can be trend trading, scalping, pips, breakout trading, etc.
Therefore, to begin with, you need to decide what approach to trading you like, what you have more understanding of. It is very desirable that you have some experience in this type of trading, it will help you to make sure that the trading expert is workable.
Step 2. Check the performance of the Expert Advisor on history
It is hardly worth trusting the trading history presented in the form of a screenshot. Any enthusiast familiar with primitive graphic editors will draw such a story with a profit of 100500 dollars for a month. Normal developers post the work of their experts on services like myfxbook.where you should look for the trading history of the Expert Advisor you like.
If there is no such, then, most likely, in front of you is another crafted product designed to enrich its authors, and its popularity - the usual marketing trap.
Step 3: Look for an opportunity to test the robot
In order to attract more clients, many developers provide a certain free period of use of their robot or give the opportunity to try its version with a slightly reduced functionality.
This is the best option - take such a robot, open a demo account and, after some time, you can immediately see what the developers are asking money for.
Note that sometimes developers do not advertise the possibility of testing their product. Don't be shy, contact them by one of the feedback methods (by the way, this is one of the signs of a conscientious developer) - as a rule, such a request is met.
Step 4: Check the profitability of the laid strategy
Any expert, be it a scalper or a trend robot, opens and closes deals within the framework of some trading strategy, which is a clear set of logical rules for making money on the currency market.
Nothing new has been invented in the currency market over the past time, so after spending some time, you can find a strategy similar to the one on which the Expert Advisor is built to test its effectiveness.
However, it should be noted that it is unlikely to be possible to objectively assess the effectiveness of a strategy without sufficient experience. For example, you may watch a video presentation of a super-efficient strategy "A Million Tomorrow". This will yield nothing, as the authors often do not talk about the disadvantages, even major ones, but only flaunt the advantages.
Conclusions
Naturally, it's not unreasonable to read the latest advisor feedback, chat with traders on the forum and, even after buying such an Expert Advisor, do not rush to run it on a real deposit, but look at its results in the strategy tester. This will never be superfluous, as some Expert Advisors require "fine-tuning" of parameters.
You may ask, why waste your time on all this? But agree, it is a shame to buy an Expert Advisor for your money in anticipation of profit, and this robot will drain you deposit after deposit simply because you were too lazy to choose it properly. Therefore, choose wisely and let your profits only grow.
New! Monitoring of advisors
Fortrader magazine in cooperation with the forum "Systems" offers place free and paid robots on public monitoringTo evaluate their trading style. If you have any ideas about which Expert Advisor to put to the test, please leave a comment below the article, in the forum thread or write to the editor.
Where can I download the euro scalper robot or buy it to start with a small deposit?
I agree with the conclusions. However, it cannot be ignored that sometimes there are free Expert Advisors that can bring profit. One of the few is the Smart FX trading robot.
I have it on my account since August with conservative settings and during this time managed to almost double my initial deposit.