Tips for the novice trader: Choose an Expert Advisor

For every beginning trader sooner or later there comes a moment when he is faced with Forex trading advisors or robots. Most of the beginners perceive this event as their "finest hour". Indeed, what is the point of poring over the monitor analyzing the market, if clever people have written a program, which trades itself and, judging by the advertising, brings fantastic profits, you only have time to prepare money bags. And only with time beginners begin to realize that not everything is as simple as it seems. What should I pay attention to when choosing an Expert Advisor for the foreign exchange market?

 

We should mention right away that we will not consider the choice of freely available Expert Advisors, but focus on paid trading robots.

Nowadays, there are many services for selling experts. As a rule, novice traderThe seller, who is already planning which island in the Pacific Ocean he will buy after a week of using the trading robot, finds a cheaper product, and also promises mountains of gold by the next Monday. In the end, more often than not, only the seller of such Expert Advisors is left with a profit.

Where to start when choosing an Expert Advisor for a beginner?

First of all, a beginner trader needs to understand that the trading robot (advisor, expert) is an automatic trading system. The word "system" itself means a trading algorithm of some kind, in other words - the strategy by which the system works. Therefore, it is necessary to pay attention whether such a strategy is given in the description to the advisor.

If specified - it is desirable to analyze her previous work, the results of which conscientious sellers attach to the description. Most often, such sellers use online services, where you can view the work of the Expert Advisor in real time. If the trading algorithm is not specified or there are no indicators of its work over a certain period of time - you can easily look for another seller.

As you know, "nothing lasts forever in the best of all worlds. Life does not stand still, the market is in constant motion. Despite the fact that history repeats itself, no one can give you a hundred percent guarantee that the Expert Advisor that worked consistently and profitably a year ago will show the same profitable trading this year or next year. Therefore, it makes sense to pay attention to the availability of updates to the Expert Advisor, which conscientious developers place on their resources.

Along with updates, you should immediately check the availability of technical support for the Expert Advisor you intend to buy.

Note on which timeframe trading robot. Statistics show that the optimal time frame for trading is H1. When using a trading robot on an hour timeframe, the probability of income loss in the event of slips or server overload is minimal.

And lastly, you need to carefully look through the relevant forums, read buyers' reviews of the offered Expert Advisors. Choose a seller that already has a reputation among traders, and not one that lures newcomers with promises of super profits.

Choosing an Expert Advisor is not the easiest thing to do even for many experienced traders, and even more so for beginners. It's up to you to decide, but we hope that the above tips will make your task easier, making trading on the currency market with robots more confident and profitable.