Expert Advisor For Forex – Criteria for choosing the best expert advisor for your Forex trading

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Expert Advisor For Forex

If you approach choosing an expert advisor with clean head, objectively and without using the emotions, I am pretty certain you can find a very good expert advisor to trade for you.

Let me explain here all the criteria and judgments I used in choosing the best Forex Expert Advisor for me and then I will also show you which one I choose and why at the end.

So, very quickly, because some may not know it…

What IS a Forex expert advisor?

It is just a program, a trading robot that you install in your Metatrader platform.

You have to have a broker with Metatrader that supports that platform, of course.

The idea is… this expert advisor is making you money as it trades on Forex.

Now, there are hundreds of different Forex robots or expert advisors as we call them.

Some of them are good and they make money for you, but the vast majority of them are a scam or a waste of time.

Also, something you have to realize… Robotic trading is not a fad or a fiction, a huge number of very large multinational banks use them every day in their trading. It’s definitely not the only thing they trade with, but right now, robotic trading or algorithmic trading takes up about 70% of all the volume on all stock exchanges and almost 85% on the Forex.

Imagine big boys with billions of dollars every day. That’s the stuff I am talking about, so it’s definitely here, definitely working and definitely here to stay.

OK, got that stuff out of the way…

How do you choose from all that fluff and scam products out there, a few products that can and will make money on your real account?

I looked for all the proof I could get, that a robot works and makes money and so should you.

Of course you should stop bothering with sites that only show screenshots of their account statements as proof…

You can probably make a statement just like that in Photoshop yourself.

In order for you to even consider expert advisor as legit, you should be able to verify that it is making money on a real Forex account and not on a demo account.

By the way… even mini trading account and standard Forex account are different. Forex brokers just cannot pass your mini orders to the large, interbank Forex brokers directly…

They just don’t need your $100. They operate in millions.

So most brokers will at least aggregate all small orders into a large order and then place it as one chunk, so prices, execution time, delays and so on will be different…

Close… but different.

Also, watch the claims the vendors make. If they say the robot is making 5000% a month, this is definitely a scam. This is just REEEEEALLY hard to believe for me.

Say what you want, but I just find it hard to believe.

Some strikes of luck can and do happen, but it cannot be on a consistent basis.

Yes you can strike gold once or throw your money management down the toilet and bid half of your deposit with one trade. If you win, you can make 100% with one trade, but doing it consistently…

I mean week to week, month to month consistently… It’s just not going to happen.

Now, most honest vendors who produce Forex robots that actually work will post their earnings on a third party monitoring site like myfxbook.com for example.

It is just a web site that has a real account username and password for this account. The site automatically goes and downloads all the latest history from the account and posts it on the web site.

Since it is updated live, you can easily see the performance of such Forex robot as it happens.

This monitoring will also give you a very detailed statistics on how this particular system works.

You will get all the stats like maximal loss and maximal profit and the profit factor of the system, so you’ll know what you can expect.

To make sure it’s valid, you can contact the vendor and ask for “Investor account access”.

This allows you to log in directly to a trading account and see what is happening, but you can’t make any trades.

That’s the only difference.

If this vendor has nothing to hide, they will easily share this information with you and you can check that what is on the web site is exactly what is on the account and that this account is real.

And just in general, it is a good idea to talk to the developer of this robot to find out what’s what and how the robot works.

Of course, I do realize that no developer will tell you exactly how it works, but at least you can get a general idea.

By the way, after contacting and talking to a few vendors who develop working Forex robots, I realize why not that many of them publish real account monitoring that often.

Let’s say a vendor is doing 2, maybe 3 expert advisors a year, testing and monitoring each of them will require a real account with at least $10,000 to make sure it’s properly tested on a real account (not mini), with solid money management.

No matter how good you are, some of your bots will flush this money down the toilet.

Maybe 2 out of 3 will do that.

And you need a true monitoring, true representation, so once you start live monitoring you cannot mess with them or stop these bots.

That’s 20Kilodollars down the drain. Not everybody can afford it.

What this means for us is if you find one that has a monitoring on a real account with real money for a long period of time that you can verify, you can almost guarantee that this robot will make money for you.

Another biggie is support and updates…

No robot will work forever…

Conditions on the market change all the time, and if your robot is not updated, it will soon become obsolete. Look for the robot that has an active team of developers who update it.

Oh and … you also want to make sure the Forex robot is protecting each order by setting Stop loss orders.

Now, let me also give you a few words of warning…

First of all, the results you get will be different a bit from broker to broker.

All brokers have different prices at different times and although they are pretty similar, they will never be identical.

Another issue is you should choose a broker, that only makes money off of your commissions and not money makers who make money when you lose money.

You should avoid those brokers.

Well, maybe if you are doing arbitrage trading, then you may actually want to find those brokers specifically.

Look for brokers who provide No Deal Desk (NDD) and Electronic Communication Network (ECN) or Straight through Processing (STP).

Do give them a phone call and ask them to check if your specific account is like that, since most brokers these days have all types of accounts.

You want NDD with STP or NDD with ECN. Ask them to verify this for your specific account on the phone.

Even better in live chat where you type stuff, so you will have a written record this way.

 

So now, let me tell you about the robot, that I found for myself. It is called two faces of trend and it is written by BJF Trading group.

I have installed it on my account and it performs quite nicely, so… full disclosure here… I decided to become an affiliate for them and negotiated a deal with these guys.

They have a real account monitoring on the www.myfxbook.com web site (links are below), that you can check and you can also request an investor account access to verify this trading history is real and comes from a real account on a real broker for over a year, which I think is quite impressive.

They also support their robot (I have received 3 updates from them in the last few months) and they have 30 day money back guarantee, so if something doesn’t work out, you can get your money back.

By the way they have also recently optimized their robot for USD/CAD, but for now it doesn’t have sufficient history accumulated so I would recommend installing it on EUR/USD for now.

Now, to get more information here is what I want you to do next:

You can also buy it from there. Go there and click it now…

If for some reason, I don’t know… you don’t like me and you want to purchase this directly from BJF Trading group, just google two faces of trend… I think it is $170 more expensive on their website, but hey… each person may have his preferences.

So have fun and most of all, have some profitable trading. Only best expert advisors

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