What's The Big Deal With Expert Advisors?

My trading career begun when, Expert Advisors were becoming popular among the retail traders. The hype and results surrounding those systems were so mind-blowing that I believed Forex would be an easy trading game. I wasted a lot of time and money in search of the best Expert Advisor out there. I bought literally every EA that hit the market. They all promised the sky but in the end I was left with nothing. It took me a while to come to terms that most of those systems were no definite solution to currency trading.

What makes Expert Advisors so attractive? These are the main points why traders use EA's:
- No emotion involved
- More time to relax
- Easy to install and use
- Doesn't require constant monitoring
- No thinking required
- Improve trading system

The above, outline the main points why traders seek the use of an Automated Expert Advisor. They do look attractive when put that way; however you should also consider the negative aspects as well.
There are thousands of automated Forex providers on the net nowadays. This number is increasing day by day and funnily enough they all seem to have insane winning rate some even with a 100% success rate (hmmm). The common sales pitches used by those providers are:

- Make money on autopilot - No experience required
- Quit your job and make a killing with this robot.

If all these were true we would all be filthy rich by now and I wouldn't have spent thousands of dollars on useless Expert Advisors that do not work. The reality is that most of those expert advisors are in plain English B.S. The chance of you losing money is much higher than you making money.

If you are reading this article then consider yourself as one of the lucky ones. Do not get me wrong and am definitely not bragging here, I am simply sharing with you the experience I have had, personally, over those 5 years of trading. I am one of the few who will tell you that 98%+ of the Expert Advisors available on the net simply do not work. If they did work don't you think those major financial corporations would use those systems instead of relying on their FX traders?

However, that is not the case. Banks and major financial institutions rely solely on their human minds (traders) to make money day in and day out on the market, not on the so called Robot traders. Those major institutions understand the fact that market conditions are not always in harmony and that price is highly unpredictable.

You must have heard of those mathematicians and engineers coming forward and voicing out the fact that they have cracked the code to Forex trading. This is simply B.S. Most, if not all of their data are collected through back-testing or demo testing. I will make this short and simple for you to remember; a system cannot be built on the basis of back-testing only.

Below are the points to consider when looking for a Forex Robot:

- The back ground of the developer (make sure the developer is a successful Forex trader and not another engineer or mathematician claiming they have cracked the Forex code)
- Has the system been tested on a live account? If yes what are the monthly returns.
- How long has the system been in use?(2 years minimum)
- Monthly ROI
- Maximum draw-down.

If all the above questions are ticked then the product may be worth your time and money. I have spent a large sum of money over the years trying all sorts of Forex robots. The result was that I lost as much hair as I lost money! Quite frankly, I was quite disgusted with all those Experts advisors until the day I came across a guy named Ashkan Bolour.

At this point I had no clue who this guy was, so after some research I came to know that he was a highly respected and successful Forex trader. He had featured in many trading shows and books and was a veteran money manager. He had an automated system that had good reviews and which seemed fairly priced. So I decided to give it a shot.

Well the results were quite amazing. It was not a system making 500% or even 100% return each month but it was making some very consistent profits with small draw-downs.

Article Source: FxTradingStock.com

About the Author

To learn more about this amazing Forex robot go to the Forex Expert Advisors section of ForexTradingDomain.com for a review of all the Forex Systems out there.

by: Ash Naeck

Total views: 58 Word Count: 780 Date: Sun, 11 Oct 2009

Publish/Share this article

To use this article on your site click here to get the HTML code

Rating: Not yet rated
Login to vote

Related Articles

Why Stock Market Timing
Risks In Debt Settlement
How To Deal With Market Corrections
Advise For First Time Home Buyers
Real Estate Investing Mistakes To Avoid
The Forex TRading Network
Here Is What You Need To Know About The Ivy Bot
3 Easy Steps To A Better FICO Score