A Profitable Forex EA

steven evans By steven evans, 7th Nov 2013 | Follow this author | RSS Feed
Posted in Wikinut>Money>Forex Trading

A profitable forex EA can help you to make profit automatically in forex. With using this kind of EA then it will open and close the order with profit.

About Forex EA

Forex EA is a script which created by an EA coder. The quality of EA will be seen in the trading result, if it can bring profit for forex trader consistently then it categorized as profitable EA but if it make the forex account getting margin call of losing the money after using the EA in specific time periods then it categorized as unprofitable Expert Advisors. A good Expert Advisors must have a profitable trading strategy and implemented with money management. Sometime we can't predict market movement and it will be dangerous if we are using an EA without money management. It will make the EA user losing their initial deposit in forex or in the worst scenario, getting margin call.

Where To Find Profitable Forex EA

Forex EA often being shared in many forex forum and you only need to download it but you will need to chose it carefully because there are a lot of unprofitable EA or half baked EA shared in forex forum. Don't trust easily with trading performance which posted in the forex forum and it will be better if you test it first in demo account before you are using it in real account especially if it's a martiangle type of Expert Advisors. Some of this automatic trading script will need a specific setting like specific pair, time frame, and lot size so testing it with forward test will help you to find the correct setting of EA. It's important so you will know the trading performance and the quality of Expert Advisor. If it don't give a good the trading result then just don't use it in real account because it will only make you losing your investment in forex instead of bringing a consistent profit.

The Risk Of Using EA

As we know if forex is a risky business. We can lose our money no matter if we trade manually or using EA and the risk will be same because using EA will not reducing the risk in forex. Using EA can make your life easier since it make the trader have more time to doing another activity without needed to watch market movement all day like manual forex trader did. But remember that the risk is still same or even can be worsen than manual trader since this automatic trading will still trade no matter how bad forex market condition. Most of EA failed when market start to move with high volatility and they will only opening the open order until it hit the stop out level. If it's happen then you will definitely losing all of your money in forex. So in order to avoid this risk of using EA then you still must monitoring the market price and being aware when market want to releasing the economic news.

My Opinion About Forex EA

Personally I already losing a lot of money in the past by using Forex EA. It happen when the market just releasing the news since it will make market have more volatility. Starting from that then I only focus on manual trading. It will be more tiring since I will need to watch market for a few hours but at least I can take a full responsibility for my forex account. When I trade manually without using EA then I can stop trading when I think market condition is not good. So just take at your own risk if you decide to use an EA to trade in forex. At least I already warn you.

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