One of the biggest problems with finding a good MetaTrader Expert Advisor is simply how many there are out there. There are literally hundreds upon hundreds scattered across the internet, either for free on forums and specialized sharing websites, or for sale on individual websites. Now you may intuitively think that you shouldn't even consider the ones that are for sale because there are so many out there that you can get for free! But that is not the case at all. First off you must realize that 99% of the bots you can get for free are going to severely damage your account. At least they won't make you any money. The main reason for this is probably that 99% of mechanical trading systems don't work and the Expert Advisors that are based on them won't work either! Another BIG reason is that most of the bots that are shared for free are created by amateurs that don't really know correct programming let alone how to trade profitably. Often these will be "experimental projects" that may show extraordinary results in back testing and then extraordinarily bad results in live trading. (And why would anyone give away a truly great creation? Reality is that it's probably never going to happen). There are just so many aspects that need to be considered when creating automated algorithmic trading systems, that you can't expect someone without extensive knowledge of the subject matter to be able to do it successfully. There are so many pitfalls for trading system developers to fall into that it's virtually guaranteed that someone without the knowledge and experience will fall into one of those. I'm not going to talk about what these pitfalls are here as that would take too long, but this brings us to the next point I want to make.
I 100% recommend that you buy your Expert Advisor/s. What I've discussed so far should make it clear that it's virtually impossible to find a good enough bot just scouring the internet. But buying one is also easier said than done. Here we actually encounter another big obstacle to finding profitable bots; SCAMMERS. Yes, the rumors are true, the Forex world is filled with shameless scammers praying on innocent people that don't know how to sort the good from the bad. The world of Expert Advisors in no exception. This is very saddening for those of us who "are in the know" and are able to make a living trading Forex. It's saddening when someone asks you what you do for a living and the response you get is something like; "isn't Forex some kind of a scam?". Of course not! But when you type Forex related terms into the search engines scams are often what you'll find. I estimate that about 60% of the bots for sale on the internet are direct scams; they don't work or aren't safe and the vendor knows it and yet claims otherwise. (Don't be fooled by the "incredible returns" the vendor boasts of. All of them do!). I estimate that about 35% are just poor creations by aspiring traders that may not intend to "trick" people, but just don't know and can't do any better. So that leaves about 5% that can actually make you money over an extended period of time. But out of those 5% I would personally probably only use about 1%. Those are the "moneybots". They have been created by a proficient programmer and are based on a solid, robust trading system. So far I have only been able to find a handful that have met my requirements, but they are also fantastic investments! I have been able to find a couple of truly ingenius ones, that have made me substantial amounts of money and as of the writing of this article, I'm currently using with great success.
So how do you find the "moneybots"? First of, don't try to just manually look through the search engine search results because it will be virtually impossible for you to find what you are looking for. Fortunately there are a couple of websites that conduct forward tests of commercial Expert Advisors, and there you can often find actual proof of ones that work. But be careful, many of these websites aren't honest reviewers and many may even be owned by the creators themsleves. But this is still your best option, if you don't know someone who has used a certain EA and can attest to its' virtue.
I 100% recommend that you buy your Expert Advisor/s. What I've discussed so far should make it clear that it's virtually impossible to find a good enough bot just scouring the internet. But buying one is also easier said than done. Here we actually encounter another big obstacle to finding profitable bots; SCAMMERS. Yes, the rumors are true, the Forex world is filled with shameless scammers praying on innocent people that don't know how to sort the good from the bad. The world of Expert Advisors in no exception. This is very saddening for those of us who "are in the know" and are able to make a living trading Forex. It's saddening when someone asks you what you do for a living and the response you get is something like; "isn't Forex some kind of a scam?". Of course not! But when you type Forex related terms into the search engines scams are often what you'll find. I estimate that about 60% of the bots for sale on the internet are direct scams; they don't work or aren't safe and the vendor knows it and yet claims otherwise. (Don't be fooled by the "incredible returns" the vendor boasts of. All of them do!). I estimate that about 35% are just poor creations by aspiring traders that may not intend to "trick" people, but just don't know and can't do any better. So that leaves about 5% that can actually make you money over an extended period of time. But out of those 5% I would personally probably only use about 1%. Those are the "moneybots". They have been created by a proficient programmer and are based on a solid, robust trading system. So far I have only been able to find a handful that have met my requirements, but they are also fantastic investments! I have been able to find a couple of truly ingenius ones, that have made me substantial amounts of money and as of the writing of this article, I'm currently using with great success.
So how do you find the "moneybots"? First of, don't try to just manually look through the search engine search results because it will be virtually impossible for you to find what you are looking for. Fortunately there are a couple of websites that conduct forward tests of commercial Expert Advisors, and there you can often find actual proof of ones that work. But be careful, many of these websites aren't honest reviewers and many may even be owned by the creators themsleves. But this is still your best option, if you don't know someone who has used a certain EA and can attest to its' virtue.
To make your life a little easier I'm sharing the Expert Advisors that I'm currently using on Income Forex Robots website. I'm not affiliated with any of these, but they are the best I've found so far. Feel free to check them out!
Forex software is quickly gaining popularity on the internet and even on some late-night T.V. infomercials. However, a word of caution should be said about these systems. They often make extremely bold claims of fully automating the trading process and allowing you to simply click your mouse and make tons of money.
ReplyDeleteForex EA