Automated Expert Advisors (EAs) Are They Worth Considering?

By Ash Naeck

If you are familiar with Forex, I bet this is one of those questions that got your brain juices running.

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.

Why are we so obsessed about Automated Expert Advisors?

These are the main points why traders use EA's:

- System is on autopilot

- No thinking involved

- More time to relax

- Less stress

- Doesn't require constant monitoring

- No thinking required

- Help documents available

These are the main features that attract us to trading on auto-pilot and I have to admit, they are all very tempting in hind sight. However, the trading world is not as perfect as it seems. Many a time things that, "look too good to be true'' turn out to be greatly deceptive.

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:

- Robot turns $1000 into $10000 in matter of days

- No experience needed- start making money in minutes

- Make $1000 on autopilot every day

- Plug in and make money in a matter of minutes

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.

Here are some of the points to take into account when investing in a Forex Robot:

- Who developed the system? (make sure he/she is a well-known Forex trader with substantial experience in Forex trading)

- Has the system been tested on a live account? If yes what are the monthly returns.

- How long has the system been in operation?(2+ years)

- What is the maximum risk exposure?

- The risk to reward ratio.

If all the above questions are ticked then you got yourself a potential winner.

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.

I knew nothing about Ashkan Bolour at this point. I researched the net for more information and learnt that he was a highly successful money manager who was well respected in the Forex world. He had featured in many trading books and had become quite an authority in the foreign exchange arena. I decided to try his product after seeing the nice monthly returns he had on his live accounts.

All my skepticism was left behind when I started seeing the power of his system. My profits were consistent and my account was growing gradually. The returns were realistic and the draw-downs low. If you are looking for a good system with decent monthly returns, do yourself a favor and try Ashkan Bolour's system, the FXprofit Mountain. You may fall in love with this robot. - 23212

About the Author:

To learn more about FXprofit Mountain and its amazing results go to the Forex Expert Advisors section of Forex Trading Domain for a review of all the Forex Systems that actually work!