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TIPS to Enhance Performance of a Forex Expert Advisor (EA) or Forex Robot -
1. Trade with EA only with a True ECN/STP Forex Broker who is giving spread < 0.5 Pips, execution time < 500 ms, Slippages < 15 Pips, No Requotes.
2. Trade with EA only on VPS and also check latency, it should be < 20 ms.
3. Even though VPS providers gives 99.9% uptime but still to be safer side check your VPS each day. Login at your VPS each day and check if MT4 trading platform is working correctly, EA is activated or not.
4. Keep track of Major News events. Follow instruction of EA developer regarding EA trading during news hours. Some EA developers instructs to disable their EA one hour before news hours and again activate them one hour after major news.
5. Read every single word of EA Manual, don’t be lazy in reading EA Manual. Lot’s of secret EA settings are explained in it.
6. Activate EA on both Demo & Live Trading Account. If you start noticing losses continuously for 3–4 days, disable your EA on LIVE account and keep track it on DEMO Account. Once you notice that EA again started making profit on Demo Account, activate it back on Live Account.
7. Limit No. of Robots - DO NOT cloud your MT4 platform with several Robots or EA's that cannot add value to your trading. In short, activate only one Forex Robot or EA at one MT4 platform, and only on 5-6 Charts as per EA Developer's instructions.
Better Try than Regret! So, don’t forget to check here TOP 3 Forex Robots in 2019 -
Best Forex EA 2019 | Top 3 Forex Robot | Forex Expert Advisor for MT4
I wish you good luck in Forex Trading!
In the forex world, a “forex robot” is a program that strictly uses technical signals to enter into trades and lets the human sleep in a hammock on a beach while he “makes” money.
Forex Trading Robot With a push of a button, the forex robot runs continuously, making trades signaled by mathematical algorithms applied to past price history.
In order words, they run automated mechanical systems, whether or not the user is in front of the computer or not.
The problem is that forex robots and their pre-wired thinking do not compensate for ever-changing market conditions.
Market behavior is dynamic, constantly moving in an infinite variation of three movements: up, down, or sideways.
Most robots are not programmed for all environments, or to recognize a change in the trading environment. As a result, losses occur and they can be huge if not closely watched or managed.
Now, the scam isn’t the robo advisor itself but how they are marketed. Scammers will often try to sell these robots and automated systems as the “holy grail” of trading, promising you’ll retire sometime next week.
And they sell them at “human affordable” prices ranging from $20 to $5000.
OMG!! Only $20?? For the chance to make ridiculous money??? That sounds like a bargain!
All right, stop. Collaborate and listen.
If the creator is making big bucks with the system, why would he/she try to sell it and share the profit?
And why for only $20?! You can barely get a decent meal at Chick-fil-A for you and your sweetums with $20!
The only real profit for these fraudulent people is the revenue generated from the sales of their forex “R2-D2s.”
The scammer will try to entice you with historical data and back-testing logs.
It’s back-tested!! It must work!!! And it’s only $20!! That’s less than a PS4 game!
All right, stop. Collaborate and listen. Again.
Sure, it might look highly profitable. However, in the forex market, there is no such thing as a consistent market. Conditions are changing all the time. The past has little effect on the future in a changing market.
We don’t know for certain that what happened in past will happen again in the future. There are too many variables to consider.
Plus, you don’t know if these scammers are making up the results anyways. They could just input random numbers into an excel file as most people wouldn’t bother checking if they are accurate or not.
Stay away from automated systems and robots until you become a master trader AND programmer.
Automated Trading Robot Beginners know nothing about trading or how forex markets behave, so they will not understand how the robot works, what environments they are best suited for, or how to tweak and adjust the system.
It is best to actually learn how to trade consistently before you make the decision to let a program do it for you.
Think about it this way: Would you give a total stranger (with no brain to boot!) your hard earned money to invest without having a clue on what he/she was doing?
Didn’t think so!
Forex robots can be a great tool, but let’s be real -there is no perfect “one” that will work in all environments, all the time.
hoot, even the quant funds and algorithmic traders on Wall Street can lose money, and they have Ph.D. mathematicians and financial engineers creating their programs!
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