In this article, I share my personal experience with Forex trading and expert advisors
For several months I’m personally crawling the web for solutions to earn passive income, like Dropil’s Dex or Arbistar. I found “expert advisors” for MetaTrader – a tool for trading on your PC with Forex (Foreign Exchange currency market).
You can install in your MetaTrader Software such EA/Expert Advisors to improve your trading experience. For example, such little programs are trading for you under special conditions on specific signals, etc. There are many kinds of such programs on the market. There is a huge offer of such EA’s on the web. The price range is from free too 10.000 USD for an EA.
I tried a bunch of them, free and paid. Even the profit in the first weeks was good, one week later my whole capital has been busted and I lost all.
You would say, “okay you don’t read enough about this kind of software and settings” or you “don’t run enough backtests”.
Yes, maybe I did something wrong – share your thoughts and experience in the comments session, please.
I’m experienced with trading and run a lot of backtests with different expert advisors too. Often many brokers are scammers. I also lost a lot of money with them. They closed the trades unexpected, send wrong market prices and so on. But this is another story…
Many people try to earn money from the hope and greediness of others. On YouTube are videos about expert advisors which let you earn thousands of Euros profit in just a few weeks. Sounds good?
Well, the accounts are running mostly on demo accounts which different market conditions. Many Expert Advisors are also optimized for giving the user an awesome result on backtests. But only on the backtest. As soon the trader switch to a real market the account is busted in a couple of days. The Forex market is unpredictable!
If you found a good Expert Advisor, consider using them always under surveillance. Use him wisely only under the market conditions for which the EA was developed.
Watch the forex News and market always. If the market change, step out of the trade to avoid huge losses.
Most of the EAs do not use stop losses to reduce the number of loss trades.
This is okay because sometimes the market peaks otherwise let you close too many trades in the loss zone. But if the market changes overall it will let you run in deep loss till your account is busted.
“Manual” Forex trading is the best you can do. Watch the market and charts and place your trades when it is the best time according to your trading strategy. You can scalp, swing and whatsoever :). Yes, we are all lazy and want to earn money by doing nothing.
But, it is not easy.
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