Forex Expert Advisors are automated Trading Robots on Mt4 and Mt5 platforms. They allow traders to trade currencies following set rules automatically. They are used by thousands of forex traders daily. Some traders even pay fees to buy paid EAs.But it’s not as simple as one may think to make money by trading with robots in the forex market.
This article will explore the reality of using EA with arguments. We’ll learn tips to make EA profitable. Let’s first discuss:
Is forex EA Profitable?
Yes or No, both. They are only suitable for trading less volatile currency pairs by institutional traders. It is impossible to make money for individual traders by using EA only as market moves are affected by the news. The sellers of EA make a profit by preying on innocent traders.
For pending orders and stop loss, they are good. It is impossible to program EA according to the ever-changing market situation. It’s better not to expect too much from such tools if you want to change your life trading forex.
What Is Forex EA
Forex EA is automated software used for trading forex in your absence. It is also called a forex Robot for Metatrade4 and five trading platforms. It trades forex even if you are sleeping. It operates on instructions you feed. It has the ability to recognize specific patterns and trade accordingly.
EA are tools that work mainly on artificial intelligence. It does not mean you can rely only on EAs for your trade. Like other tools, this tool has some drawbacks. It is highly recommended for EA users to keep an eye on market news and respond accordingly.
Pros Of Using Expert Advisor EA
Every trader needs to know some benefits of EAs before using them. Let’s read about the advantages of EAs
- EAs are free from emotions
- EA tends to trade irrespective of loss and profit-making mentality
- EA considerable reduces the stress level of professional traders
- Traders can do other tasks after setting EA of the day
- EA takes speedy decisions as compared to the trader
- EA has a tendency to trade more than one currency pair simultaneously
Cons Of Using Expert Advisor EA
There are specific issues with EA that every trader should know before using it. Below is the list of drawbacks of using EA:
- EA doesn’t respond to current market news
- EA only works on the fed program
- EA doesn’t rely on interest rate decisions and changes
- EA only responds on set variable currency rules
- Relying upon only EA can make prone to severe errors for trade
- Using EA of other parties of the firm can lead to scammers
Is Forex EA Profitable
Yes or No, both. It depends on how you use EA. The success of EA depends on how authentic they are and how traders use it. Instead of relying on EA, the best thing is to spend time in the learning market with a licensed brokerage.
Arguments In Favour Of EA are Profitable
When you say YES, EA is profitable, you must have valid arguments to support it. The first argument is that EAs are profitable because they have the ability to process any trading strategy.
Below is the name of a common type of automated EA you can get benefit from:
Trend Trading Expert Advisor
In this strategy, robots will use MACD and RSI indicators to open and close positions. It is profitable for swing traders.
Price Action Trading Expert Advisor
It works on price action at the support /resistance level. It is successful if set according to the system using oscillators, indicators, Fibonacci, and essential trend identification.
Scalping Expert Advisor
In this strategy, robots quickly make small trades in and out throughout the day. It is profitable in ranging markets with slow price moves.
Martingale Expert Advisor
Martingale’s strategy relies on doubling losses to recover from previous losses. It can be profitable if used strictly with other strategies.
New Trading Expert Advisor
In this strategy, traders take advantage of price moves due to some news. It is called new as its recent approach
Arguments Against EA are Profitable
Some traders still criticize using EA. The reason is that they think this robotic system is based on artificial intelligence. The patterns of the forex market are highly unreliable.
It’s better to study both fundamental and technical analysis before taking any decision…
- EA is Based only On Technical Analysis
- EA has nothing to do with TRend or News
- EA is risky for volatile currency pairs
- Paid EA can increase the chances of being scammed
Tips To Make Forex EA Profitable
Many factors determine the efficiency of EAs in forex trading. If you want to make your forex trading robots perform well, follow the tips below.
- Set programs with the help of forex analyst
- Regularly update EA according to market conditions
- Put codes accurately without any errors
- Run other programs without interfering with EA
- Ask support staff whenever you need help
Which EA is Best for Forex
The best EA for forex is proven, authentic, and best reviewed. Forex Fury and Forex Steam have been considered the best EA for many years. Both are paid EAs that worked in almost all countries over the years.
The rate of Forex Fury is $229, and its win rate is 90%. The rate of Forex Steam is $117, and its win rate is regularly updated.
Can forex EA make money
Yes, EA can help traders make money. But it does not mean that EA trades always go in optimistically. Institutional forex trading, it does make a profit. EA can not be a substitute for financial analysts in central banks and other financial institutions. They are just tools that can’t replace human intelligence.
Does forex EA work
Yes, forex EA does work. The point is that tools are tools and can’t replace human intelligence. The work of any instrument under the umbrella of artificial intelligence depends mainly on how traders handle it. The viability of EA varies from trader to trader.
Whether EA is profitable or not depends on many factors. The trader’s knowledge, style, and experience make EA profitable. If you try to imitate other EAs, your trading style may not endure it. So, try to develop your own EA to that you feel comfortable going.