If you’re not familiar with the words “expert advisor”, you may have heard these: Forex Robot, Automated Forex Trading Software, or simply EA (short for Expert Advisor). All of them are literally the same thing: an automated software that utilize your trading platform (usually a MetaTrader platform) to analyze the market for potential profit opportunity, manage opened positions, and execute orders automatically without human operator. Theoretically, this is an ideal solution to overcomes a human trader weakness: inability to watch the market 24/5 without rest at all.

Most expert advisor are written in MQL-4 programming language and designed to run under MetaTrader 4 trading platform. These advisors can help you in two different ways: send you info when a profit opportunity occur at the market (AKA trading signal) or taking over all your job as a trader by automatically analyzing, executing orders, putting stop loss and take profits order, and managing open positions by itself. Read more about the benefits of using the second version at forex robot software .

If you’ve been a fan of manual trading for a while and have got your share of profits, I know that it sounds too good to be true. Offering cheap software that can outsmart you in trading forex is sounds like most of scammer will do anyway. Well, there is truth in that way of thinking; over the years, there are many investors lose their money because they trusted their fund to be managed by an EA. It happens because more than half of the EAs in the market are mere trash that can only win against past data but keep getting loss trades against real market. This is the facts and it still happening now.

“I knew it” is probably what you think now, but there’s another side of the coin that you must know too. It is purely logical thinking and not rocket science at all, so bear with me for another 2 minutes.

If you’ve been trading for a while you must’ve known that every successful trader have their own trading system that can works without fail in their area of expertise; maybe swing trade strategy on USD-JPY currency pair, maybe long term 3-7 days strategy on GBP-USD, maybe intraday scalping method on EUR-USD, or maybe they have a few set of strategies for different market condition. Basically, they are all having a set of rules to trade forex that allow them to achieve winning trades on regular basis and they follow it strictly.

You should’ve understand the basic concept by now. All the EAs are just a bunch of codes that executing what they’ve programmed for; to be exact, they’re merely executing the rules behind them, these rules are what make them truly “expert” or truly “trash”. If the rules (AKA the trading system) behind them is set by a real professional trader who uses the same set of rules to generate profit in live trading, the EA become true “expert”, but if the rules is set by some idiots who can only modify its program to match past data, the EA become “trash”.

How to differentiate them? The method is simple; just open a dummy account, place your EA there (you still have to spend some money on VPS though), and test it for at least a month, thus you can see if it is really profitable or not against live market movement. Most of them are “forced” to offer 60 days 100% money back guarantee due to the merchant rule, so you’re safe to test it during that period. You can get $100,000 MT4 dummy account at AvaFX; read more about them at a review of AvaFX.

Don’t let your prejudice cloud your judgment; although most of the current expert advisors at the market are merely scams, there are a handful that really work and you can use them to achieve even greater profits from the forex market. Check and test the top recommended forex robot at best performed forex robot .

You can get automated forex trading software in two forms: the first is a software that send you trading signal when it find a profit opportunity at the market, the second is a software that get everything done for you, including executing trades. You may already have recognized the second one as forex robot or EA; this one seems to have a lot of users, so I’m going to focus on this one.

You’ll find many forex robots that created by mere programmers who can only win during backtest (because they’re created solely with that goal: winning at backtesting), but there are a few robots that really work and backed up with profitable trading system from real trader. But getting your hands in this robot does not mean that your search is over and you can watch the money rolling in; this is a mistake that have been made by many robot owner and they’ve paid dearly for that.

One fact that you need to realize is no matter how profitable the trading system behind your automated trading software (be it forex robot or trading signals), they need certain conditions where they can run at their 100% capabilities and you as the owner must provide it for them. These are factors that tend to overlook by forex robot owners:

1. Credible Online Forex Broker
You can have the best forex robot in the world, but it means nothing if your broker tackle your trades. Your broker can sabotage your trades by cutting your connection, tackle your trades, delay your order execution, etc. There are hundreds of forex broker around the world, some are real, but there are also scam brokerages.

The easiest way to identify a credible broker is checking their registration at the official financial authority such as FSA or NFA; but even with that you can’t be 100% sure, so be very careful. My top recommendation for online forex broker would be AvaFX, I suggest you read more about them at AvaFX review .

2. Reliable VPS (Virtual Private Server)
Forex robot is an automated forex trading software that run automatically 24/5, thus it needs a host that can do the same. Unless you own a server that run 24/5, it is impossible to run your forex robot from your own PC at home; having your robot only operating when your PC is on will cut your profits drastically.

This is where VPS comes in; basically, you rent space in a server to host your forex robot so it can run 24/5. If you’re looking for this service, you’ll find many alternatives, so take your time and pick the one that reliable enough to host your EA 24/5.

3. The Best Currency Pairs
You should’ve got this information from your robot’s manual, so make sure to set it only run in the currency pair that it has optimized for. Some forex robots claim that they can run in all currency pairs, but there should be some pairs where they truly optimized for, so stick into these optimized pairs.

In some cases, there are third party providers that offer enhanced settings for your forex robot, thus allow you to trade more aggressively or trades on different currency pairs. This offer may be real, but there is also possibility that it only rubbish settings, so it is a good idea to test it in a dummy account first.

It is possible to use automated trading software to gain steady profits from the forex market, but you can’t charge blindly to the first offer you met. Take your time in testing different robots and when you finally get one, put attention to the three factors stated above to make sure your robot run at its 100% capability. Learn more about the top robot at the moment at FAP Turbo – the review or simply check my top recommendation at top rated Expert Advisor .