Should You Buy Forex Expert Advisors To Trade?
To buy or not to buy, that is the question. Should you buy Forex expert advisors to trade Forex? I believe that is a question many of you may be asking yourself so I’m here to help with some suggestions.
There are many advantages of having Forex expert advisors to do trading on your behalf but with it, come many disadvantages too. This is especially true for those robots that you purchase.
There are many out Forex robots out there with new ones appearing almost everyday for $97 or thereabout, you can supposedly get the greatest and most profitable never seen before Forex EA that comes together with a 60 days money back guarantee.
Mind you, some of these Forex robots are vigorously promoted by gurus who tells you why you should be buying it. I do not want to go into the details but if you are on the mailing list of some gurus, you should know what I mean.
Factors To Consider Before Buying Forex Advisors To Trade
Here are some things to consider and you decide for yourself if you should buy Forex expert advisors to trade for you.
1. Some robot may not suit all market condition.
2. Some perform well during certain period only.
3. Backtest results is no guarantee that you will get the same results when you do forward test. In backtest, the data is stable with no slippage so all trades execute nicely.
4. Backtest and forward test using demo and live account will be different.
5. Backtest and forward test using demo and live account of different brokers will also yield different results.
6. Some brokers do not have all the data so backtest results will vary. You can try running a back test with a Forex expert advisor using the same settings in the same account and get different results at the end of a test because of missing data.
7. The settings for an EA that works with one broker doesn’t mean the same EA with the same settings will work with a different broker.
8. 60 days money back guarantee doesn’t mean that you will have enough time to fully test out the Forex expert advisor in forward test and before you know it, the money back guarantee is no longer valid and you end up with another EA that would likely sit in your computer and gather digital dust.
9. Last but not least, robots are robots and you have to be the intelligence that control them. No matter how much live test or some refer to forward test you have done with a trading robot on a live or demo account, it is still history once the day or trade is over.
I have pointed out some of the drawbacks when you buy a Forex expert advisor to trade Forex for you. To buy or not to buy is your decision. What I have done is to point out some of the things that you have to look out for,
So what are the options should you decide not to buy the Forex expert advisor that you have been eyeing but still keen on using Forex robots to trade for you?
There are a few options available:
- You can hire someone that you know to code it for you.
- Post your job online at sites such as Elance or Odesk.
- Search for free expert advisors online. There are many to be found, however they will require testing and understanding its trading strategy it has been programmed to do which can be very time consuming. The bonus, there could be one or some out there that may just be the one that you are looking for.
The risk of the first 2 options above as I see it are:
- The risk of the programmer running away with your source code, tweaking it a little, and then reselling it as their own.
- Receiving an expert advisor that doesn’t quite match the strategy you have in mind.
- Giving away your strategy “freely” when you very much wanted to keep it to yourself.
Last but not least.
Not the easiest solution but easily the most rewarding as long as you are willing to put some time into it. Learn to code the Forex EA yourself. This way, your strategy stays with you and everything is yours to keep, share it, charge others to do their Forex robot programming or even sell your own Forex robot.
You can also create your own EA without any programming knowledge. There are software available where creation of indicators and EAs are made easy using drag and drop and the code generated for you. All you have to do is to cut and paste that code into your MQL4 editor (comes with MT4) and compile it and you have your very own!
So Should You Buy Forex Advisors To Trade?
The decision is yours to make. You can take the shorter path and opt to buy Forex advisors to trade or have someone code it for you.
Or choose the path less taken but more rewarding to learn and code your own Forex advisor because you will learn a skill and it will stay, never to be taken away from you.