Forex Trading EA's, or Expert Advisors, are plentiful and easily available on the internet. Although there are many free EA's available and also programming languages to create one's one EA, it is really the properly designed and tested products that are really worthwhile.
I must admit that I am a fan of automated trading systems for the inexperienced to moderately experienced trader as opposed to trading with a manual system. Manual systems can be very lucrative and profitable, but the practicality thereof for the average trader makes it difficult to be successful. This is mainly due to inexperience of a new trader and the time commitment required by a manual system.
Bear in mind though that virtually all traders use some form of automated process in their trading, sometimes only to create confirmatory trading signals. Nonetheless, automated forex trading is possibly more widely used than purely manual systems. Thus, even very experienced traders use some form of Forex Trading EA for currency trading.
But finding the best forex trading EA is not an easy task. Admittedly there are many schemes, bold claims and empty promises out there. To put is bluntly - there is a lot of garbage products on the market that will not only cause you to lose money, but will also discourage you.
These are not the only two negatives of choosing an inferior product. The wrong product creates a vicious cycle as losses then need to be recouped which creates panic in the trader's mind leading to impulsive trading. In addition, the whole system becomes unstable and unreliable as the trader then starts to intervene by doing manual trades and confidence is lost to actually execute trades causing you to do hours and hours of "market-watching" from the sideline. A proper system is absolutely crucial for forex trading success.
In short, a proper Forex Trading EA should display the following basic characteristics:
The last point will generally require some outlay of funds initially, but my experience is to rather spend the money upfront than lose all your seed capital. However, independent reviews are available for free online which will assist you in doing a good initial sifting and screening of the more popular products.
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