Where to Find EAs for the Forex Market

EAs, or expert advisers, are a type of software that can be used to trade the forex market. You could buy expert advisers from developers and some of them are given away for free. Many expert advisers do not function as they are advertised while others work well. Doing a thorough amount of research and testing on each potential expert adviser can help you avoid problems.

Function

• The EA can be downloaded to your computer and then installed on your trading platform. The Metatrader platform is the most common forex trading platform available, and most expert advisors are made to plug into this software. Once you install the expert adviser, you can apply it to a Forex chart and it will then begin to trade the market for you. It will place trades and close them based on an algorithm developed by the software creator.

Benefits

• The benefit of using an EA is that you can automate your Forex trading. This type of trading is generally done with technical analysis, and an EA can watch the charts for you. You could increase your effectiveness by allowing the EA to trade for you while you focus on something else. Some EAs use strategies that only a software program could accomplish. This can increase your returns and bring in consistent wins.

Risks

• This type of software also comes with its fair share of risks. For example, with this type of software, you have to trust your account balance to it. If the software makes a mistake or does not work as effectively as advertised, you could potentially lose a large amount of money. Many of these EAs are sold just to make money for the developer when they do not actually work. Finding an effective EA can require a great deal of trial and error.

Research

• In order to find EAs that actually work, a certain amount of research and testing will be required. You could find vital information on unbiased review sites like Forex Peace Army (see Resources). These sites allow users to rate their experiences with the different forex programs out there. Researching several sites and forums can give you ideas of what other users are trading with and how it is working for them.

Considerations

• There are many EAs sold on sites like Clickbank, where you could quickly browse through the different products that are available. When purchasing a product from one of these sites, you get a money-back guarantee. This allows you to test the EA out on a demo account and return it if you do not like how it trades. This presents you with a no-risk way to try out the software before putting your own money on the line.