If you are looking for the right forex expert advisor, it is essential to follow a few important steps.
The first order of business is to use a free demo account to test the expert advisor without the risk of live funds. This is very important for several reasons and I will give you some examples. Free demo accounts offered by your FX broker run exactly like a live money account, but without the risk of real money losses.
The demo account gives you the opportunity to test and adjust all the settings of the expert advisor just like a live real money account. Another nice option with demo forex accounts is that you can open as many of them as you want to test your own EA, or one that you purchased.
Many years ago before I began building my own expert advisor, I visited all the forex system websites and like many people do including myself, were amazed by the back-tested results they were advertising. Although I did try a few of those silly expert advisors, I always knew those results could never stand up in a live trading situation. After learning how curb fitting a system in a tester works, I realized how easy it is to apply and adjust an expert advisor to past data. The MT4 tester, or any other system tester for that matter was never intended to be used as a main selling tool to sell expert advisors.
The only true and reasonable way to find the right Forex Expert Advisor for you is forward live results of the EA. This is a true road map of how the expert advisor stands up to live market conditions. Most of the forex system sellers available today, do not have the guts to provide this because they know the true live results will make you not buy their system. I have searched Fx landscape for such an EA and found only one who puts their EA on the line every single day.
It is a good idea to be able to evaluate the expert advisor in a free trial or a remote log in. If the seller of the expert advisor does not offer a free trial or a remote demo log in, you should seriously consider the validity of that seller. I would suggest on your quest for the right FX expert advisor, always question the EA seller for a free trial of the system.
Even if you find the right expert advisor for yourself and you feel comfortable with the way it trades, all systems have draw downs and you need to prepare yourself for them. I like to keep my risk as low as possible and rely on forex rebates. Forex rebates are free and every forex trader should take advantage of it.
