How to choose the best Forex EA for a beginner?
- Thread starter Stefaniia
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There might be many EAs in the market which can be profitable in my opinion however new traders should focus on building a profitable trading strategy and focus on manual trading in start. Once they get good hands on trading, they can get their trading strategy coded into EA however most of these EAs are coded to follow technical analysis so they do need monitoring during the volatile markets.
In the MQL5 market there are various EAs on display, from free ones to those that cost thousands of dollars, I myself am reluctant to buy a robot that costs hundreds of dollars, in my view it is better to learn to find your own trading strategy, because many trading robots are scams after the buyer pays a high price but the results did not meet expectations.
it's not that "they are scam" (especially when they cost thousands of €).
it's that ALL automatic systems (or EA for MetaQuotes...) are not foolproof - even the ones used by hedge funds.
that's why it's necessary to have a portfolio of more systems.
but the first years it's necessary to learn one method, better on higher timeframes
For beginners, choose a Forex EA with a proven track record, transparent performance metrics, and positive user reviews. Opt for one with simple settings and clear risk management features, and always test it on a demo account first. Avoid overly complex or "too good to be true" EAs, as they often carry higher risks.
As a trader since 2003 and a coder since 2008, in my openion beginners must not use EAs until they master the manual trading and know most of trading concepts like support and resistance, divergence, candlestick forms, technical analysis in general, fundamental analysis, currency strength and weakness,... Bla, bla, bla,...
These things are highly improve the trader's skills that he needs then after that once he started using the EAs, he will use them with much more confident because he will has the ability to manually interfere it's work once needed because relying a 100% on expert advisors coded algorithms to work for him for all the time is really a big mistake.
These things are highly improve the trader's skills that he needs then after that once he started using the EAs, he will use them with much more confident because he will has the ability to manually interfere it's work once needed because relying a 100% on expert advisors coded algorithms to work for him for all the time is really a big mistake.
As a beginner, it’s generally better to avoid using EAs. While they may seem appealing, they come with risks, especially for those still learning the ropes. EAs are programmed to follow specific technical analysis rules, but they can be unpredictable in volatile markets and may require constant monitoring. Relying too much on an EA without fully understanding how the strategy works can lead to significant losses. It's better to first focus on developing your own trading skills and strategies manually. Once you're more experienced, then you can consider using EAs to complement your trading, but always with caution.
Yes, I agree with you, EAs can work all day long, allowing EAs to open new positions while previous positions have not been completed. Many EAs look good at the start with gradually increasing profit graphs with fixed targets but can be destroyed quickly without a good MM.
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