if you are thinking that just by finding TOP Forex EA you will start making profit the next day then hold your horses!! Even the best car can’t win a race for you if you don’t know how to drive a car.
So, to get the best result from the best Forex EA you also need –
- Best Trading Conditions– If your Broker is giving wide spread during news hours or during market close and open, then even the best EA will makes Losses. To get best result from the best EA you need to have a True ECN/STP Forex Broker on your side for best trading conditions. Find here best Forex Expert Advisors list.
- Best Execution Quality– If you are getting Requotes OR Slippages > 15 Pips OR execution time > 500 ms, then even the best EA will makes Losses.
- VPS (Virtual Private Server) – Without VPS don’t even think about EA Trading. VPS is backbone of Automated Trading. As EA trade 24*5, it requires 24*5 uninterrupted power supply and connection to internet and low latency, which only VPS can provide. VPS not increases probability of profit making opportunities but it also helps in saving huge losses. You can a good VPS for $25 to $40 monthly fee.
TIPS to Trade with Forex Expert Advisor (EA)/ Robot
- Trade with EA only with a True ECN/STPForex Broker who is giving spread < 0.5 Pips, execution time < 500 ms, Slippages < 15 Pips, No Requotes.
- Trade with EA only on VPSand also check latency, it should be < 20 ms.
- Even though VPS providers gives 99.9% uptime but still to be safer side check your VPS each day. Login at your VPS each day and check if MT4 trading platform is working correctly, EA is activated or not.
- Keep track of Major News Follow instruction of EA developer regarding EA trading during news hours. Some EA developers instructs to disable their EA one hour before news hours and again activate them one hour after major news.
- Read every single word of EA Manual, don’t be lazy in reading EA Manual. Lot’s of secret EA settings are explained in it.
- Activate EA on both Demo & Live Trading Account. If you start noticing losses continuously for 3–4 days, disable your EA on LIVE account and keep track it on DEMO Account. Once you notice that EA again started making profit on Demo Account, activate it back on Live Account.