An expert advisor can be described as the ultimate trading robot, which continuously monitors markets and makes series of trading decisions for the trader. A legit Forex EA will yield a lot of money for the trader, while fake EAs will plunge him/her into financial ruin. There are many strategists who are building their special EAs that perform special trading tricks to yield results that may look good when they are actually fake. There are various ways of spotting fake expert advisors. This article will extensively look at them.
Have you ever wonder how all the Forex robots are created? There are so many Forex robots online, but not so many actually work and generate profits. There are many ways to create profitable trading strategies, automated and manual, but most of these methods are incorrect. Over the last few years, I have created thousands of Forex bots and quite many of them actually make money on live accounts. If you are into creating your own automated trading systems then you are on the right page. Today, I will give you 5 untold tricks to creating better and profitable Forex robots (a.k.a. Expert Advisors).
Are you curious which Forex indicator is simple yet effective at the same time? I’m sure that all traders are looking for that special indicator taking care of all your trading decisions. Although this “Holy Grail” indicator does not exist, there is one particular tool that we find to be very beneficial for taking trading decisions: the Donchian channel indicator.
Not all backtests are accurate. The only sure way of knowing whether a backtest is done correctly is to do it yourself and compare. Unfortunately, this is usually not possible and not many people know how to backtest Forex robots correctly. When you run repeat the backtest of any EA and do it correctly it becomes easy to know if any given backtest is fabricated or not. When investigating backtest report a special attention should be paid to the type of Spread, modeling quality, modeling type, and the graph.
This article was written to help you tell differences between fabricated and genuine backtesting results.